If you’re a duplex owner who is considering selling, but are not quite ready to jump in with both feet, you might want to explore doing what’s known as a “Quiet Listing”.
Quiet Listings are usually associated with locations like Beverly Hills and Manhattan, where affluent and often well-known clients would rather friends and the public not speculate on why they might be selling, or be embarrassed for asking so much for the property in a struggling economy.
With a Quiet Listing, a duplex owner has expressed their willingness to sell under the right circumstances, signed a listing agreement with a Realtor (which allows the agent to market the property to prospective buyers), but wants the duplex kept off of the multiple listing service (MLS), which broadcasts data to all real estate web sites.
What’s the difference between a Quiet Lisitng and a Pocket Listing?
With a Pocket Listing, a future Minneapolis duplex seller has expressed she’s willing to sell if a Realtor brings a specific buyer. A contract is signed, stating the property owner will agree to sell and pay a commission if the agent brings a named buyer to the property.
The sale is limited to that named individual or individuals, and does not allow the agent to tell other prospective duplex buyers about the property, or be assured of compensation if she does.
What are some of the advantages of a Quiet Listing to a seller?
First, it gives the duplex owner a chance to test the market a little bit, without having to have the property completely ready for a full-blown marketing campaign and stream of showings.
At the same time, however, it does give the owner better odds of actually selling; especially if the agent features the duplex on her own web site, uploads it to web sites that feature non-mls properties, and advertises it to buyers and prospective buyers. (Of course, steps can be taken to make sure easily identifiable characterstics are not made public if the seller chooses.)
And of course, in today’s real estate market, it also keeps neighbors from speculating about a seller’s financial circumstances.
If you’re thinking of selling your duplex, but are feeling cautious about the market, let’s talk about it.
I promise. I can keep it Quiet.