In this video, we’re talking about what the Private Listing Network is and why it matters. Not every home that’s for sale is listed on the public MLS. If you’re interested in selling or buying a home, the Private Listing Network could be your new best friend!
For more on the PLN, see “Private, Not a Secret”: https://cdn.carrot.com/uploads/sites/35494/2022/03/Private-Not-a-Secret-Off-market-PLN-homes.pdf
Eric Andersen, B.A., M.Div.
Owner/Designated Managing Broker, Eric Andersen Homes
📲 Text/Call: 708.674.6725
📩 Email: eric@eandersenhomes.com
🌎 www.ericandersenhomes.com
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My name is Eric, and I own an independent real estate brokerage in Chicago, Illinois. I specialize in those looking to relocate from the city or out-of-state to Burr Ridge and the western suburbs. When I’m not selling homes, I love spending time with my wife and 6 children, serving my congregations (I’m an ordained Lutheran pastor and serve Zion, Summit & Immanuel, Hodgkins), exercising, and making Neapolitan pizza from scratch and baking it in my Ooni wood-fired oven. Despite being a Chicago native, I’m a St. Louis Blues & Nashville Predators fan. I (finally) finished the excellent biography of John Adams by David McCullough, and now I’m working my way through “The History of the United States, 2nd Edition” from The Great Courses.
I have a number of awards and designations, including:
⭐️ Platinum 2021 Top 1% Sales Award (Mainstreet Organization of REALTORS®)
⭐️ Top 3 REALTOR® in Brookfield, IL (2021)
⭐️ 20 under 40, class of 2021 (Mainstreet Organization of REALTORS®)
⭐️ Gold 2020 Top 3% Sales Award (Mainstreet Organization of REALTORS®)
⭐️ Endorsed Local Provider (RamseyTrusted)
⭐️ Best of Zillow
⭐️ Pricing Strategy Advisor (National Association of REALTORS®)
⭐️ Certified Staging Consultant (Mainstreet Organization of REALTORS®)
Transcript:
If you’re in the market to buy or sell a home, you really need to know about the Private Listing Network. I’m Eric with Eric Andersen Homes, and in this video, we’re going to talk about what the Private Listing Network is and why it matters. Not every home that’s for sale is listed on the public MLS. Before 2015, a number of homes were being posted on closed groups, brokerage apps, and unlisted homes with ‘coming soon’ signs were appearing. Sometimes these were called ‘pocket listings’ and were notoriously difficult to track down. The Private Listing Network was created to solve this problem, as a place where agents could begin marketing these homes in a limited manner and sharing them with buyers. There are a few reasons why a seller might opt to go the private listing route instead of going on the public MLS, either for a period of time or, in some cases, for the entire duration of the listing. Those could include privacy concerns, wanting some time to make repairs or to prepare the home before going live, a desire to begin pre-marketing the property in a ‘coming soon’ way, similar to what Hollywood does to build hype for their movies, and to test out different price points for their home without appearing confused or indecisive. If you’re selling, the private listing network offers you the ability to market your home without starting the market time clock, and no price history is available for buyers to analyze. This is beneficial, because market time can make or break your sale. Some sellers capitalize on low market time when interest is high and get a lot of interest and competition for their home, and other listings go stale and sell for a discount. There’s no market time while you’re on the private, so you can use it to create exclusivity and competition for your listing. Just this past week, I sold two of my listings directly off the private, 6 Tumblebrook Court in Falling Water, a gated community in Burr Ridge, and 1226 Harrison Avenue in La Grange Park. In both cases, we were able to secure dream offers from interested buyers by leveraging the exclusivity of the private listing network. The buyers knew they were getting amazing homes, and they gave us ideal terms in exchange for securing the perfect home. This is another reason you might consider the private listing network as a seller. If you’re selling and don’t have a clear moving timeline or don’t have a place to go lined up, going on the private offers you the flexibility to begin working on getting a buyer without running up market time, and it offers you a great deal of negotiating leverage, assuming you don’t price your home outrageously. I’ve successfully used the private listing network for a number of my sellers who had an uncertain selling timeline or destination. As a buyer, the benefits of the private listing network should be obvious. It offers you additional options for purchase that you won’t find on any of the consumer sites. Homes on the private are not syndicated to any consumer sites like Zillow or Realtor.com, so unless the agent posts a sign in the yard (which doesn’t always happen with private listings), or if an agent doesn’t send the listing to you directly from the private, you’ll have no way of knowing the home is for sale. You can only get private listings through an agent who has access to the MLS. Now, not all homes on the private will allow showings, but many will. Not all homes on the private will have photos, and details will often be very limited at this stage. But it’s easy enough for me to email those additional listings to you, and you never know, you may find the perfect home on the private and possibly even secure it before it goes live on the public MLS. In the Chicago metro area, an amazing nineteen percent of all homes that sold from the MLS began as a private listing, so this is too important to ignore, whether you’re selling or buying. For more on the private listing network, you can see a thirty-one page PDF I’ve linked to in the comments, below. If you’re thinking of selling, reach out to me and we can talk about whether or not the private listing network makes sense for you. I’ll often post my listings on the private at least for a week while we’re waiting for photos or staging the home and making preparations, and sometimes we’ll stay on there longer depending on my seller’s needs and situation. Many of those will sell directly off the private, particularly in a low-inventory, competitive market, and the exclusivity of the private gives us leverage to insist upon strong terms. If you’re looking to purchase a home, let’s talk about what you’re looking for, and I’d be happy to send you the current private listing inventory and keep you posted with updates. I’m Eric with Eric Andersen Homes, here to remove the headache from real estate and provide expert guidance for your next purchase or sale.