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Are Private Listings Worth It?

If you’ve been thinking about selling your home, you’ve probably heard the buzz about private listings (sometimes called pocket listings) — when a home is marketed to a smaller pool of potential buyers without being in the multiple listing service (MLS). Private listings aren’t usually the best way to get the best price for your home, but there are a lot of them out there and they are scattered in hundreds of places.

Private Listing Network

In Chicagoland, Baird & Warner agents have an advantage over agents in other parts of the country. The Multiple Listing System, or local database of properties for sale, offers a Private Listing Network (PLN), where the 44,000 Chicagoland real estate agents can see what homes are about to be put on the market. Those agents can then contact the listing agent to see the home before it’s on the market. If you’d like to find out what’s coming soon to the market in your neighborhood, contact me today.

As far as listing your home on the PLN, there are definitely pros and cons. Here are some good insights:

Testing the Market

If you’re not in a rush to sell and want to test the market to see if buyers are interested, a private listing could be the way to go. Or, if you’re motivated to sell but want to safeguard your privacy and don’t want people to know your asking price or see photos of your home, you might want to sell off-market. Finally, if you’re set on a certain price, you may ask your agent to market your home as a private listing.

Let’s Talk Inventory

Listing your home on the PLN might be worth considering if there is a shortage of homes for sale around yours. It’s only in that scenario, where buyers will be turning over every rock to find the home of their dreams and asking their agent about any “coming soon” listings, even if they might be at the tippy top of their budget.

Missed Opportunities

By definition, private listings are dubbed “quiet” or “off-market.” So, you have to decide if you want to keep your home a secret from the maximum number of potential buyers — and risk not getting the best possible sale price.

 
 
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Jeff Coros  
Jeff Coros
630.853.0691
 
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The Vault
 
A Fledgeling Company Helps Save a Fledgeling City

In 1871, the Great Chicago Fire burned 70,000 homes and destroyed over $200 million of property. Baird & Warner (known as Baird & Bradley in 1871) was 16 years old and specialized in mortgage lending, property management, and insurance. The company had seen the city’s population triple since opening their doors, and they were growing rapidly, too.

The fire broke out around 9 p.m. in the southern part of the city, and Lyman Baird hurried to his office and found it engulfed in flames. Meanwhile, the rest of the family was preparing to flee their home, which they lost along with everything they owned.

As the fire slowly burned out, Lyman found amid the ashes of the office that the company’s vaults were intact, along with all of the company’s records.

The records became especially important to the city because all of its public real estate records had been destroyed. Baird & Bradley’s ledgers and papers served to assure continuity in titles and lot lines as companies and individuals quickly moved to rebuild their stores and offices.

 
 
 
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