In this week’s vlog we look at pitfalls of pocket listings and why sellers should be wary of them, because Pocket Listings Are Not Your Friend. Don’t let a smooth talking realtor take advantage of your lack of knowledge – educate yourself!
What is pocket listing? “A pocket listing is any type of real estate listing that is retained by a listing broker or salesperson who does not make the listing available to other brokers in the office or to other multiple listing service (MLS) members. A pocket listing may also be referred to as an “exclusive listing.”
“The reasons for a pocket listing may vary from the need for privacy or secrecy to discrimination, and some sellers may have their own reasons for not advertising a listing in conventional ways, including wanting to sell only to certain types of people. Several legitimate marketing strategies can also lead sellers to choose pocket listings. Pocket listings can be very appealing to buyers who seek exclusive opportunities. Other legitimate reasons for a seller to decide to do a pocket listing include the potential for a faster, smoother transaction when the listing agent has buyer clients who may be interested in the property. It can reduce the need for many showings to strangers. A pocket listing can help reduce the likelihood of a stale listing that can be caused by a property sitting on the MLS for many weeks or months.”