Brokers may tell you they can get you a higher price or more buyers by placing ads for your home. Or that by using some proprietary marketing approach they will get a seller a better result. But the truth is that ads don’t affect your sale, because these campaigns reach no new serious buyers.
Brokers typically place ads on new listings to market their involvement in the listing, more so than to advertise your house. The proof is that they often include their headshot with your house in the ad. Do you think that helps you get a higher price or does it help to advertise their real estate business?
Take a moment to consider the groups of potential buyers for your house, those who are looking in the MLS and those who are not. All home buyers know that the MLS is a monopoly and that is where the inventory of homes is at, so they start their home search there. Therefore if your home is in the MLS, all of these buyers will find out about your home when you list it. What about the second group of buyers who are not looking in the MLS?
They don’t exist.
Since the MLS is a monopoly the logic is bulletproof, any buyer can’t afford to skip the MLS while searching for a home otherwise they will miss out on 9 out of 10 options. It is important to ask brokers how they will market your house in addition to getting it into the MLS. Many times, agents will try to justify a higher commission to pay for advertising campaigns or differentiate themselves with marketing that is designed to attract additional buyers. However, even a front page add on the New York Time will not help to sell an overpriced condo. These ads won’t hurt your home sale, but you end up paying for them in the form of commissions which comes out of your net proceeds. So try to get a reduced commission if ads are on the menu since they should be skipped or try to avoid those brokers entirely.
Once sellers realize that the MLS is the only game in town for getting market prices in a reasonable amount of time, there are no credible claims left standing by agents and brokers about getting you a higher price for your home. Getting a well-priced listing that avoids the common mispricing pitfalls is all a seller needs to worry about to get a home sold since the MLS does all the work of linking interested buyers to your listing. The other things a seller needs to mind, in addition to the essential parts of a home listing strategy, is to remain focused on optimizing the net proceeds from the sale.