With real estate inventory still tight in many markets around the country, home buyers need an edge, and that’s where off-market listings come in. Otherwise known as “pocket listings”. These are homes that are for sale but aren’t listed on the multiple listing services. That means the real estate agents selling these properties have to do the legwork to find buyers.
Off-market listings may seem counter-intuitive to the seller. This all poses the question why would a seller want to do a secret listing? Some opt for an off-market listing to test the waters while others go this route for a more private sales process.
Buyers Get An Edge Over The Competition
For buyers, the benefits of an off-market listing are twofold. For starters, it gives them access to inventory that their competition isn’t seeing. If you are buying in a particularly hot market, pocket listings may be the only way to purchase a home. Buyers who have access to these off-market listing increase the odds they will end up purchasing a home.
Off-Market Listings Come In Different Varieties
When it comes to off-market listings, they come in different flavors. There are the traditional, secret prestigious listings—the exclusive.. then there are those listings that will show up on real estate search websites 30 days or more before the house will hit the multiple listing service that everyone has access too. There’s also those opportunistic off-market listings where a real estate agent will approach a homeowner about selling their home.
Real Estate Agents Are Often Key To Off-Market Listings
Finding a traditional, exclusive, off-market home isn’t going to be as easy as searching the web. It’s going to require a little homework and lots of networking. Our real estate agents regularly network with each other about potential deals. Some areas have dedicated websites for agents to share off-market properties, also known as “pocket listings”. In addition our agents receive info on upcoming listings a few weeks before they hit the MLS. Work with a well-connected agent to ensure you’re privy to these potential opportunities.