Do you know what a pocket listing is and why it may be a good option when listing your home?
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Today I want to talk with you about the pros and cons of pocket listings.
To start with, what is a pocket listing? It is a property that isn’t listed on the MLS or other public websites like Zillow, Trulia, Realtor.com, etc. It is only advertised to agents for them to send to their buyers. They tend to be more exclusive with marketing because of this.
There are three main pros when it comes to advertising your home as a pocket listing:
1. You can keep the sale private and low key. This might be due to a changing list situation, or if you don’t want your neighbors to know you are moving yet.
2. It gives sellers more control over their home sale. If you need time to make updates to get the home ready for sale, this type of listing gives you plenty of time to do that while still getting the word out about your home coming for sale. Also, instead of having a bunch of people viewing your home or just using it to look around, you as a seller can choose to work exclusively with serious buyers looking right now.
3. You can test the market. You can see how it responds to the property so that you know if you are priced correctly or if you need to do updates.
There are, however, disadvantages of this type of listing as well:
1. They tend to receive less exposure and fewer showings, which means fewer buyers.
2. If a buyer doesn’t meet the criteria the seller is looking for with respect to time or other terms, then they are unable to see the home.
3. There is usually reduced competition, which may obscure the price of some homes.
If you have any additional questions about this or are interested in buying or selling, please feel free to contact me. I look forward to speaking with you soon.