If you’re in the market for a mansion in Miami, chances are you won’t find your next home on the multiple listing services (MLS). According to a recent article from the Palm Beach Post, many of the area’s most expensive properties won’t be found on popular sites, like Zillow and Realtor.com. In a time when most business is conducted online, many sellers are choosing to opt out of the MLS system, while others take advantage of the exposure. For example, you won’t find the Jupiter Island estate of Celine Dion online, listed for $45.5 million, but you can find the MLS listing for the most expensive property in Florida, the Ziff estate in Manalapan, priced at $195 million. So what gives? Why are some listing while others aren’t?
Realtors who are members of an MLS are not charged an additional fee to market a property on the system, so money isn’t an issue. Apparently, some sellers feel that an MLS listing is an invasion of privacy, making their home available for anyone to see, even if they aren’t really interested in purchasing it. It’s this fear of voyeuristic browsing that has many choosing to keep the listing private. Additionally, realtors also noted that “upper-echelon buyers” don’t shop like the rest of us. Instead of listing the estates on the MLS, agents often mail glossy brochures to wealthy buyers in addition to marketing mansions on their own websites.
Another downside to listing on the MLS is the data that is often revealed. Statistics like days on the market, previous listing prices, and the number of times a property has changed hands all offer valuable insights to potential buyers. But because mansions can sometimes take years to sell, the negative effect of such numbers is unnecessary. The differences between listing a mansion compared with a mass-market home are many. While trying to sell your three-bedroom, two-bath suburban home would be difficult without the advantages of the MLS, a home like Greg Norman’s estate, which recently listed for $55 million, advertises itself. Once the news of the listing was released, the home was featured on websites like London’s Daily Mail, the Golf Channel and ABC News. The MLS just isn’t as necessary for such a high profile sale.
For more information about luxury homes for sale in the Miami area, contact Oceanica Real Estate at (786) 270-1743 or firstname.lastname@example.org.