Over the past few years, “pocket listings” have become more common options for quietly marketing a home. If you’re not in the real estate industry, odds are you have no clue what a pocket listing is. So were helping you homebuyers and sellers out by letting you know exactly what you should know about pocket listings.
What is a Pocket Listing? To put things simply, a pocket listing is an unofficial, off-market listing. They can also be referred to as “quiet” listings. These type of listings are unique in the fact that although the seller has a signed listing agreement with a real estate agent, the property isn’t officially listed in the MLS. Traditional marketing efforts are also downplayed as well.
What are Pocket Listings Used?
Originally, pocket listings started as a way for high-profile people or extravagant homes to be quietly marketed. They were seen as exclusive because they were listed under the radar of mainstream agents, buyers and the press. Today however, pocket listings have become more common among everyday sellers.
In short, pocket listings allow the seller to “test the market” if you will. A seller and their agent can quietly gauge reactions to the price they’re asking for and see what kind of traffic they get and how the market receives the property. All this can be done without the dreaded MLS clock ticking. Because we all know that the longer your home sits on the MLS, the more “stale” it becomes and the less money you’re likely to be offered.
Pocket Listings and Buyers
If you’re interesting in buying a pocket listing, it’s important that you have an experienced, local agent who has established relationships with other agents in the community. That way, you can be certain you’re being made aware of all potential homes for sale.