In the Pocket?
September 28, 2014
Great - if you're playing pool!
But what if you're selling your home? Is that a good place to be? And just whose pocket are you in, anyway?
You have to know what a pocket listing is before you can decide if it works for you as a selling strategy - because that's what it is, a strategy, not a silver bullet.
The "pocket" in question is the listing agent's pocket - as in, you're hidden in the listing agent's pocket. If your agent is marketing your home before it goes "live" in the MLS, then your home being treated as a "Pocket Listing". The question is, is this a good thing or a bad thing?
As with most things real-estate related, the answer is "It depends". So let's explore.
Why might you want to be a pocket listing? You may not want people traipsing through your home. Timing may be more important to you than getting the highest price reasonably possible. Maybe you're a celebrity and value your privacy above all else. You may just find a buyer that is willing to pay a good price and meet your other terms in order to keep from competing on the open market.
And there's the rub. It's competition on the open market that is likely to bring you the best price and/or terms. Many real estate agents who tout the benefits of marketing your home privately are likely looking to sell your home themselves, thereby getting both sides of the commission. There are companies who extol the virtues of not putting your home in the MLS for a week or two, but marketing it "in-house". They may state that they'll have more control over the process, but the real reason to do this as a matter of course is to get more business for your company. Not exactly promoting your best interests, is it?
There are also some concerns that pocket listings may present a fair housing issue, but that's more a problem for agents than sellers.
Not all homes that sell off-MLS are pocket listings. If I talk up your listing before it actually goes on the market, then I'm just building anticipation. And there are private sales all the time that don't fit this particular strategy. It's not illegal and it's not unethical, as long as you understand the pros and cons, and you go into it with your eyes wide open and your own best interests squarely in front of you.
A lifetime Maryland resident, Susan Pruden has the ideal foundation for selling and buying homes. After 8 years working in just about every facet of the mortgage industry, and several years with her own company specializing in marketing for real estate agents, Susan got her real estate license in 1994. Susan has earned several industry awards. The CENTURY 21 Quality Service Pinnacle Award is based on reviews from Susan's clients and is earned by a very small percentage of agents. She has earned that coveted recognition since 2012
Two others were awarded by the Prince George's Association of REALTORS®. The Distinguished Sales Associate of the Year Award is based on a mixture of community involvement, association involvement and real estate education and designations. The other, the Distinguished Service Award, is for "exceptional meritorious service."
Susan is involved in her local community. She was named Cheverly Volunteer of the Year in 2018, even having June 25th designated "Susan Pruden Day" in the Town of Cheverly. She is also a Commissioner on the Prince George's County Historic Preservation Commission and President of the Cheverly American Legion Auxiliary.
Susan Pruden has lived in Cheverly lived with her husband, Joseph, for almost 30 years.
