Homeowners are ready to sell their homes typically contact a Goldsmith real estate agent who will take photos, write up a detailed description of the property, and post the listing on the Multiple Listing Service (MLS). But, not every home will be listed on the MLS. Some agents will sell homes as pocket listings instead of following the standard procedure. What is a pocket listing? How can it benefit the seller? Here’s what you need to know:
What is a pocket listing?
Pocket listings are homes that are up for sale but not listed publicly on the MLS. This means that other agents and potential buyers will not be able to view information on your home online. In addition, most pocket listings will not have “For Sale” signs in their yards either.
How does an agent sell a pocket listing?
You may be wondering how pocket listings are ever sold if the homes are never advertised to buyers and other agents. If an agent is selling a pocket listing, he will still take photos of the property and get to know the features of the home. Instead of sharing this information with the world, he will keep it in his pocket (hence the name) and only share it with other agents and buyers that he trusts.
What are the benefits of a pocket listing?
If a seller is a very private person, he may not want photos of the inside of his home plastered across the internet, which is one reason why many sellers choose to list their homes as pocket listings. Sellers may also want to limit the number of people who visit their home in person. If the home is listed publicly, it may draw some people who are only interested in looking and not buying. Because the public will not see a pocket listing, sellers find that the only people who see the home are those that are very interested in making a purchase.
Listing your home as a pocket listing can also help you test the market before you go public. For example, if you and your agent do not agree on a listing price for your home, you can test the higher price with a pocket listing and see if any buyers respond. If you test the market as a pocket listing, you won’t have to repeatedly lower your price once your listing is made public.
What are the drawbacks of a pocket listing?
Sellers who are in a hurry to sell their homes should not choose to list their homes as a pocket listing. It takes much longer to find buyers if your home is not listed publicly, so be prepared to wait if you want to list your home privately. Should you sell your house as a pocket listing
Now that you know what a pocket listing is, are you ready to list your home on the Goldsmith real estate market? Contact Elevation Realty
to be connected to a team of experienced real estate experts ready to help you on your home buying or selling journey.