Sellers: Your Home Shouldn't Be ON the Market

Being "on the market" is old school terminology. If your home isn't "in" the market, it isn't going to sell. Seems simple enough, but let me explain the difference between  "Being on the market" and truly "Being in the Market".

Being IN the market means that your agent is doing everything he/she possibly can do to make sure your home is visible to as many qualified buyers as possible. Being ON the market means that although your home is listed for sale, your home is NOT as visible as it can and should be.

I've been in real estate for over 26 years, and I have watched the industry evolve dramatically over that time.  Many agents still do things the old way, and newer agents may not have learned how to market your home as effectively as possible. Many agents still refer to putting your home "on the market". That's Old School thinking.

More on the Old School way of selling your home:

We all agree that the MLS is a fabulous tool to get the word out about your home's availability.

THEN: MLS Books were issued once every two weeks, with hot sheet inserts delivered once a week. There was no online resources. In fact, when the MLS first got computerized, it was through a 12000 baud connection from the telephone that printed out with no pictures on thermal fax paper. (around 1989 through the mid 90's)
NOW: The MLS is online and can be updated every minute of the day. Hotsheets can be accessed every minute of every day.

NOTE: A "hotsheet" is all the listing changes for a given period of time that including new listings, properties that came back on the market, price changes, deposits, and sales

THEN: A Comparable Market Analysis consisted of an 8.5 x 14"  handwritten pre-written piece of paper with filled in boxes containing tidbits of information on three active listings, three pending sales, three homes that didn't sell, and three sold properties.
NOW: To some agents, the three active, pending expired and sold property analysis still holds true.Some others include four or five of each in a fluffy  presention from a computer program which transforms the information to a printed presentation BUT four or five property comparisons doesn't even cut it anymore. Not in today's ever evolving market. Various analyses are important to arrive at the right price.  See our Article on Pricing Your Home Properly.

THEN: Marketing consisted primarily of the MLS, signage in front of your home,"Just listed" cards sent to your neighbors and surrounding areas, and an occasional ad in the newspaper
NOW: The Internet has changed all that. Besides all of the websites that your home should be listed on, and the amount of information that should be included in that listing, and the boom of  social marketing, it's now more important than ever to be diligent about everything that you can, including hiring the right agent, and your property information brochures to help get your home sold.

THEN: When you received an offer on your property, the only contingencies were  for the mortgage, and that your home be "in broom clean condition". There were no disclosures either  ... and yes, that broom clean clause was standard on all offers to purchase. There were no concerns about mold, underground oil tanks, radon, and  yes, even building inspections!
NOW: There are many disclosures  and much paperwork to fill out that must be done properly. If the buyers agent doesn't know how to do that (and it can get complicated for some newer or unexperienced agents) then it's up to your listing agent to make sure that everything is done correctly. Your  agent has to be a lot smarter these days and absolutely on top of their game in order to pick up the slack from another agent when needed.

Let me be perfectly clear. The one thing that hasn't changed over the years is the agents job of getting your home "IN the market" as opposed to just "ON the market". It's how it needs to be accomplished that has changed.

So what gets your home to being "off the market" in a good way?

The best choice clearly is to have your home "IN the market" and having your home be off the market because it sold, and the only way to do that is to list your home for sale with an agent who knows how to get your home "IN the market". That's me!

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