When it comes to selling your home, having the right sales strategy can make the difference between achieving 100% of your asking price or falling short. This is where Compass Private Exclusives come into play.
In one recent sale at 100 Beekman Street, we leveraged the Compass Private Exclusive platform to capitalize on a tight market and ultimately get our seller the full asking price on their sale- quickly.
The process took less than two weeks, from listing the property as a Compass Private Exclusive to receiving a full-price offer.
Offering serious buyers the opportunity to “buy it now” before the property goes public is incredibly powerful. Buyers understand that market segments with low inventory and high demand will face increased competition once a listing becomes public. This creates a sense of urgency and taps into buyer FOMO (fear of missing out). This is an example of how powerful the Compass Private Exclusive tool is.
For 100 Beekman Street, a buyer who saw the apartment during the Compass Private Exclusive period recognized that it would attract many more buyers once the listing was made public. In this case, the buyer decided to avoid this risk and offer the full asking price before it hit the open market.
Let’s dig in deeper.
What is a Compass Private Exclusive?
A Private Exclusive, also known as a “pocket listing” or “whisper listing,” is an off-market listing shared exclusively within the 3,000 Compass agents in NYC. It is intentionally an exclusive market. Nothing sells a property more than having a property that is not available to the public and being able to buy it before it hits the open market. Remember, there are always new buyers entering the market who never saw your listing previously.
Benefits of Private Exclusives
Discreet Marketing
Market your property without accruing days on the market or public price drops. You can pivot to the public market at any time.
Exposure
Showcase your property to 3,000 NYC Compass agents, building interest and extending marketing efforts without public visibility.
Valuable Feedback
Receive feedback from other agents on pricing and property features, similar to a focus group.
Price Testing
Test an aspirational price with no digital footprint, ensuring no recorded days on the market or listing history. Wait for a buyer to pay you your price without worrying about the listing getting stale.
Attract Serious Buyers
Appeal to those buyers willing to pay a premium for exclusive listings.
Flexible Listing Strategy
Start with a Private Exclusive and then transition to the open market after 60 or 90 days as a brand-new listing for maximum exposure.
Reduced Marketing Time
Generate pre-market excitement and build demand while preparing your listing for the public market.
Enhanced Negotiation Position
Private Exclusives often make buyers feel they are getting special access. Those buyers will be more likely to pay a premium for the property.
Common Concerns:
Not Ready to List?
List your property at an aspirational price without any downside. No days on the market or price history will be recorded, giving you flexibility.
Home Not Ready to Show?
Build demand while finalizing your property. Buyers of off-market properties are often more understanding and excited about exclusive listings.
Waiting for Mortgage Rates to Drop?
Listing at a more aspirational price can attract buyers willing to pay a premium, offsetting concerns about mortgage rates.
Quiet Time of the Year
Avoid accumulating days on the market by listing privately during slow periods and switching to the public market when demand picks up.
