You can list your property for sale with an agency on Martha's Vineyard three ways - as an exclusive listing, a co-listing or a tri-listing. It may seem like more agencies equals more exposure, more people power working for you, and more chances to sell your home. Well, sometimes more is less, and in this case, less is more.
This is the most common type of listing agreement on Martha's Vineyard. In this agreement, one agency is the representative for your property. You are provided the full range of services as quoted in the Marketing Proposal (link to Marketing Article). We list the property on Link MV, Cape Cod & Island MLS, Realtor.com and all the online portals for home searches. We also tap into our networks Luxury Portfolio, Leading Real Estate Companies of the World, and Luxury Real Estate to broaden our reach past the borders of Martha's Vineyard. For the summer months, we advertise your home in the Martha's Vineyard Real Estate Guide, the Martha's Vineyard Gazette special features and the Vineyard Visitor. We hold agent open houses & coordinate and attend all showings. We will be the only agency to represent your property, and every buyer looking anywhere online, and on-island will be exposed to your listing.
Co and Tri Listings
This agreement means that you choose two or three agencies to represent your property. Many of the same services for an exclusive agreement are available, although advertising is more limited. The property will be listed in Link MV but will not be listed in the Cape Cod & Island MLS, which feeds into Realtor.com. Realtor.com does not accept co or tri listings, only exclusives. Your two or three listing agents will each contact you for showing requests, and it is your responsibility to make all of the listing agents aware of the other's showing schedule, so there is no double booking or overlap. Typically you will only pay a commission to the agency with whom the accepted offer was presented. Honestly, there isn't any benefit to listing with two or three agencies. Off-island its not really even done. They utilize more formal multiple listing services that have stringent rules about representation and will not allow a co or tri to be listed in their database.
Four Reasons to Choose an Exclusive Listing Agreement
We are all marketing to the same buyers, by multiplying your number of agencies you do not increase the size of your buyer pool. For a co-listing or tri-listing, buyer agents will see two or three listing agents for one property, and will choose one of those agents to call and set up a showing. You don't get three times the showings, you just get a popularity contest between your listing agents, and confusion for the consumer (buyer).
- With one agency, you work with one agent, one schedule and one uninterrupted path to a sale. If there are tenants and rental agents to contact before each showing, having to coordinate showings with two or three listing agents on top of this can be very time consuming and cause delays in getting a buyer into the property.
- Realtor.com is only available to agencies who are members of the Cape Cod & Island MLS, or MLS Pin. You can only enter exclusive listings into Realtor.com
- Marketing dollars spent by your agency are a huge part of selling your home. Strong listing agencies will out spend other agencies all summer on local print advertising, and year-round on internet and national/international print advertising. For the agency, it's a calculated investment, but if there is only a 50% chance of securing the sale of the property, this investment is diminished and the advertising opportunities are more limited.