Over the past number of years I’ve represented various condominium developers where some of the listing inventory has been listed on MLS® and the remainder was left exclusive. Many buyers have asked what the difference is between MLS® listings and an exclusive listing and whether or not they should consider one option over the other when listing their property.
MLS® (Multiple Listing Service®) is basically the marketing of your property in co-operation with other industry members and brokerages. It is a sharing of information on your listing and your listing agent is primarily responsible for the marketing of your property but enlists the other agents in the market area to assist in finding the buyer. By cooperating with other agents and listing with MLS® your listing will appear on sites like www.realtor.ca published by the Canadian Real Estate Association.
Exclusive listings can be a great marketing tool or technique. As mentioned condominium developers often place some listings on MLS® while they maintain the majority of their listing inventory as ‘exclusive’ so they don’t flood the market with too many listings.
In an exclusive listing the listing sales person or brokerage lists the property for the seller but the salesperson reserves the right to market and sell the property and these listings are not listed on the MLS® system. Listing data and sales data is therefore not captured.
While the majority of listings are published on MLS® there are many instances where a seller may wish to have an exclusive listing. Sellers of very high end homes, sellers who don’t want to overtly publicize they are placing their property for sale, market areas where houses tend to languish days on market for a lengthy period of time, and unique properties where a different sales approach is required are all great reasons to list exclusively.
As a property seller you should understand your options and work with your real estate agent to determine what is the best course of action for you in getting your property listed and sold. If you are thinking about listing your property and are uncertain as to whether you should list exclusively or MLS® call me and I can advise you (902) 240-0768.
Dale Cameron, Century 21 Trident Realty Ltd.