Is that a listing in your pocket?
Most homes that are put up for sale are posted on databases called multiple listing services (MLS), on which agents share information with one another in order to find buyers. There are open houses on weekends and listings posted on real estate websites.
But with pocket listings, properties are kept under wraps and brokers only show them to serious buyers who believe the price is right. We have ‘em from time to time and we want to show them to you.
What is a pocket listing?
A pocket listing is a home that is for sale, but not advertised to all brokers on the MLS. These can also be referred to as an off-market listing.
Why would sellers choose to sell this way?
The biggest reason for pocket listings is to control the traffic through the home and to make it available to only serious buyers. In slow markets, homes may stay on the market for quite some time and having people stopping by frequently can be an annoyance that is too great for the seller.
Another reason for pocket listings is that a seller is seeking buyers that are not represented so that they can better control the closing and possibly to pay a lower commission, depending on the agent who has taken the pocket listing.
Buyers can benefit from pocket listings as the amount of competition is generally lower than listings that are broadcast on the MLS. Pocket listings can be an exclusive opportunity to be shown a home and then work directly with one agent to negotiate and handle the transaction.
Any buyer that has tried to buy a home in a hot market and dealt with multiple offer situations can appreciate the opportunity to get an exclusive first shot at buying a property.
Sellers may find this a worthwhile strategy – we are happy to discuss ways that a pocket listing can help you sell your property without bringing the world to your door. Our network is expansive and often times can provide for sufficient competition to get you the sales price you desire – without the headaches.
For our buyers, we will always present you with first look opportunities at pocket listings that we have as well as those possessed by our close network of local brokers.