What Every Home Seller Should Know About Pocket Listings
Nowadays there are many marketing techniques that agents will incorporate to sell a home, the most effective form of advertising being through MLS listings since nine out of ten buyers primarily search online. Aside from MLS listings some agents may propose pocket listings instead. However, as seller you should think twice before you opt for this type of marketing, as good as the benefits seem the ideology behind pocket listings is outdated.
An agent will propose pocket listings in order to limit the home’s exposure to an affluent group of potential buyers. Moreover, buyers will see the benefits in terms of privacy, price control, and prevention of bad stats accumulating such as DOM. Although, pocket listing a home was a good strategy in the past, in today’s world with the cutting-edge MLS technology you can get the most exposure along with the benefits you would get by pocket listing your home.
If your number one concern is your privacy you can achieve the privacy level you like even on MLS since MLS technology can cover all information that you are not comfortable sharing with the public. The listing can state the general facts that buyers are primarily looking for such as: number of bathrooms, bedrooms, garages, the neighbourhood location and the sales price. The agent would take care of any further inquiries, and the screening of potential buyers would be done in this way, creating a group of only seriously interested clients. If you dread the fact that many people will walk through your home and as a result the determined price will be contemplated, there are ways to control both of these concerns, but you may actually benefit from allowing both.
If you really want to control exposure you can limit showing times such as one hour/week. But limiting the exposure may actually work against you since you are also limiting the market to do its work. By selling your home at a pre-defined price you forgo the possibility that there may be higher bidders out there, and as a result you can be risking a significant loss of profit. The third reason why sellers opt for pocket listings is to avoid the DOM record.
In reality if you truly want to sell your home the best place for success is on the MLS. By limiting your exposure you will more likely increase the time to sell your home regardless of whether this shows up in the stats or not, by limiting negative exposure you are also limiting positive exposure.
Examine your property, compare it with the rest of the market and if you see that you are not in some sort of unique situation or you are not a celebrity then pocket listing your home is not the best option for you.