Have you ever driven through a neighborhood and seen a “Coming Soon” sign in a yard? Maybe it initially piqued your interest. And then you went back two weeks later and saw that same sign? And now you’re perplexed. Have you ever wondered what’s going on?
Known as “pocket listings” or “coming soon” listings, these homes are not yet on the market. They may never go on the market. This is a marketing strategy some agents employ hoping to pick up a buyer without or prior to putting it into the multiple listing service. These properties are marketed as “private” or “exclusive” listings.
Pocket listings aren’t shared with buyers through our First Multiple Listing Service (FMLS). All marketing takes place behind the scenes through a “word of mouth” campaign. The property receives little or no advertising.
What are the advantages to you as the buyer, seller, or neighbor? None. In fact there are only disadvantages. Whether you’re a potential or current buyer or seller, here are the disadvantages to you:
The Buyer: If these properties never go online, you as the Buyer will never see them.
The Seller: Limited market exposure results in lower demand, which in turn results in a lower selling price. The agent has done you a disservice by purposely not exposing your property to the largest pool of potential buyers, thus ultimately limiting the sales price your property can achieve.
The Neighbor: If these homes are never marketed in FMLS, they will never appear in appraisers’ reports. Appraisers are only allowed to use comps of sold properties that exist in the multiple listing services. They can’t use off market listings. When the time comes for your house to be appraised, your home will not be able to benefit from any most recent pocket listings that may have sold.
Bottom line: the nays have it.
Sellers hire a real estate agent to generate the best offer for their property. But with pocket listings, agents get paid while making little or no effort to achieve that goal. Shouldn’t you achieve full market value for your investment? How can you be sure you’re really getting the best price for your property when most potential buyers don’t even know it’s on the market?
Coldwell Banker exposes your property to a worldwide audience of 16M potential buyers daily, through an unmatched web presence on 725+ websites and a global network of 85,000 associates and 3,000 offices in 50+ countries on 6 continents.
Reach the most buyers locally, nationally and globally.
Market and sell your home with Coldwell Banker.
Harriet Stopher, Coldwell Banker Buckhead West Paces Ferry Office, Atlanta, GA, 404 316 8944.