Real estate giant Zillow released the Make Me Move (MMM) tool in 2006. Similar to consumers using Priceline to name a price for a hotel room, MMM allows homeowners to publicly “name their price” to move.
More specifically, sellers disclose how much money they would have to make on a sale in order to be ‘forced’ to move out of their home. Listing a home via the MMM tool does not actually put a home up for sale, it simply adds it to a searchable database of properties.
Buyers seeking a new property can look at MMM homes and can make an offer to a homeowner who’s not necessarily looking to sell right now, but would be willing to move for the right price.
This post will teach you everything you need to know about the Make Me Move tool, including details on how it works, pros and cons and real life examples of the tool in action.
How do you list your home?
Create a free account on Zillow, then visit the Make Me Move page. Here, you’ll enter some basic details and answer a few questions to add your home to the list, where it will begin to show up in relevant search results. This doesn’t mean your property is officially for sale. Rather, it just provides a way to tell others the price at which you’d be willing to sell your home.
How do you choose a price?
When you name your Make Me Move price, all conventional guidelines and advice go out the window. Instead, determining the right price is a matter of digging deep and deciding what you would require to uproot your life and give up your home.
What happens next?
You wait. If a buyer sees your home listed and falls in love, they can reach out to you via email. All of your personal information will be hidden (except for your address of course). You are able to correspond back and forth and decide if you want to really consider an offer from the buyer.
What if I want to edit or remove my Make Me Move listing?
Log into the Zillow account you used to create your Make Me Move listing. Click on “Map and Search”, then type in your address in the “Find Homes” section. When you see your home on the map, click on the address. Go to the “Home Details” page and click on either the edit option to update your property or pricing info, or remove to delete your listing.
What are the benefits?
- If someone wants your house and they’re willing to pay an inflated price, you have a way to connect and discuss the potential for a transaction.
- If you’re ready to list your home, you can use Make Me Move prices for homes similar to yours as a sanity check for your list price. If you’re really close, odds are you’re pricing too high.
- You can remove your home at any time, so if you get to a point when you want to consider selling or you decide you never want to sell, you can pull down your listing.
What are the cons?
- Agents are always on the lookout for potential home sellers. By adding your home to the list, agents in your area will start marketing to you.
- It can be easy to forget about your listing. If the market shifts dramatically and housing prices change, your pricing might be outdated, resulting in unwanted solicitations from interested buyers or investors.
- Zillow tracks all data, including MMM prices. This info is tracked in the price history section on your home details page. If you don’t want a MMM price associated with your property long-term, it may be best not to submit your home.
MMM User Stories from Zillow:
- Laurie B of Lake Forest, Illinois, says, “We put our house on Zillow with a Make Me Move price and the first person who called came to the house and made an offer. We closed within the month!”
- Ron G of Los Angeles was about to retire so he posted an MMM of $1.6 million for his house. The next morning he was contacted by a buyer, and within a week had a check for the total MMM price, 14 percent over the Zestimate.
- Nick C and his fiance were busy people who didn’t want the hassle of listing their Seattle condo. Deciding on a “passive-aggressive” approach, they posted an MMM price. An agent for a retired couple saw the MMM and contacted Nick with an offer $10,000 less, still 12 percent over the Zestimate. Nick contacted his own agent, and the transaction sailed through.
It’s safe to assume these experiences are not typical, but if you’re curious about the potential for an unexpected deal, list your home and seeing what happens!
Have any additional questions? Post them in the comments!