Selling on the MLS or off market?

9 Replies

I am a wholesaler but because the market is so hot in the greater Seattle area, I'm planning on selling my house in the next couple of months for the maximum net profit.

My daughter is a local realtor, so I will use her if I list it on the MLS or I will entertain full price off market offers.

Does anyone have experience doing this RECENTLY?  How did it go for you?  Any advice?

Thanks!

Randy B. in Seattle

Get great photographs - 40 at least. Appearance matters: scrub, clean, unclutter, and repair any obvious defects. Neutral paint is your friend

What I meant is, what advantages or disadvantages are there (other than the obvious) in selling on the MLS versus selling to a private party in this hot market? Which proved to be better for you, recently?

Originally posted by @Randy B. :

I am a wholesaler but because the market is so hot in the greater Seattle area, I'm planning on selling my house in the next couple of months for the maximum net profit.

My daughter is a local realtor, so I will use her if I list it on the MLS or I will entertain full price off market offers.

Does anyone have experience doing this RECENTLY?  How did it go for you?  Any advice?

Thanks!

Randy B. in Seattle

 You could do a little of both   I have done it a couple times 


You take the pictures and put it up for sale 

pay a comoany $100 to list in MLS.
Then you only pay the selling agent their commission 

@Randy B. I would list with the MLS. You may have 5-10 interested buyers if listed FSBO. But If you list on the MLS you will have hundreds of agents marketing your house to their client's. Usually bringing several offers the first few hours on the market. I'm not saying you won't get several offers if listed FSBO. The power of numbers and having every realtor trying to sell your property comes with the MLS.

@Randy B. Sell off-market (Craigslist, Facebook, etc) and you'll expose the property to hundreds, maybe thousands of people. List it on MLS with a decent commission and you'll expose it to millions. Which do you think will bring the highest price?

You'll have a far better chance of selling at a higher price and have a far greater chance of igniting a bidding war on MLS.

MLS listings in the Seattle area are going 20%+ over asking and buyers are waiving all contingencies. Its crazy hot! The low inventory and willingness to over pay is creating bidding wars unlike anything we've seen before. That said, a listing agent should be able to provoke more aggressive competition than you are likely to get if you were sell off market. I think you will find that the 5-6% commission will quickly pay for itself, besides, selling off market still doesn't guarantee that a buyer wont come to the table already represented by an agent (requiring a 2-3% fee). Note: Of course all commissions are negotiable.