Deciding to List Publicly or Privately
When you list your home with your agent, we enter it into the Multiple Listing Service (MLS). The MLS is a database that agents and their clients have access to. You may remember the MLS from purchasing your home – agents can set up their clients with an automated search that shows them homes that meet their criteria.
By default, these listings also get picked up by feeder sites, such as Redfin & Zillow. These websites are open to the public, so anyone can see that your home is listed.
Another option is to list your home on the Private Listing Network (PLN). Your agent will still list it on the MLS, but it will not go to the feeder sites. Only people working with an agent will be notified that your home is listed.
One main benefit of the PLN is that the days listed do not count towards your Days on Market (DOM). When buyers see that a home has been listed for a longer time, they may think the home is overpriced. You can utilize the PLN to test a higher price. If you don’t get any bites at the higher price, you can drop the price and go active. The listing will not reflect that your home was previously on the market, making it more attractive to buyers.
Check out our chart below to help you determine if you would like to post your home on the PLN or go straight to the open market. Every seller’s situation is different, so please ask us if you’re torn!
|TRY THE PLN||SKIP THE PLN|
|If we are aiming high with your listing price, it might make sense to try for a higher price on the PLN, and if we do not receive offers, we would list publicly with a lower price.||If you’re looking to get the most $ for your home as possible, you will want to make a big splash on the open market.|
|Some sellers don’t want many buyers walking through their homes – maybe they have a newborn baby, or don’t want the hassle. With the PLN, you have a smaller audience to market to – which means less showings/foot traffic.||Many sellers want as MANY buyers to tour their property as possible in order to maximize # of potential offers.|
|If you aren’t quite ready to list but want to see if you get any bites, you can use the PLN.||If you want or need to move sooner, you will want to get all eyes on the property ASAP.|
Next Up » Pricing Your Home