Source: Realty Biz News —
When buying or selling a house, you may hear real estate terms you’re unfamiliar with.
One such term could be a “pocket listing.” When hearing this for the first time, it is not uncommon for consumers to ask what is a pocket listing in real estate and how they work.
If you sell your home, you’ll likely want to sell for the most money possible.
For that to happen, you need an exceptional real estate agent who will price your home correctly and provide outstanding marketing.
Unfortunately, a pocket listing does not accomplish maximum exposure. Quite the opposite.
Let’s take an in-depth look at everything you need to know about pocket listings.
What is a Pocket Listing?
Most real estate listings are entered into the Multiple Listing Service (MLS). The MLS is a database of homes for sale across the United States. It allows real estate agents to cooperate on properties being sold.
Agents can scan listings and make their clients aware of a property that matches their needs.
A pocket listing is any property not listed on the MLS. By utilizing various marketing strategies, like word-of-mouth publicity and placement on private networks, the seller can restrict access to potential buyers while only entertaining offers from specific individuals.
So essentially, a home seller who allows a pocket listing will get limited exposure. All the buyer’s agents would not even know the property was for sale.
A pocket listing is not the way to go when you want to maximize your profits and sell for the most money.
How Do Pocket Listings Work?
For a standard real estate transaction, the path is straightforward. The seller approaches a real estate agent and signs a listing agreement stipulating that they will sell their property.
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