The Negative Repercussions of listing a home on MLS
For home sellers, having their home listed on the MLS by a Realtor® has been an accepted practice for many years. The MLS began in the late 1800’s when real estate brokers shared information with each other about homes they had for sale. It used to be that Realtors were the only ones who had access to the MLS. Today, real estate portals make it easy for anyone interested in real estate to find out what is for sale even without a Realtor. Some even have a “coming soon” feature that allows sellers to pre-market their homes before being listed on the MLS.
Days on Market can hurt sellers
What’s not commonly known to home sellers is the negative effect that “days on market” on the MLS can have on your home’s attractiveness and value to buyers. When a home sits on the market for a while, it runs the risk of being viewed as “stale”, and buyers start asking themselves what is wrong with your home. A listing that has no offers after 60-90 days on the market is a home that gives buyers the ammunition to lowball a price offer because they feel a seller may be desperate. Studies show that the longer a home is on the market, the less likely the owner is to receive their asking price.
National Association of Realtors® New “Clear Cooperation Policy”
Realtors used to quietly market their client’s homes as a service for those wanting to maintain their privacy or were not sure they were ready to sell their home just yet. These listings were known as pocket listings. In November 2019, The National Association of Realtors made it illegal for Realtors to handle “off market” or pocket listings. Realtors are required to list a property on the MLS within 1 business day of marketing it to the public. This rule became effective on January 1, 2020 and with an enforcement date of May 1, 2020. Who is servicing these sellers who wish to maintain privacy in their real estate transaction?
Use HomeQT to prevent accumulation of Days on Market.
By registering your property on HomeQT for free, sellers can discreetly market their property for as long as they like without accumulating “days on market”. Homes that are listed on the “coming soon” section of a real estate portal often have their address and photos of the home displayed. Listings viewed by the public make them at risk for becoming “stale” even though they are not listed on the MLS. HomeQT believes that having your address and photos of your home posted on the internet is not a private way to market a home. HomeQT is not a searchable site. Buyers and sellers are matched based on their property descriptions. Buyers are not shown the address or photos of the home, as we leave it to the seller to give out that information when they feel it is appropriate. Best of all, sellers can market their home for any time period without suffering the “staleness” effect of “days on market”.