What is a pocket listing and why does this matter to me?
Pocket listings are homes that a Realtor knows are going to be for sale but are not yet on the market or in the MLS.
This may be a home that is all signed up with a Realtor but the seller is painting the house and staging before they go into the MLS next week or next month after the estate sale or it could be a home that someone has just mentioned to the Realtor, “if you find a buyer for my home, I may be interested in selling.” It could also be a very high-end home that the owner does not want in the MLS (owner does not want attention or publicity and only wants the home marketed quietly among Realtors).
Why is this important to the consumer? Two words: inside information.
If you are a seller, you may sell your home before it even goes on the market.
If you are a buyer working with a full-time networked Realtor who knows a lot of Realtors either through a large office, large network and/or they simply have a knack for keeping their ear to the ground or the Realtor knows a particular neighborhood especially well, that Realtor may know of a home before anyone else does, before it goes on the market.
If you have the opportunity to see a home before it goes on the market, you will have less (if any) buyer competition, you may have a seller fantasizing about how easy it would be or how lucky they would be if they could sell it before even going on the market.
The seller will think their Realtor hung the moon; the buyer will think they are especially lucky; the Realtor knows their network and pre-market hustle helped move things along amazingly fast. The seller may be flexible on their price because they love that things are happening so fast or, on the other hand, they may be less motivated to adjust their price at all because they haven’t even tried the market yet; it can go either way.
For pocket listings in Austin, The Nelson Project offers this:
- At any given time, we are working with 2-4 sellers who are getting their homes ready to go on the market.
- We are extremely well networked in the Crestview, Northwest Hills and other central Austin neighborhoods.
- We are purposefully associated with the largest real estate office in Austin (actually the largest in the country) with over 550 agents; we get 5-10 emails per day with other Realtors letting us know about their pocket listings and we pay attention to these emails.
- We know what agents in our office specialize in various neighborhoods and will go directly to them with our buyer needs to inquire about their pocket listings.
- When we get a new listing, we blast our Realtor network (emails, meetings, in person, in the office hallway, on facebook) with the coming-soon information.
When you hire a Realtor, part of what you hire is their network; hopefully they have a good one.
© Julie Nelson and The Nelson Project at Keller Williams Reatly, 2008-2010. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Julie Nelson and The Nelson Project at Keller Williams Realty with appropriate and specific direction to the original content.