So…you think you want to sell your property, but maybe not. You want to get a certain price, but maybe not. You like the idea of moving, but maybe not. You know you need to advertise the property, but maybe not. Your realtor charges 6%, but maybe not. Maybe the whole thing is too overwhelming. Maybe. Maybe not. Pocket listings are for sellers with special needs. They work as well as conventional listings when buyers and agents respect their differences.
Sellers who ask agents to take a “pocket listing” are either 1) on the fence about selling, or 2) so heavily invested in their privacy that they want or need to keep the sales experience off the public radar. In short, sellers who pocket list object to or want to avoid the mass marketing MLS based listings provide.
Pocket listings are those that stay ‘in the pocket’ of the listing agent. A written pocket listing is a legally binding contract between a licensed agent and a seller. The major difference between a pocket listing and a standard listing agreement is that it is understood that ownership and property details are excluded from the Multiple Listing Service database, and available by request or design only. Without MLS exposure, pocket listings are the personal stash for agents who create alternative marketing strategies that match the seller’s need to test the market or control access.
A property that is pocket listed will not show up on popular internet sites like Zillow, Realtor.com or Trulia until the sale is closed. As such, while promoting the property, pocket listing agents regulate the audience and the agents who come in contact with the property. It’s a perfect option for people who need more information before going public or for those who have significant cause to stay private.
Yes, they work! Pocket listing agreements can be drafted to accommodate the seller’s sensitivities regarding time, posting, advertising and showings, but realtors who pocket list must uphold the ethics of their trade first. When sellers respect the realtor’s role, and when realtors honor the seller’s special needs, pocket listings are a great alternative worth the effort.
