From Mark Slade
EXCLUSIVE LISTING AGREEMENTS: TO BE OR NOT TO BE!
You know the ole to-may-toe versus to-mah-toe debate, well here is some advice regarding what an Exclusive Listing could mean for you if you were considering this approach to selling your property.
Let’s face it, the word exclusive sounds superlative and gives some people the impression that they have to race to the occasion. However, I’m here to tell you that you may want to reconsider this approach when it comes to the actual practice of an Exclusive Listing Agreement.
When you list your property on an MLS-Multiple Listing Service—your property listing is syndicated all over the online world’s listing portals, putting your listing in front of the maximum amount of potential buyers all over the world, let alone the United States.
In contrast, an Exclusive Listing Agreement generally limits your property’s exposure to the listing agency. If your listing agency is a small independent “shop,” then your exposure could be limited to only a “handful” of agents. Slightly better than that, you may list with an agency that shares the same broker of record across many offices, but this is still generally limited to area or state-wide offices of the same namesake.
The job of a listing agent is do everything they can to get you the most money for your property. So, how can it be that you would sign an exclusive listing agreement that by definition and practice, will limit your exposure to potential buyers? You don’t have to have a degree in Economics (which I do) to know that you are likely shooting yourself in the foot.
Words may not be compelling enough for you to understand, so I’d like to share some recent statistics I pulled off the Garden State Multiple Listing Service—GSMLS. I pulled a survey of properties listed in several Essex and Union County towns, including Montclair, Summit, South Orange and Maplewood to name a few, to find the following:
- In Sum Total, these properties sold for a very healthy 11.5% over asking price.
- Splitting these same properties into what appears to be Exclusive listings* vs MLS listings, the Exclusive listings sold for .5% over asking price. Yes, please note that this shows a difference vs the average of 11% lost.
- Worse, the properties that were listed on the MLS showed a 20% premium paid over asking price. This represents a loss of 19.5% potential yield for sellers
So, you can pick your “poison” if you are so inclined, it’s your choice. But, if I was selling my home, I can assure you that I would always opt to put my property on the MLS to maximize exposure, which usually increases the traffic of buyers coming to view your property with their agents (from all agencies) and/or coming to Open Houses, still a very important part of the equation.
*showing as 0 days on market as compared to the usual 7-14 days it takes to successfully market a home.
In the past 12 years, Mark Slade has built a real estate business that has closed over $450 million and 750 seller and buyer transactions in over 48 towns in New Jersey. Interestingly enough, Mark’s college studies at Brandeis University encompassed Economics, Fine Arts and Urban studies, disciplines that have proven to be very beneficial to his career in the Real Estate industry after transitioning from Executive Vice President in the Fashion Industry to sole practitioner in real estate career and, more recently, as head of a multi-person team with annual sales just under $50 Million in 2021, making his team one of the top team in New Jersey.
Mark and his business partner MaryCeu Nunes specialize in listings and their clients’ find themselves achieving record sale prices on their block or in their neighborhood.
And, while it’s a great time to be a SELLER, its more than just taking pics and listing your property on the MLS, it’s more about the advice, oversight, marketing and execution in order to get you a GREAT SALE PRICE. The Slade Team is willing to put its money where it’s mouth is and can even loan you $ to help you stage and make the kinds of repairs and upgrades that will get you the maximum price you deserve, interest free.
Mark attributes much of his early successes to a combination of KW systems, personal support from the team leader and broker, resulting in the launch of a vast array of online business solutions; i.e. open house websites, a blog that now has over 420,000 hits and a You Tube channel with over 180,000 views. He has since built his business using a dedication to customer centric focus and adding cutting edge, tech savvy strategies that help make the customer real estate experience easier to understand and navigate. His efforts with his sellers ( www.sladesells.com ) has enabled them to achieve a very high-percentage-paid-to-list-price. While his sellers consistently achieve higher results, his buyers, on average, consistently pay less than the average agent.
Mark owns and operates 7 Websites, including one site dedicated solely to our luxury listings (he is CLHMS certified). He also owns and operates 29 town-specific Open House sites, thus blanketing the area with information for thirsty buyers as well as being supported by an APP that was just relaunched this August of 2018. Lastly, he has amassed and continues to add to a huge presence over a dozen Social Media sites—he teaches Social Media classes to our agents–and pages as well as 323 domains to provide quick-find solutions and answers for our clients. Clients love working with Mark and his team because he makes the home buying and selling process as easy as possible.
In this day of instant access, Mark operates with a 24/7 responsiveness. Give us a call or text us at 917-797-5059
Equally important, the Slade Team makes it part of their mission to GIVE BACK to over a dozen charities and organizations as well as sponsoring a multitude of school fundraising events and major arts events throughout the area.
Mark Slade, Realtor, ABR, CLHMS, SFAR
Featured Realtor in the New York Times: http://goo.gl/zrmr0f
Circle of Excellence 2012-2020
Keller Williams Platinum Award Winner 2015-19