When listing your home for sale, you have two options for listing your property - MLS (Multiple Listing Service) and Exclusive Listings. Which approach makes the most sense for your listing depends on what’s important to you - below is an explanation along with the pros and cons of each.
Properties listed on MLS are posted publicly across potentially hundreds of websites, including agent and brokerage websites and real estate industry websites like Realtor.ca. This greatly increases the number of people who will see your listing as they could find it anywhere that posts MLS listings, and the number of potential buyers that could see it is the main advantage of an MLS listing.
With an MLS listing, every participating website will see the photos, price, features, location, and other details of your listing and the general public will easily be able to find out that a property is for sale. With more people seeing the listing, the chances that it gets shared in other places like social media also increases.
This type of property listing is not shared on MLS and where the listing is available is controlled. Depending on the approach you want to use, it may be limited to specific websites like that of your seller agent along with specifically chosen social media outlets. Details of an exclusive listing may also be shared between REALTORS® as part of finding a buyer for the property, but is less likely to be found by the general public.
The main advantage of this type of listing is privacy as it gives you more control over who knows a property is for sale, along with who sees the details, price, and photos of the home. The downside is that, with fewer eyes on the listing comes potentially fewer offers or a longer time on the market as some interested buyers may never see it.
This is a great question to talk to your REALTOR® about. Many sellers who choose to go the Exclusive Listing route are luxury sellers, but there could be reasons to put any listing in this category - it just depends on what’s important to you and what you’re comfortable with.
Whether it’s an MLS or exclusive listing, our team is here to work hard for you and help you make the most of your property when it comes time to sell. For more information, contact us today.