If you’re buying a home with us, you’ll likely hear the term “pocket listing” quite frequently. What exactly is a pocket listing? A pocket listing is a property that is ready to be sold but has not hit the market yet, meaning you will not find it on sites like the MLS, Realtor.com, Zillow, or any other home searching databases. Rather than posting the property to the public, Realtors keep it in their “pocket” and only share it with a handful of other Realtors who share it with their buyers. Often times, listing agents do this because the property isn’t quite ready to be shown to the general public yet. Usually, the sellers are still doing some repairs, touching up the paint, decluttering, etc. and aren’t ready for professional photographs yet, but are ok with a few select people seeing their home.
So, how do we find these “pocket listings” we have mentioned? Because we are top producers in Chicago, we have access to Top Agent Network, which is a website only the Top Realtors in Chicago are invited to be a part of using. In addition, we regularly network with other top producers to find homes matching our clients’ exact criteria.
What do we like about pocket listings?
- Often times we’re able to be the first ones in the door to see the property
- Less competition – because the property has not been advertised to the general public yet, there will not be as many people seeing it which decreases the chances for multiple offers
- Often times the real good properties are sold as pocket listings before they even make it to the general public so this is our best chance to get you the really great properties
What do we not like about pocket listings?
- Less room for negotiation – because the property has not hit the open market yet, sellers are usually not willing to negotiate much, if at all, on the price. By not advertising the property to the general public, sellers are reducing their chance of selling their property for more than asking price in multiple offers. Because of this, expect to pay full price for most pocket listings
- Often times the properties are not show ready so you will have to overlook clutter, moving boxes, the paint not being perfect, etc. as the sellers are still in the process of getting the property market ready
One of the advantages of working with us is our access to pocket listings. As soon as you decide to work with us we will start actively looking for pocket listings for you and will send any we find to you via email to see if you’d like to see the property in person.
Have any additional questions on what a pocket listing is? Reach out to us at shay(at)shayhata(dot)com or 312.600.7510.