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Alexander P. Delgado - Realtor
Director of Sports Entertainment & Media Executives Relocation
Keller Williams Realty Encino/Sherman Oaks
15531 Ventura Blvd.
Encino, CA 91436
dre # 01890731
Unfortunately, the definition of 'pocket listing' is unclear.
Is a pocket listing a home that the owner has suggested is for sale, all you need to do is bring a buyer. No docs signed or initialed...possibly not even a handshake. (i.e. just about any DIY seller)
Is a pocket listing a property that is for sale and you have arranged with the owner your compensation in writing or verbally?
Is a pocket listing a property that is for sale and the owner has entered into a listing agreement but requests to not be placed in the MLS?
Would an exclusive listing, a listing where no co-broker agreement is in place be a pocket listing?
Pocket listings, to be of any value, must be part of your business strategy, not a request of the home owner. One is a winner, the other a real loser. On the losing side of the coin, if the home owner is requesting action that will sabotage the ability to sell the home, you should defer all advertising costs to the owner....prepaid. After all, it's a business not a hobby.
A part of your question included '...before it goes on the MLS?' Sounds to me as though, by my definition, you have a delayed listing, not a pocket listing. There is just too much we do not know regarding your situation. As you know,,,what you can and can not do is spelled out in the contracts you have entered into. On the surface, this does not appear to be a business strategy, but more akin to the practice of accidental real estate. Could be a waste of time.
My pocket listings are sold through a simple message, "Banks turned you down?"
There are certain communities here in New York City where local Brokers keep pocket listings. If a local Broker has the Buyer-traffic and can turn a pocket listing over before the ink dries, then it's probably great. For that Broker, and ONLY for that Broker. If you don't have this ready-made source of Buyers, then the energy you'll spend trying to market this pocket listing is better spent finding other listings once you put this one up on MLS.
I've always considered pocket listings to be a serious disservice to the Homeowner. MLS has a proven track record of opening up a well-listed home to the widest market of potential Buyers.
And if your Homeowner doesn't want the property listed on MLS, then why even bother taking the listing? This is a Homeowner who is beginning the sale relationship with you and the market place on terms dictated by the Homeowner, not by proven methods of sales. It's the same when you know a property is worth $225,000 and the Homeowner insists it can be sold for $375,000 because of the swimming pool and brand new granite countertop! Why even bother taking such a listing? Overpriced listings don't sell.
You need to have a frank conversation with your Homeowner: either you sell the property the RIGHT way and your Homeowner leans on your experience and professionalism as a Realtor, or you walk away from the listing because it's just a waste of your time. And since you get paid on commission, time REALLY IS money!
Mortgage Banker and long-time fan of Great Pro Realtors!
There are two types of pocket listings. One is an actual listing documented by a listing contract that instructs the broker to keep the property off the MLS. The other is simply a verbal understanding between a property owner and an agent that the owner would consider any offers the agent might generate, though the property is not formally on the market.
When instructed to market a property off the MLS, I create a web page and do the usual SEO to maximize exposure. I will also email brokers/offices who are active in the geo market where the property is located letting them know the property is available.
I have about 6 pocket listings of the 2nd type right now, and I agree with Mack - I'm not going to put any effort into promoting those until I get an exclusive, written listing contract (I don't do open listings). But if you can wait these out and stay in touch with the owner, many of these properties eventually become listing contracts.