Starting the journey of selling or buying a house is exciting. It is a chance to start over and do something new in life. If it’s your first time, a few helpful concepts can help you make a better decision, including pocket listing. What is a Pocket Listing? Pocket listing refers to a real estate
Starting the journey of selling or buying a house is exciting. It is a chance to start over and do something new in life. If it’s your first time, a few helpful concepts can help you make a better decision, including pocket listing.
What is a Pocket Listing?
Pocket listing refers to a real estate agent trying to sell a property through his private network. A written agreement takes place between the owner of the property and the real estate agent. If I want to sell my house and don’t want it to appear on the multiple listing service (MLS), that’s where pocket listing can help.
The real estate agent who creates the pocket listing for your house ensures you secrecy while selling it. This implies revealing the house to only a limited number of people. When buying or selling a house, there are various reasons why pocket listings are a good choice.
Why go for pocket listing?
If you don’t want to go through the hassle of negotiations, pocket listings are a reasonable option.
With pocket listings, you don’t have to worry about advertising the property to the general public. It helps you filter inappropriate people from the pool of potential buyers. Similarly, pocket listings are great when you want to buy a home and want to be on the priority list of potential buyers.
How It Works
A single realtor/ agent will keep your property “in his pocket” for the purpose of selling it to a certain individual or individuals. Using his private network, he will find potential key buyers for your house. These key buyers will be willing to pay the price you desire for your home.
Furthermore, no pocket listings appear in the open market of real estate; therefore, you will have to reach out to a real estate broker or agency if you want to have a look at some pocket listings in a city or town. These listings might show you some exclusive houses for sale, inside your budget.
Some Aspects for Sellers
Firstly, there are few advantages of getting a pocket listing to sell your house. You maintain complete privacy when selling your house.
Only key potential buyers will have a look, and you effectively avoid negotiations on the price. Only people in your real estate agent’s network will be involved. Therefore, knowledge or pictures of your property won’t pass onto strangers. This ensures complete privacy and confidentiality.
Moreover, you will be able to test different real estate markets. If you’re in no rush to sell your house, you can at least determine the price of your home. Perhaps, an offer from a buyer might change your mind right away.
Furthermore, you can avoid unnecessary conversations with people who learn about you selling your property. Neighbors won’t have a clue because, when you opt for a pocket listing, there won’t be a for-sale sign on your lawn.
Nevertheless, there are a few drawbacks of opting for a pocket listing. For starters, your home won’t gain much publicity. Therefore, you might not get a lot of potential buyers when opting for pocket listings. Sure, you might get the asking price, but it will take a while before you get a solid buyer for your property.
While it limits the exposure to potential buyers, it gives you the upper-hand in negotiations of any sort. Not to mention, you don’t have to worry about large numbers of people touring your house.
Some Aspects of Pocket Listing for Buyers
As a buyer, it’s great that there won’t be as many buyers for a pocket listing property. Also, you face lower chances of losing the house to another buyer.
You might even get your wish of buying the house at a low price. Due to lack of competition in buying the house, you might not have to entertain a price war.
However, there are some drawbacks to buying a house via pocket listings.
The negotiation space over the price of the house will be close to none. Remember, sellers have an upper-hand when it comes to negotiations.
No online real estate listing will show you a photo gallery of the house. To get a visual of your potential purchase, you need to make a personal visit to the property.
If you want limited exposure and more privacy when buying or selling a house, a pocket listing is an ideal solution. In the end, you will make an effective decision, whether you’re buying or selling.