Pocket Listing – (1) A real estate listing which is not being advertised where the multitudes of real estate buyers and real estate buyers agents are able to see it. (2) what a real estate agent calls a listing which they have an executed contract on, but which has not been entered into the Boards of Realtors multiple listing service. (3) A home, condo or townhome, which is for sale but which is only known by a singular real estate agent.
Have you heard this pitch coming from the real estate buyer’s agents you are interviewing?
There is more than one way to skin a cat and they seem to think this is how they are going to earn a real estate buyer‘s business.
Forget hard work, dedication, experience and knowledge being a huge part of being a Top Producing Realtor 🙂
If there were any truth in this, that would be the agent I would choose. However, there is ZERO truth in this scenario. Let me explain this having been derived from my real estate representation experience, which I have gleaned since 1998.
When a real estate buyer wants to buy homes and interviews multiple realtors, unless they are interviewing me, they may see little difference.
That may appear to be a totally egocentric thing for me to say, but I’m 6’1″ and 250 pounds, plus I’m bald(there is the difference 🙂 ). In addition, I speak with clients as when I used to teach police officers firearms and tactics. Not in a drill instructor way, but in a way that helps our clients understand the most important aspects of what they are about to get themselves into by wanting to purchase real estate.
Teaching a police officer how to shoot is more than sight alignment and sight picture. It involves past experiences and how not to be the guy on the 6 o’clock news who was involved in a bad shooting.
The one thing that most agents will say, which is taught in the most basic of real estate buyer’s agent training, is that they have access to show the “off market” real estate inventory.
This is covered in various ways and I will explain those and give you the rationale related to it not being true and why.
What if you were the home seller?
First and foremost, understand how you would proceed as a real estate seller. Would you take the first offer your agent brought you, or would you want other real estate agents to show your home? Would you want to see if you were going to receive multiple offers or would you be happy taking your agent’s word for it that the offer they have is the BEST and HIGHEST?
This maybe where you stop reading because you just got the answer to the question of whether it’s good business for a real estate buyer’s agent to use this line. To tell you that they are going to show you real estate inventory before those homes hit the market. Aka Pre Market Listings – Aka Pocket Listings – Aka – company centered listings.
Marketing and Advertising
While they may show you listings which cannot be found on the MLS – which have not been uploaded into the Board of Realtors database, those listings are not going to be only available to a single real estate buyer. They are going to be marketed and advertised on the largest and most accessed database in the world which houses all of the current Real Estate listings, The Multiple Listing Service. They will be advertised and marketed for sale because all real estate sellers want to ensure they are getting the best obtainable in the present market for the home they are selling.
In House real estate deals
Some agents will tell their sellers that their real estate company tries to sell the homes they list “in house”. This means that Real Estate Company X, only advertises their sellers listings to the agents who are working directly for their brokerage. They want the deal to be kept “in house”. This will always be a disservice to any real estate seller. Even in a Buyer’s Market, it will pay for the seller to always have their home advertised and marketed to all real estate agents who are representing home buyers.
Relationships are the key
In the real world, we show pre market and pocket listings to our clients. These listings come about due to our vast relationships with other real estate agents, real estate companies, real estate brokers and those which we have dealt with in the past. All we have to do, on our client’s behalf, is sent out our “traditional”, “I have a buyer” email blast and text messages to those in our sphere of influence.
We send out a description of what our real estate buyers are looking for and get back these pocket and pre market listings to show. In all cases, there is no “under the radar” deal struck before the home hits the market for sale and is advertised and marketed to the masses of real estate buyers looking for properties such as these.
When you are ready we will be there for you 100%. We will assist you with everything you need to prepare for within the real estate purchasing realm. I have a sit down with our clients before they look at property number one to develop a solid real estate game plan. I’m Connor T. MacIvor and I’m glad to be of service.