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\n <\/div>\n \n Yes, a Top Agent Can Find You an Off Market Home<\/h3>\n
HomeLight can introduce you to a top-rated real estate agent with a network of connections in your selected buying location. Seasoned agents stay plugged into off-market deals and pocket listings.<\/p>\n \n
What is the MLS, and how does it work?<\/h2>\n
The MLS, or multiple listing service<\/a>, is a marketplace specifically for selling homes. The MLS is used by real estate professionals to showcase homes for sellers and find homes for buyers, with the intent of displaying houses for sale to the widest possible pool of qualified buyers.<\/p>\n Originally developed in the 1800s<\/a> by real estate brokers, the concept was born when brokers would gather together to share information about listed properties, eventually agreeing to pay for each other\u2019s help in selling homes and finding buyers.<\/p>\n Sam DeBord, CEO of Real Estate Standards Organization<\/a> (RESO), a company that creates the standards for interoperability and efficiency for MLS sites, real estate agents, and consumer websites, defines today\u2019s modern MLS as a brokerage cooperative.<\/p>\n \u201cBrokers and agents agree to help sell each other\u2019s client listings,\u201d he says. \u201cAll buyers and sellers are exposed to one another, creating the most potential value for consumers.\u201d<\/p>\n There are over 500 MLS<\/a> databases in existence around the U.S., providing agents with the ability to share information about listed properties with other brokers, and giving both buyers and sellers wider opportunities.<\/p>\n The MLS is also there to maintain the integrity of home sales and purchases. \u201cWhen putting a home on the MLS, an agent must research the market, create a comparative market analysis (CMA), and ensure that the seller understands the process, costs, and possibilities,\u201d says DeBord.<\/p>\n \u201cThe agent will follow the rules of the MLS for transparency, consistency, and honesty to the public, and generate the most possible exposure for that listing.\u201d<\/p>\n All publicly listed properties can be found on the MLS, from single-family homes and condos to foreclosures<\/a> or pre-foreclosures. The MLS does not show FSBO<\/a> homes (properties that are for sale by the owner), nor does it show homes that haven\u2019t officially been listed for sale.<\/p>\n The database provides a wealth of information, such as the home price, property details like the square footage, property tax amounts, and contact information for the listing agent.<\/p>\n The MLS<\/a> is only available to licensed agents, however. As a buyer, you won\u2019t have access to the MLS and its listings without help from your real estate agent.<\/p>\n Simply put, an off-market listing, commonly referred to as a \u201cpocket\u201d listing<\/a>, is one that hasn\u2019t been put on the MLS. That means that not only is it inaccessible to many buyers, but their agents might not know about it, either.<\/p>\n While it makes sense for a motivated seller to list their house on the MLS as soon as possible, there are some situations where a seller wouldn\u2019t want to put their home on the database. Pocket listings exist to accommodate those needs.<\/p>\n Chicago<\/a> agent David Dominguez says there are several reasons a seller might not want their home on the MLS.<\/p>\n \u201cWhat I\u2019ve been seeing is that people are concerned about privacy and comfort,\u201d he says. \u201cIf a person is a celebrity or an executive, they don\u2019t want their property out there on the market.\u201d Some sellers also don\u2019t want so many people going through their house.\u201d<\/p>\n In some circumstances, sellers might actually find themselves in a position where they are embarrassed about their home\u2019s condition.<\/p>\n \u201cMaybe it\u2019s a hoarder situation,\u201d explains Virginia agent Jenny Maraghy<\/a>, a 12-year veteran of the industry. \u201cThe seller wants or needs to sell, but they\u2019re embarrassed to have the house open to the general public.\u201d<\/p>\n For sellers who are looking to put a rental property<\/a> on the market, they may be concerned about tenants finding out that the property is for sale. Having tenants in place, especially long-term ones, can be a strong selling point for rental properties, and sellers aren\u2019t going to want to disrupt that edge.<\/p>\n \u201cInvestors who have tenants in place often don\u2019t want the property on the open market,\u201d says Maraghy. \u201cThey aren\u2019t willing to upset the tenants or have them get nervous about it being sold.\u201d<\/p>\n Living in a home that is notable (or notorious) in some way can also bring sellers some potentially unwanted attention.<\/p>\n Houses that have historical significance, are purported to be haunted, or were once owned by someone famous might bring in a lot of curious window shoppers as opposed to serious buyers. Homes that are considered unique on the market in other ways, such as a specific architectural design that might only appeal to a certain type of buyer, might be another reason sellers don\u2019t want to put the house on the MLS in order to avoid a surplus of \u201clookie-loos.\u201d<\/p>\nWhat is an off-market listing, and why would a seller want to go this route?<\/h2>\n
Privacy<\/h3>\n
Living conditions<\/h3>\n
Investors with tenants<\/h3>\n
Unusual or unique properties<\/h3>\n
Pocket listings and the National Association of Realtors\u00ae<\/h2>\n