Marketing Your Home
What Works Best?
The 2 primary factors that determine if and when your home will sell are exposureand price.
Exposure that counts is exposure that reaches buyers who are the most willing, ready, and able to buy. Exposure to people who are not in the market or can’t afford to buy is meaningless.
Setting the right price is crucial because under-pricing is like giving money away and over-pricing is just a waste of time because nobody buys over-priced homes.
The best possible exposure is MLS and the corresponding website, Realtor. This is where the vast majority of buyers are looking for homes, and where the buyers are the most ready, willing, and able to buy. MLS and Realtor.com ARE the real estate market.
The Real Estate Market – How homes are listed for sale, nationwide:
- All homes available for sale on MLS and Realtor.com.
- All “For-Sale-By-Owner” homes for sale, including all listings from all FSBO websites combined.
MLS (Multiple Listing Service)
MLS is the network that Realtors belong to that gives them access to show and sell each other’s listings, and comprises 90% of all homes on the market nationally. The Realtor commission, most often 6%, is split between the agent who lists a property and the one who sells it. Only licensed Realtors have access to MLS.
Realtor.com allows the general public access to see all the MLS listings. It has revolutionized the home search process, because homebuyers are no longer at the mercy of Realtors to see what homes are available on MLS. 90 % of all homes for sale nationwide are on Realtor.com, because MLS is 90% of the market.
Buyers use Realtor.com because it has the best selection, it’s easy to use, and it has lots of other useful information, too. For example, go to Realtor.com, enter your search parameters, and pick any listing. Click on “See listing details” and scroll down and select “Get neighborhood information.” Then click on some of the other options to see all the information available. You can get everything from the average prices and ages of homes in the neighborhood, to crime statistics and average SAT scores of students enrolled at the local high school.