OFF-MARKET LISTINGS IN PHOENIX | PHOENIX PRIVATE LISTINGS
There are many Multifamily Homes in Phoenix and Apartment Buildings 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 multifamily homes and apartment buildings decide for privacy purposes to sell “off market”.
Placing a multifamily home or apartment building 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 multifamily 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 apartment community or multifamily 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 multifamily property is a large apartment community, 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 multifamily home or apartment building 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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