Have you ever asked yourself the question, "What's the best day to list a property?" The fact is, more than 90% of residential real estate is sold through the Multiple Listing Service (MLS). Sometimes, it seems that real estate investors shun mainstream channels of marketing such as the MLS for more creative techniques. This can be a very big mistake because the vast majority of retail buyers (people that want to buy to live in the property) locate properties by working with a buyer's agent who searches the MLS to find suitable properties to show their buyers.
A question arises among the more detailed oriented investors, and that is, “which day of the week should the property be listed on the MLS?” Although it may seem like a minor detail, a recent study analyzing 1.2 million listings in 16 markets across the country for 21 months by Redfin revealed some fascinating insights:
- Friday listings are 12% more likely to sell within 90 days
- Friday listings are most likely to sell for close to list price.
- Friday listings were 18.8% more likely to be viewed by Buyers.
Why? Some reason that homes listed on Fridays are the freshest in buyers' minds when they're making their weekend plans. More viewings lead to more offers, and more offers lead to a better chance of selling the property. Plus, buyers prefer to visit the newest listings first to beat the competition.
So there you have it, simple yet extremely powerful. When you are selling a property to a retail buyer, list it on the MLS on a Friday. That one piece of advice earn you thousands more dollars on the next deal you are selling to a retail buyer.
What has been your experiences? Have you had more success on one day of the week vs another?