When sellers decide to place their properties on the market, they generally go through the traditional channels of the selling process, with the homes eventually being publicly advertised and listed on the Multiple Listing System or MLS. However, there will be sellers that have reasons of their own for the need for privacy in the sale of their home, and that`s where private listings come in.
What are Private Listings?
Private listings are homes available on the market that are not publicly advertised or entered into the MLS, in which the broker has the exclusive right to sell the home or acts as the exclusive agency for the property. The properties usually featured as private listings are mostly multimillion dollar luxury homes owned by the extremely wealthy, including celebrities, movie stars, athletes, corporate executives, and other high-profile people.
These sellers often prefer their homes to be privately listed in order to protect their and their family`s personal privacy.
For these sellers, private listings are their option of choice as it reduces the need for many showings to strangers; they might not want hundreds of strangers going through their homes or flocking to their neighborhood. For them, a handful of serious buyers is preferable than dozens of unqualified buyers.
Others don`t really see the need for Internet exposure or prominent "For Sale" signs and just want the transaction done quickly at an agreeable price. Still others want their home to be sold to a buyer that they know will appreciate it, and are counting on the real estate broker`s personal network of potentially interested buyers who will be more than capable of paying the multimillion dollar price tag.
Highly qualified buyers are provided an extra advantage when looking for real estate properties that are not advertised anywhere else. As these private listings are directly marketed to them through their agents, they do not have to compete in a bidding war with numerous other buyers that MLS exposure normally brings.