You may have heard of Off-Market real estate listings. But are they really worth it? Let’s look at why they are a bad idea and how they differ from “pocket listings.”
Off-Market Listings Are A poor Sales Strategy
Off-Market real estate listings are not for every situation. For one thing, they are not exposed to the general public. In some cases, sellers desire privacy because of personal issues. In these cases, off-market transactions may make more sense. A buyer can purchase the home in a quicker and quieter way, and there aren’t as many people to deal with. Here are some reasons why Off-Market real estate listings are not for every situation.
One of the main reasons that listing a property off-market is a bad sales strategy is that it takes longer to find a buyer. The competition for a property can be fierce, which drives up the sales price and eats into the margin. Moreover, the winning offer is typically higher than the asking price. Buying off-market properties means that there is less competition, which makes the property easier to sell.
They’re Similar to “Pocket Listings”
What is a pocket listing? Pocket listings are pre-marketing real estate listings that allow sellers to test their homes before posting them on the Multiple Listing Service (MLS). These are also known as whisper listings or “off-market” listings. They are generally advertised via email blasts, social media, yard signs, and web pages, and often include photographs and property details. They also allow buyers to take tours of the property before the listing is officially live on the MLS.
Pocket listings are similar to MLS listings, but are not on the Multiple Listing Service. Instead, they are promoted to potential buyers through alternative marketing techniques. These methods include private listing networks and word-of-mouth. These methods limit the number of people who can view the property information. They are also called “off-MLS listings.”
They Require A Listing Checklist
To be successful in a career in real estate, it is vital to have a checklist that outlines the tasks to be accomplished during the pre-listing, active listing, and closing process of a property. A listing checklist will help you keep track of all of your tasks, and ensure that you are meeting all of your client’s expectations. In addition to being a valuable tool for managing your time, a listing checklist is also a great way to ensure that you’re meeting your obligations as a real estate agent and establishing a relationship with your clients.
Whether you’re a first-time flat fee real estate agent or have been in the business for a long time, a listing checklist can be a huge help. It can help you remember what’s important and what’s not. The checklist can also act as your secretary or assistant, and can keep you organized throughout the process.
They Allow for Office Exclusives
The NAR’s policy regarding “pre-market” real estate listings allows brokers to market their listings to other agents in their brokerage networks before they are made public. These office exclusives have become a secretive way for brokers to shop properties. But not everyone is happy about the change. Small brokerages are particularly affected. Although office exclusives allow brokers to market their listings before they appear on the MLS, this practice has its advantages and disadvantages.
Whisper listings are not going away completely, but they might get even more private. In the past, brokers reserved these exclusive pocket listings for their most exclusive clients, as they wanted to keep these luxury homes out of sight from the public. However, this practice has been banned by the National Association of Realtors since 2007. While the new NAR policy allows brokers to share these off-market listings with their own clients, it does not allow agents from other brokerages to view them.
Last Word
Selling an off-market property can also save sellers money on listing fees. In addition to getting fewer showings, off-market sellers don’t have to spend time sprucing up the home. Listing immediately afterward means fewer potential buyers, which can make the home-buying process more comfortable. Furthermore, off-market sellers typically get serious buyers who will offer top dollar.