BIC TIP #1299: In-House Office Exclusive Listings
The seller does not want their home in MLS. Maybe it is an off-market deal, a non-arm’s-length transaction, or a seller who values privacy above all else. Stephen Long, your Notorious BIC, says this is the perfect opportunity to use the office exclusive listing, as long as you follow the paperwork and the marketing limits that come with it.
The Paperwork Comes First
In the listing agreement, check the office exclusive option, and in the marketing section indicate that the property will not be placed in MLS. Then add the office exclusive addendum, which most MLSs across the state require.
This documents that the seller made an informed choice to keep the property out of MLS, which protects the seller, the broker, and the firm.
Marketing Inside the Firm
An office exclusive lets you take the listing without putting it in MLS and market it to your firm and the agents within your firm. Those agents can then market it to their own clients.
What it is not: it is not mass marketed, it is never put out on the internet, and it is not meant to be a pocket listing. It is restricted marketing at the seller’s request, nothing more.
One-to-One Is Okay
A common question is whether you can work with a broker outside your firm. Under the NAR Clear Cooperation Policy, you can market the property to an outside agent on a one-to-one basis. You cannot mass email, mass text, or mass call or message other brokers.
But if you run into a broker from another firm who may have a buyer for your office exclusive, engaging that broker may be in your seller’s best interest. It may feel counterintuitive since they are not in your office, but your duty is to your seller.
The Practical Takeaway
When a seller wants to stay out of MLS, use the office exclusive option in the listing agreement, attach the office exclusive addendum, keep marketing inside your firm, and only reach outside brokers one-to-one. Read the Clear Cooperation Policy and your MLS rules, and check with your broker-in-charge if you are unsure.