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There are many homes in Phoenix and condominiums in Phoenix that are sold each year without ever going on the multiple listing service (MLS). The definition of “off market” means selling a property off the MLS. Since the MLS is considered “the market” and a very public place to promote a property, many sellers of luxury homes and condos decide for privacy purposes to sell “off market”.
Placing a home or condominium for sale off market in Phoenix, Arizona means that the listing agent will make an active effort to promote the property in every means possible with two exceptions – no print ads and no placement on the MLS. Everything else is the same as any other property – professional photos, marketing packages, property tours, and more. The details of the property will be marketed to other local residential real estate agents in an active effort to get a buyer. That’s the important difference, making an active effort to find a buyer.
The term “private listing” often referred to as “pocket listing” is generally regarded as being much less active and may be perfect for a seller who is just waiting to see if a buyer is interested. The listing agent, if an active listing agreement is in place, will mention the property to a few agents or preferred clients but otherwise it’s kept relatively quiet until a buyer makes their interest known. What typically happens is that a buyer (or an agent with a buyer) will describe the home, house or condominium property in Phoenix AZ they would like to purchase, but unable to find. The agent with the “pocket listing” will pick up on this and mention the available property. There is seldom anything more than a brief property description and perhaps a photo or two but not much more. If the buyer is interested in the basic parameters of the property then a tour is scheduled. If the residential property is a large luxury home, the potential buyer may need to sign a non-disclosure agreement indicating that all discussions of a sale are to be kept secret.
When negotiating the sale of a home or condominium in Phoenix Arizona that is for sale off market, the question of price is always brought up early in the discussions. The off market listing will often have a price already set but not mentioned specifically in the marketing materials. They usually say ”Un-Priced Offering”. The Seller of a private listing may not have that figure in mind and will want the buyer to make an offer. When determining the price of an off market property, the comparable sales used to determine that price should include both on market (via the MLS) and off market sales. An experienced real estate broker can research this information and provide an opinion of value.
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About Vestis Group
Vestis Group is a leading investment real estate sales and advisory services firm with a proven track-record of providing value added brokerage services coupled with innovative and ongoing real estate investment strategies.
Our mission is to ensure that owners and investors receive the most efficient research, marketing, real estate consultation and transaction services available. We pride ourselves on our ability to deliver added value to our clients by building uncompromising and long-lasting relationships with our partners.
Vestis Group serves multifamily, residential and commercial property owners and investors with a full suite of commercial real estate services, including Buyer Representation, Tenant Representation, Landlord Representation, Investment Sales, Restaurant & Entertainment Leasing, Specialty Leasing, Asset Management, Project & Development Services, Research and Consulting.
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