Pocket Listings

partially drawn, courtesy of wikipedia -

A pocket listing is a real estate industry term used in United States which denotes a property where a broker holds a signed listing agreement (or contract) with the seller, whether that be an “Exclusive Right to Sell” or “Exclusive Agency” agreement or contract, but where it is never advertised nor entered into a multiple listing system (MLS) or where advertising is limited for an agreed-upon period of time. In Canada, this is referred to as an “Exclusive Listing”.

When a broker is hired to sell a property, a listing agreement is executed in writing. In an “Exclusive Right to Sell Agreement”, the broker normally agrees to cooperate with other brokers and to share a portion of the total real estate commission paid by the seller. However, in this situation, it is stated that the property shall not be placed in an MLS.

The reasons for a pocket listing may vary from the need for privacy or secrecy and some sellers may have their own reasons for not advertising a listing in conventional ways.

Advantages

Pocket listings may give buyers an extra advantage when searching for real estate which is not advertised anywhere else. These special properties, while under listing contracts, may be unique because they are sold privately and may never be intended to be listed on the Multiple Listing Service (MLS). Many property owners want to sell their real estate, but do not want to deal with procedures normally associated with showing the property. This is especially true in a slower market where sellers of real estate want REAL, QUALIFIED buyers, and not just the curious.

On the other hand, sellers genuinely want to sell their property and will show it to serious buyers. To ensure this, the seller typically has a real estate broker who qualifies a potential buyer on their availability to purchase. A very important benefit to the seller is that the transaction typically only has one real estate agent, thus potentially lowering the overall commission costs.

By directly connecting themselves with sellers’ agents, home buyers eliminate the need for a buyers agent (although they will lack buyer representation). If the buyer’s objective is to look at all the available homes for sale in a given area, they would need to look at MLS and all private listings for sale. Only then, would they have completely exhausted their search.

Ultimately, the seller must decide if exclusion from the MLS is in his/her best interests and does not limit exposure on the market.

For a detailed list of Pocket Listings, email me your information as well as the specifics of what you are looking for.

General descriptions of Pocket Listing Inventory below:

Weston
coming soon

Southwest Ranches
- lots ranging in size from 2 to 5 acres (landmarklots)

Parkland
lots ranging in size from 1/2 to 1 acre