There has been a lot of talk around our office lately about pocket listings.
A pocket listing is when an agent signs a listing agreement with the seller, but the home isn’t live on the MLS. A lot of times, there isn’t even a sign on the property yet.
One of the reasons why a seller wouldn’t want their listing live is to have time to get it properly prepared. Another reason why sellers choose to keep their home as a pocket listing is because they’re a high-profile seller, like a professional athlete or celebrity. They want us to try and find a qualified buyer on our own through our network of buyers and agents without having to publicize it through the media.
Pocket listings take a lot of pressure off sellers in terms of having to show the property frequently or to respond to an offer quickly. Sometimes, the seller is even looking to find a new property and wants to identify that before they put their current home on the open market.
“Pocket listings take a lot of pressure off sellers.”
Some agents believe that sellers use pocket listings because they don’t want to work with other agents or share the commision. In my experience, this simply isn’t the case. It’s often one of the reasons I’ve mentioned above that cause homes to become pocket listings.
In my next video, we’ll talk more about the legality of pocket listings and what rules can cost you big if you don’t follow.
If you have any questions for me in the meantime, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.
