When I entered the business, a real estate agent’s main value was access to data, to listings, to the keys for all the places you wanted to see. A buyer couldn’t fully know the market without going through an agent. Even if you scoured the newspaper, not every property was advertised. So, if you wanted to see everything, you had no choice but to use an agent.
Over the past 15 years, that value has diminished to zero. Today, everyone has exposure to every listing. A buyer can go on any number of consumer-facing websites and retrieve every listing on the market within seconds.
Except “off-market” listings…..
There’s a new trend where agents and agencies are trying to convince sellers that it’s in their best interest to keep a listing private. Not to list it, not to market it, not to expose it to the broader market.
This, my friends, is bonkers.
An “off-market” or “private listing” benefits exactly one party: the selling agent.
It’s not good for anyone else. The buyer doesn’t see everything. The seller doesn’t get the full market exposure.
And to those agents who argue that “discretion” is required and that the seller doesn’t want too many people traipsing through their home, I say: nonsense. Discretion is often the main reason why we’re hired. I’ve never met a seller who didn’t want every viable buyer to take a look at their property.
And to any seller who thinks they’ll achieve a better price off-market, I say: think again. The math is simple. The more people who see your property, the higher your odds of achieving the highest price.
Side Bar
Lately, I’ve been getting calls from college-aged kids and recent grads seeking sage advice. I’m not really sure why. I don’t have much to offer because I’m still trying to figure all of this out myself. And honestly, after speaking with many of these kids, I’m starting to think that they might have it more figured out than we do.
One thing I do know is that the few fundamental truths on how to become a better version of yourself haven’t changed since I was their age. Read a lot. Immerse yourself in what interests you. Find your niche. Behave the way your parents (hopefully) taught you to behave. Be punctual. Be kind. Be respectful and humble. Surround yourself with people you want to be like.
And if you’re very lucky, you might find yourself a mentor.
Let’s do this!
Shaun