25 Nov Can’t Find the Real Estate You’re Looking For…NO PROBLEM!
Today’s home buyers are more educated about what is for sale than ever before. These buyers exhaust Realtor.com®, Trulia®, & Zillow® every day, sometimes multiple times a day, looking for that perfect home that matches their wish list and budget. Many buyers continue to search for their next purchase for months, sometimes years, and are left disappointed by what “shows available for sale”. This frustration has given us the idea to bring new life to an old, but rarely used sales practice known as Pocket listings.
“Pocket listing” is a real estate term for a listing that is not on the MLS and can occur in several different scenarios. “Most homes that are put up for sale are posted on databases called multiple listing services (MLS), on which agents share information with one another in order to find buyers. There are open houses on Sunday afternoons and listings posted on real estate websites” (http://money.cnn.com/2013/05/02/real_estate/pocket-listings/index.html). While this idea still has its place in the real estate world, pocket listings are on the rise across the country, particularly in metropolitan areas. A pocket listing can happen when the property sells before the listing is added to MLS. Sellers also choose pocket listings as more of a marketing strategy when they wish to sell their home privately, test the real estate waters, fear their house will sit on the market for too long, aren’t completely comfortable with current home values, or want to create an exclusive feeling about the home (http://realtormag.realtor.org/sales-and-marketing/briefs/article/2013/05/what-pocket-listing).
Other times a pocket listing happens very casually between an agent and seller. The seller might say, “if you know someone” or “I’m not ready to list yet“ or “I don’t want to go through the hassle of listing”. In this case the seller is willing to sell but not willing to have this shared on the MLS. Many forward thinking realtors are encouraging sellers to test “the waters with a pocket listing, even if it’s just for a week or two” (http://www.zillow.com/blog/what-you-should-know-about-pocket-listings-82960/).
So what does all this mean to the buyer who doesn’t see what they are looking for online? It’s simple, if you don’t see what you want, it is more important than ever to work with a Realtor… but not just any real estate agent, you must find one (or twoJ) who are hard-working, well connected and who will door-knock if necessary to find you your next purchase. In other words, just because you don’t see it online or a For Sale sign in the yard doesn’t mean that your next purchase isn’t available. The more connected your LOCAL agent is to other agents, to the community, and to potential sellers; the more you can rest easy at night that you are in the know about all listed and unlisted properties (http://www.zillow.com/blog/what-you-should-know-about-pocket-listings-82960/).