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Is it important to list my home on my local MLS?
There is a widespread misconception that if you are not on your local MLS, you will not sell your home. This used to be true before the widespread use of online real estate portals, but it is not true today. That misconception is spread by realtor’s from an industry that has been resistant to changes brought about by technology.
Once you list on the MLS, it will be immediately syndicated to all of the online real estate websites. The most important are the large portals which receive hundreds of millions of unique visitors each month. Yes, I said hundreds of millions of unique visitors every month! This is how powerful these websites are with promoting your home.
Your home does not need to be in the local MLS for you to sell it. Homepie’s method of helping you sell your home using the MLS has proven success. That said, it takes the right balance of the ‘Three P’s’, which we will touch on later.
How do buyers find homes?
To help understand why your local MLS is not necessary, you need to understand how buyers find homes. Upwards of 95% of buyers find homes on the large real estate portals and by seeing a for sale sign. Gone are the days when a realtor would be the first to find a home for a buyer. Listings are readily available for buyers to sort through online, and serious buyer have set up saved searches and notifications.
These days it is incredibly convenient for homebuyers. Buyers can set up notifications on all of the online portals. Even if a buyer hasn’t set up notifications on these sites, these websites still track what they look at. Their algorithms know what type of homes that buyer is interested in. When a home hits the market that is a match, they serve emails and ads to that buyer. Buyers cannot escape! This is why these days it is the buyer who finds their home, not the local agent using their MLS. We have seen this in real-life practice countless times over the last decade. The MLS is merely a bridge to the real world of homebuyers.
The industry is resistant to change
Despite this dramatic change in how buyers find homes, agents are resistant to this. Back in the day when realtors literally held the key to homes for sale. They had the big MLS book. Only agents had access to this information. Since they had it under lock and key, their perceived value was very high and their massive commissions more justified. The real estate industry is still catching up with how modern technology has changed how buyer’s find homes. Agents do not like this because it is pushing their value down, and hence, their commissions are being targeted. This is why they spread the myth to home sellers. They want your listing. They don’t want you to sell on your own. Agents hate sites like Homepie who can help you sell you home yourself with no listing commission. The real estate industry is undergoing massive changes right now.
There is a common complaint from homebuyers regarding agent commissions. Homebuyers often feel they “did all the work”. They feel the agent “didn’t do anything”. The agent put on a nice smile and earned themselves a Maserati by ‘negotiating’ a full price deal. Come on… Buyers are not happy about this, and neither are sellers… both parties ultimately paid for this…
Real estate agents feel this as pressure all the time but the industry hasn’t helped them keep up…
How will buyers find my listing if I’m on the MLS?
There are 7 common scenarios when it comes to a buyer finding your listing that is listed on the MLS:
- The buyer is already using Homepie and finds the listing page.
- The buyer finds the home on another site, clicks the virtual tour link, and is directed to the listing page.
- The buyer googles the property address because they saw your For Sale Sign and finds the listing page on homepie.
- The buyer reaches out to Homepie and then Homepie directs them to your listing on Homepie.
- The buyer gives the property info to their agent and the agent is directed to the listing on Homepie.
- The buyer requests info on another site and homepie gets the inquiry. The buyer is directed to the listing on Homepie.
- The buyer requests info on another site who sells it as a lead to a random agent. That agent is directed to the listing on Homepie. They show your home to this buyer and try to earn the business from the buyer they just met. If the buyer likes your home, they ight get it, or the buyer may go direct to you using homepie.
Homepie’s goal is to route buyers directly to you whenever possible to save you the most amount of money possible.
If a realtor tells you they couldn’t find it on the MLS, it is not to your detriment. Think about it; you are talking to that same local realtor with a buyer and you are not in their MLS. They found you… Motivated, serious buyers and agents will find you easily.
The Three P’s
If you have been on the market for a while, don’t worry. It is unlikely that your home is not selling due to it not being in your local MLS. There is almost always another factor at play.
When selling a home, it’s helpful to remember the 3 P’s: Price, Promotion, and Presentation. If you get all of these three factors right, you will be successful.
Being on any MLS and having a For Sale Sign takes care of most of the Promotion. It can’t hurt to add some social medial promotion. This is very targeted marketing that could be the magic touch you need.
How does your home look like to a buyer searching online? Do you have professional photos? If not, get them, without question. Professional photos can and will make a massive difference. The return on investment (ROI) that you get on investing in professional photo is almost priceless. The ROI is high that I couldn’t even give you a guestimate. This can make or break your sale, and maximize your price. Professional photos are a must have for any serious seller. I cannot stress this point enough.
Don’t trust this job to a part-time photographer who does side jobs unless they specialize in property photos. There is a stark difference taking photos of people or landscapes versus property. Lighting technique alone differs greatly depending on the subject of the photo. Get a Real Estate Photographer and look at their portfolio before you set up the appointment. Homepie has done the groundwork for you if you’d like to use our resources. We have a network of pros that we can refer you to with fair pricing.
One last note to add to Presentation… Your home needs to be impeccably neat and clean when you show your home. Buyers will see your home online at it’s best, and you don’t want the in-person showing to disappoint.
The first two P’s will help you maximize the price you get. They won’t help you get more than your home is worth. They will help you get the top end of it’s actual market value range. If you have the first two P’s covered, simply put, you need to improve your pricing strategy.
Keep in mind two things. The market can change at any time. Rural, unique, and luxury properties take longer to sell. If you’re stuck, Homepie can help you with that with a pricing review. Just reach out through our live chat and we can set you up with whatever you need.