When you come to me looking for a home, I’m going to give you a list of every property that might fit your needs, both Long and Foster listings and those with another broker. But there’s one type of listing I can’t necessarily show you: a pocket listing.
A pocket listing is one that is not advertised or listed in the MLS (Multiple Listing Service). Other brokers and agents don’t know about it. In short, it’s a secret.
There are a couple of good and a few bad aspects of this.
The good? You might not want to go through the hassle of preparing your home to be on the market. You might have a newborn and simply don’t have the time to clean your home or stage it in a way that would be attractive to the open market. Alternatively, you might be a VIP who doesn’t want the public coming into his or her home. If your listing agent can give you a “sure thing” by connecting you with a buyer in his or her office, you might want to take it.
Timing might be more important than price.
But what about the bad? If you’re a buyer it’s obvious. You don’t know about it unless you happen to be working with a real estate agent in that office. It might be the perfect house for you, but you’d never know it.
For sellers, the downsides aren’t as apparent, but they’re certainly there. By not having your listing on the market, you’re not taking advantage of how much of a seller’s market it is right now. Competition leads to escalation. Buyers are bidding on too few homes these days and prices are going over asking in most markets. If your agent isn’t sharing the listing with the public, how will that affect the price you’re going to get? It may not be as high.
Unless you’re a celebrity and don’t want your home’s pictures to be posted online, pocket listings might not be the way to go. It keeps more buyers out of your home and could make you miss out on some money. If you want to talk about some options for your home feel free to give me a call!