Why would anyone sell their house off market, in other words, no sign, no MLS listing, no publicity at all? After all, isn't the number one rule in  selling a house getting maximum exposure?

Yes, it is, but there are certain situations where an owner wants to sell their home off-market, and I think it can actually benefit them enormously. I can think of three reasons why an owner of property in Marin County chooses to market their home this way.

1. Privacy.Many people can not stand the thought of countless strangers (not to mention all of the neighbors) walking through their home and looking at all of their belongings. The great benefit of a successful open house is everyone sees it; the downside is most of those people aren't really serious buyers for the home. So by selling their home discretely, through a network of agents that they know have serious clients, they can minimize the number of people coming through their home.

2. Exclusivity. People want what they can't have, plain and simple. I believe it was Charles Revson who said, "Refusal is seductive." I was working an off-market listing last year, and I was amazed at how many people would get excited about the prospect of seeing it. I could run five properties past them with better financials, and they wouldn't bat an eyelash. But the one that was off-market, well everyone had to see that one!

3. Efficiency. Let's face it, selling a home is a huge amount of work for everyone involved. Cleaning and preparing your home for sale, keeping it clean every day in case someone wants to show it, and finding something new to do with the kids every Sunday afternoon while the house is held open gets old fast. In a typical off market sale though, a lot of the circus atmosphere goes away. Ideally, there a few showings where agents bring their clients, and then you get to sell the house.

 Next: Is your home a candidate for an off market sale? 

 
This post has been included in California Information Marin County, CA Information

8 Comments on Why Would Anyone In Their Right Mind Sell Their Home Off Market?

DEC
20
2006
153,588 Points 21 Featured Posts Localism Sponsor Outside Blog

Hey Bob,

You bring up some great point about off market sales. I've often wondered why a client would do so with an agent but you bring some clarity to the concept.

Thanks,

Scott

Oak Valley Mortgage

11:34am • #1
Thanks Scott. It's as strange concept to most people, but in this market, i.e. Marin, it actually can make a lot of sense.
11:38am • #2
4 Featured Posts
I would just hope that the sellers wouldn't put the blame on the "listing" agent if no one sees the home or it doesn't sell.  I guess the reason I am skeptical is because of the differences in our markets.  We are balanced here in the Charlotte area.  Good strong sales, good inventory.  I think an off market listing here would be more of sellers just "testing the waters" not really serious about selling.  
12:30pm • #3
In my experience what happens is that eventually, if it does not sell, it goes on the open market. What's interesting about this idea, and the way it is working, is that we're in a buyer's market here. 
2:05pm • #4
193,697 Points 19 Featured Posts Outside Blog

Bob,

/blogsview/28263/Why-Would-Anyone-In
"Why would anyone sell their house off market, in other words, no sign, no MLS listing, no publicity at all? After all, isn't the number one rule in selling a house getting maximum exposure?"

Let me play devil's advocate.

Wouldn't it make a lot more sense to ask:

Why would anyone want a sign in front of their house?

Why would anyone want so much of their personal information on an MLS system?

Publicity! Why would anyone want to publish their information for those who weren't interested enough to watch the afore mentioned MLS?

Open Houses? Who would want to invite Bruno Hamptman to tour their home?

Now we both know the answers.

I think this is a great blog if your intentions are to make agents conscious OF the sellers feelings!

Bill

William J Archambault Jr

The Real Estate Investment Institute

http://www.reii.org

 

 

2:05pm • #5
Thanks Bill! I learned a lot about this a year ago, with an elderly man whose house we listed, and tried to sell off market for him. Since then, I've learned to really listen to how people feel about selling their house, and I think the majority of sellers share the feelings above. 
2:16pm • #6

I once listed my own house on the market and it was a miserable experience.  Agents would show up--with clients--without calling, they left my house unlocked at least 90% of the time, people went through my personal belongings that have nothing to do with the home, walked through my flower beds and tracked mud through my house....  Next time, I would definitely exhaust the networking route rather than putting myself through that again.  Only if I absolutely had to.

Kelley

Kelley
4:24pm • #7
To be clear, the process I am referring to above involved an agent. No one went through the home without an agent, and it was by appointment (and invitation) only. 
8:43pm • #8

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Bob Ravasio

Corte Madera, CA

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