When ‘off-market’ Boston condo listings become the default, who really benefits?
Boston Condos for Sale and Apartments for Rent
When ‘off-market’ Boston condo listings become the default, who really benefits?
In his January 27, 2026, article for Inman, broker Dennis Norman argues that when “off-market” listings transition from a niche luxury service to a default industry standard, the primary beneficiaries are large brokerages rather than the consumers.
According to Norman, while the Multiple Listing Service (MLS) is imperfect, it remains the only mechanism ensuring that listings are visible to the entire public rather than just a select group “invited behind the curtain”.
Who Benefits from the “Off-Market” Default?
- Large Brokerages: These firms benefit by keeping listings “in-house,” allowing them to potentially capture both sides of a deal and retain full commissions within their own walls.
- Selective Networks: Private networks allow for “quiet marketing” and selective exposure, which can benefit sellers who prioritize absolute privacy or buyers who value being “first in line”.
- Gatekeepers: Norman suggests that large private networks eventually stop being “private” and instead operate as parallel, gatekept systems that nudge sellers away from the open market.
Risks to Sellers and the Market
Norman and other industry experts highlight several risks when off-market becomes the default:
- Loss of Maximum Exposure: Statistics indicate that 52% of sellers prioritize maximizing visibility to get the highest price, a goal often undermined by private networks that limit competition.
- The “Illusion of Choice”: When agents and brokerages nudge sellers toward off-market “options,” it may not be a truly free choice but rather the path of least resistance for the system.
- Skewed Market Data: Off-MLS listings can reduce transparency and skew the data used to determine fair market values.
- Missed Opportunity: Sellers may only realize after the fact that their property never received full market exposure, at which point it is too late to capture potential lost profit.
For more industry perspectives, you can read the latest at Inman News or explore MLS policy updates on Ford Realty and the National Association of Realtors website.
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