Lately, some brokerage firms in Washington have been boasting to sellers about how they are holding “private exclusive” and “private placement” listings. These are listings where the seller signs an agreement and elects not to go into the Multiple Listing Service (MLS) for exposure to the broader market. Sometimes, these agreements actually give the broker the exclusive right to bring a buyer – stopping other brokers from participating.
The proponents of “private” listings tell you the seller that they are doing you a favor, assuring your privacy, making sure only the most qualified buyers can get into your home. Restricting access to a property does not often do the seller a favor – it is a benefit to the broker who may get both sides of the commission by making sure nobody else has access.
Marketing “private” listings under the guise of “exclusivity” often excludes potential buyers who might otherwise be interested in your home. The laws of supply and demand dictate that if you reduce the demand by making sure only a few people know about a listing, while you still have the exact same supply, you get less money.
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