When it comes to selling a home in Greater Philadelphia, every dollar counts. Don’t believe me, keep reading.
For the majority of sellers who are sold on the idea of “listing privately” (aka “pocket listing” or “off-market deal”), the biggest mistake they make is not researching the alternative: marketing their home publicly on the MLS (aka Multiple Listing Service). While a private listing might seem like a way to keep things simple, create exclusivity, or follow a can’t-lose-strategy, the truth is that private listings usually leave sellers worse off financially and create a fractured, less equitable housing market for buyers.
As someone who has lived in this area my entire life, and worked as a real estate agent here for the past 15 years, I can say with confidence that if you want the best results when selling your home, you should always consider putting your property on the open market.
Simply put, eyeballs matter.
To keep this highly debatable subject digestible, let’s explore my 3 reasons why I believe this to be true.
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1. Private Listings Sell for Less. Don’t Just Take My Word For It, The Data Proves It.
One of the most compelling reasons to avoid private listings is simple: they bring in less money for sellers. Zillow recently analyzed 10,000,000 home sales over the past two years (yeah … I said ten million) and revealed that homes not listed on the MLS sold for a median of 1.5% less than their publicly marketed counterparts. That might sound small, but when you do the math, it works out to nearly $5,000 less per seller on average.
Think about that.
Would you leave $5,000 sitting on the table just to keep your sale private, and who the h*ll talked you into selling privately in the first place? For most sellers, the answer is no.
Bright MLS also ran a local study, learn more about that one here.
Listing publicly creates competition among buyers, and competition drives up prices. Without the exposure of the MLS, you simply won’t reach the widest possible pool of interested buyers, which means you’re likely to accept less money than your home is truly worth to the buying public.
2. Private Listings Create a Frustrating, Fragmented Experience.
Aaa-greed. The real estate market thrives on transparency and access, which is why the US’ MLS system (while nowhere near perfect from a technology standpoint) is the envy of every other country in the world. When agents withhold listings from the open market, it fractures the system. Just imagine if 10% of things you regularly buy on Amazon now had to be purchased on 100 different websites.
When listings go private, buyers can’t see all the available homes, and sellers don’t get the benefit of multiple buyers competing for their property.
For buyers, I can tell you from experience, this practice is deeply frustrating. It creates confusion, limits options, and undermines trust in the residential real estate process. For sellers, it’s just as frustrating because statistically, you’re realizing less money while also missing out on the fair and competitive bidding environment that public listings create. Again, eyeballs matter.
In short, private listings don’t benefit either side. They leave buyers disappointed and sellers short-changed.
3. Facts Over Assumptions. The MLS Is A Tried-And-True Marketplace.
Are there bad real estate agents out there? Absolutely. Is it easy to get a real estate license and advise clients poorly? For sure. Do a small number of licensed agents cheat the system through the MLS? Unfortunately, they do. But … for the vast majority of sellers, the most effective and profitable way to sell a home is still the most straightforward: list it publicly on the MLS with an experienced, professional agent … period. Doing so ensures maximum exposure to the widest possible pool of potential buyers. It also ensures transparency, competition, and fairness, not just for one seller, but for the health of the entire housing market. One last time, eyeballs matter.
This isn’t just about maximizing your profit (though, that’s certainly important). It’s also about contributing to a more balanced and equitable market for everyone involved. Sellers achieve higher proceeds, buyers have access to more choices, and the system works the way it was designed to: openly, cooperatively, and fairly.
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Bottom line, if you’re planning to sell your home locally in Greater Philadelphia, you have the privilege of being part of one of the largest and most-well-run MLS’ in the entire US. Don’t fall into the trap of thinking a private listing will get you better results, unless you truly need privacy with your home sale; there are rare situations (both personal and business) that call for that.
By working with an experienced real estate agent who knows how to market your home publicly and effectively, you’re setting yourself up for a smoother transaction, higher proceeds, and a better overall selling experience. And for those relocating to Greater Philadelphia, the transparency in our local marketplace ensures that you’ll have the widest range of opportunities available.
Selling your home is one of the biggest financial decisions you’ll ever make. Don’t leave money on the table, put your property where it belongs, and stay in front of as many qualified buyers as possible.
Okay, I’ll get off my soapbox now; thanks for your patience and trust.
