A Brief Explanation of Ways to Sell Your Home with Compass
Some sellers prefer to have their homes marketed in Private Exclusive only through Compass Private MLS. Most sellers use Private Exclusive status while they are preparing their homes for full showings in MLS. The advantage is the home does not need to be in showing condition and sellers can float a higher price to see how it is received. No public marketing can occur, at all in this status, which includes neighborhood list serves, social media, etc. The downside is that the buyers not working with a Compass agent will not learn of it unless they reach out directly to us or we directly reach out to them.
Private Exclusive with Open House
This status allows the client to stay in Private Exclusive and set specific times for showings. This often occurs when the seller is close to having their home ready for market. We work with the sellers to determine a weekend time for showings. It is not open to the public. We could not place a sign according to MLS rules. The benefit is that the showings are all at a specific time. One can judge how much serious interest there would be at a price.
Coming Soon MLS
In this status, the home will be listed in MLS, a sign can be installed, and public marketing is permitted, but the property may not be shown. It can stay in the Coming Soon status for only 21 days and once/if that cap is reached, the status will automatically change over to Active and officially go live in MLS. We use this status when we have a firm launch date determined. The benefit is that buyers know when the property will become available for showings and may hold off on purchasing something else until they have a chance to tour. We often use this status 3-7 days before actually launching in MLS.
Some sellers prefer to just go straight into MLS. In this status, the home should be in picture-perfect condition or selling “as is”. Showings must be allowed starting the day of launch in MLS. This status does expose the home to the largest number of buyers and gives a greater opportunity for multiple offers and good contract terms.