I’ve heard the term “pocket listing” come up a lot lately. In fact, one home buyer I have a closing with this week only went to me after bailing on their REALTOR® because none of the pocket listings they were expecting ever materialized. And actually, the couple I’m closing with on the week following was hesitant to sign on with me at first out of a concern that they would miss pocket listings.
Pocket listings are essentially opportunities that a broker might keep in their pocket, so to speak, before they are announced to the whole universe on the MLS or online. So in theory, there may be an opportunity for someone to move quickly before other buyers enter the fray. Sounds great, right!? I’ll take some of those for the good deals! In fact, I’ve worked with commercial brokers for myself…waiting for that coveted pocket listing that was going to give me the inside edge. I’m still waiting.
I’m sure there are pocket listings that end up working well for both the buyer and the seller, but my experience is that all the hype by some brokers about them being able to provide you pocket listings isn’t worth the oxygen they spend talking to you about it. At the end of the day, selling brokers need to get the best deal they can for their sellers…which usually necessitates getting more than one buyer interested in the property…whether by spreading the word online or by word of mouth (which you might call a pocket listing.)