Last July, as I was preparing a house for the market, a neighbor made an offer prior to it being listed on the MLS. The offer was for more money than the owner expected. Given the location and the white hot market I pleaded with the owner to expose her home on the MLS before agreeing to sell it to the neighbor. She finally agreed and two weeks later it sold for $1.2 million more than the early offer by her neighbor.
Unfortunately I wasn’t as successful at convincing a different home seller about the benefits of MLS, and the subsequent result was devastating. Four months after this client sold his house through an earlier offer, the new buyers listed the house on the MLS and it sold for 40% more. The power of the MLS in an overheated market is incalculable. I have since adopted policies, and procedures to avoid this from happening in the future.