{"id":7163,"date":"2016-09-14T11:03:47","date_gmt":"2016-09-14T15:03:47","guid":{"rendered":"http:\/\/www.zoocasa.com\/blog\/?p=7163"},"modified":"2023-01-06T11:27:03","modified_gmt":"2023-01-06T16:27:03","slug":"4-questions-sellers-should-ask-about-exclusive-listings","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/4-questions-sellers-should-ask-about-exclusive-listings\/","title":{"rendered":"4 Questions Sellers Should Ask About Exclusive Listings"},"content":{"rendered":"

In popular\u00a0markets like Toronto and Vancouver, overwhelming demand and limited supply create blistering competition for homes. It\u2019s not an ideal situation for buyers, who must put forth their best offer just to keep up, but it\u2019s a sweet situation for sellers.<\/p>\n

But what if your real estate agent recommends marketing your home as an exclusive listing for a limited time before opening it up to the full market? Your agent may say this will position your home as a special option for only the best buyers and generate interest. But seller beware; this can be a sneaky tactic that results in higher commissions for your agent \u2013 and a lower selling price for your home.<\/p>\n

\u201cExclusive listings are a commonly misunderstood tactic among sellers, especially when they\u2019re suggested by someone they trust to guide their real estate transaction – their agent,\u201d says Lauren Haw, CEO and Broker of Record at Zoocasa<\/a>. \u201cIt\u2019s important that sellers are informed of how these listings work, and how they can affect their bottom line.\u201d<\/p>\n

Here are the top questions sellers must ask when considering their exclusive listing options.<\/p>\n

Q1: How is an Exclusive Listing Different from a Regular Listing?<\/h2>\n

The biggest difference between an exclusive and traditionally marketed Multiple Listing Service (MLS)-listed sale is how many buyers will have access to your home. In most real estate transactions, your listing is placed on Realtor.ca by your listing agent, and made available to all buyer agents throughout the web. They then take the listing information back to their clients and may work with them to put forth an offer. Marketing a home on Realtor.ca<\/a> opens it up to potentially thousands of interested buyers, and is a service that\u2019s included in the commission paid to the listing agent by the seller.<\/p>\n

An exclusive listing means the home isn\u2019t advertised on Realtor.ca at all; the brokerage representing the seller gets priority to try to sell it to a pre-selected group of buyers.<\/p>\n

Q2: Is My Home a Good Candidate for an Exclusive Listing?<\/h2>\n

There are a few instances when selling your home exclusively may be a good idea: keeping the sale confidential is a common one, as there will be no sign on your lawn or open house for prospective buyers. For this reason, celebrities and very high net-worth individuals may opt to stay off MLS. In these circumstances, the buyer pool is typically small, and may only work with a few agents anyway.<\/p>\n

Going exclusive can also hide a home\u2019s difficult selling past from MLS record; if it\u2019s expected a home will be challenging to sell, is very niche, or perhaps has a stigmatized history, this tactic can limit views to specialized buyers. But unless you\u2019re a rock star or selling a home with a haunted past, choosing not to list on MLS will limit the eyeballs, views, and competition, risking a lower selling price.<\/p>\n

Q3: Will I Get Less for My Home?<\/h2>\n

The reality is that the greater the number of interested buyers, the better an offer you\u2019ll likely receive for your home.<\/p>\n

A poll from the Real Estate Council of Ontario (RECO), finds 57% of Toronto buyers say they\u2019d go beyond their set maximum offer in a bidding war. Of those, 38% said they\u2019d go as much as 10 \u2013 20% higher. Given the average detached house price in the city is reaching $1.4 million, that\u2019s the difference of hundreds of thousands of dollars.<\/p>\n

\u201cForgoing exposure to potentially hundreds of interested buyers, especially in such a competitive market, does a seller a huge disservice,\u201d says Haw. \u201cLimiting marketing efforts isn\u2019t a tactic that any real estate professional can use in good conscience.\u201d<\/p>\n

Q4: How Does My Agent Benefit from My Exclusive Listing?<\/h2>\n

So if exclusive listings tend to result in smaller offers, why would a real estate professional recommend one? What may be unbeknownst to the seller is the agent could be effectively double-dipping on commissions by representing both the buyer and seller.<\/p>\n

\u201cControlling both sides of the transaction is often why an agent would recommend this approach,\u201d says Haw. \u201cIt\u2019s important clients are aware of the motives when presented with this option.\u201d<\/p>\n

One common argument for listing exclusively is that the listing agent may reduce their overall commission, because they do not have to pay a cooperating broker. Agents may also try to gather a number of exclusive listings as a tactic to bring in more buyer clients \u2013 after all, putting an offer on a house with a limited number of other buyers is a great advantage. This is a marketing decision made in the best interest of the listing agents, not sellers.<\/p>\n

Be an Informed Seller<\/h2>\n

While there aren\u2019t any rules against exclusive listings \u2013 and they can be an appropriate route in some special circumstances \u2013 it\u2019s important for sellers to know that having one could put them at a disadvantage, says Haw, as limiting your marketing to a single agent or brokerage network will cost you. Consider this \u2013 there are roughly 47,000 agents in Toronto \u2013 why reduce your chances to less than what the market has to offer, including many unrepresented buyers?<\/p>\n

\u201cI can\u2019t think of anyone who would willingly limit potential buyers and risk a less-than-ideal offer,\u201d she says. \u201cIt\u2019s important sellers understand how these kinds of listings work \u2013 and who truly benefits.\u201d<\/p>\n

Would you sell your home using an exclusive listing? Tell us your thoughts in the comments! <\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

In popular\u00a0markets like Toronto and Vancouver, overwhelming demand and limited supply create blistering competition for homes. It\u2019s not an ideal situation for buyers, who must put forth their best offer just to keep up, but it\u2019s a sweet situation for sellers. But what if your real estate agent recommends marketing your home as an exclusive […]<\/p>\n","protected":false},"author":39,"featured_media":19858,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":{"subtitle":"","format":"standard","video":"","gallery":"","source_name":"","source_url":"","via_name":"","via_url":"","override":[{"single_blog_custom":"","sidebar":"","second_sidebar":"","share_position":"","share_float_style":"","post_date_format":"","post_date_format_custom":"","post_reading_time_wpm":"","zoom_button_out_step":"1","zoom_button_in_step":"1","number_popup_post":"1"}],"image_override":[{"single_post_thumbnail_size":"","single_post_gallery_size":""}],"trending_post_position":"","trending_post_label":"","sponsored_post_label":"","sponsored_post_name":"","sponsored_post_url":"","sponsored_post_logo":"","sponsored_post_desc":""},"jnews_primary_category":{"id":""},"footnotes":""},"categories":[1158,1164,33,113],"tags":[983,984,985],"class_list":["post-7163","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-expert-advice","category-in-the-news","category-real-estate-news","category-selling-your-home","tag-exclusive-listings","tag-mls","tag-realtor-ca"],"yoast_head":"\n4 Questions Sellers Should Ask About Exclusive Listings<\/title>\n<meta name=\"description\" content=\"Exclusive listings are popular among sellers. 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