Off market listings, also known as pocket listings are a way in which homeowners list and sell their homes entirely off the real estate market. While not beneficiary for everyone, those with the right home in the right place can receive incredible benefits from a private listing!
So before we get started, let’s take a look at who would benefit most from privately listing. As previously mentioned, this method is not a blanket recommendation for everyone. The key points to a successful off market sale lies in your home itself, and the current market in your area. In order to benefit from a private listing, you must have a desirable home and property, and also be in a location that’s in a market that is currently hot! A great agent can also make a big difference! If your agent is well connected, they can bring in serious buyers to check the place out. And of course, even if your market isn’t as great as it could be, as long as you’re not in a hurry, this could still be an option for you.
Let me reiterate, a skilled agent is absolutely key in private listings. A shy or timid agent that doesn’t get themselves out there will only have a limited number of contacts. You want someone who is experienced and has a magnetic personality. The success of your private listing will come down to how well your agent attracts people into their web of contacts!
So you’ve got a great property, and a wonderful agent. Ready to dive in? Not quite yet. Before you make your final decision on whether to go private with your listing or not, let’s break down both the pros and cons that come with the territory. I’ll start with the cons first.
First and most important to keep in mind is that if time is of the essence, this method is NOT for you. Even if your agent can bring in a lot of potential buyers does not mean they are guaranteed to bite. And without the boosted publicity of a public listing, it may take a while to get the right buyer in to see the place. Another disadvantage to private listings are that you are rather unlikely to find two potential buyers getting into a bidding war. This means there’s a chance you could be missing out on a price driven up by competition.
Now before you let that scare you off entirely, it’s time for the pros. The first benefit of off market listings is the value of privacy. If you prefer to keep to yourself and don’t want your information and photos of your home floating around the internet, this is a great way to get around that. And despite the lack of bidding wars, it is still possible to get a price higher than asking through this method! Because of the level of privacy involved in the sale of off market homes, potential buyers who check it out will feel as though they are special in getting a sneak peek. This creates a sense of urgency, and sometimes will result in them giving an amazing offer simply to ensure that they get the home before you consider putting it on the market where they would otherwise have to compete.
There’s a lot to consider when it comes to pocket listings. Depending on your home and your lifestyle, it may be a great fit for you! Be sure to talk it over thoroughly with your agent when making the final decision. And if you need an agent to have your back through the process, give us a call!