There are a large number of luxury home owners choosing to forgo the traditional way of selling a home and do what is called a pocket listing. A pocket listing is a home for sale that does not list on the MLS (multiple listing service).
Reasons why homeowners choose to do a pocket listing include: to keep privacy-some luxury listings are owned by high profile people and for their own safety it is best to have a listing that is not openly advertised, to limit the number of showings creating less cleaning work and keep non serious buyers to a minimum, homeowners are not in a “need to sell” situation and might be just entertaining the idea of selling should the right offer come along, the homeowner may only want to advertise to certain groups of people including realtors in special luxury buying and selling circles to obtain top dollar offers.
Pros of Pocket Listing
- Less work on the sellers end to prepare a home for listing
- Less home showings and less likelihood of people coming to your home simply to admire it
- Possible break on commission from listing agent
- Specialized marketing to a core audience
Cons of Pocket Listing
- Not as much exposure to buyers on the market
- Possible more demanding buyer pool that will be less understanding of the sellers needs
- Less exposure could mean a lower offer
There are benefits and drawbacks to pocket listings, but one thing is for sure if you have a high-end luxury home you want to sell whether on the traditional MLS or off, you want to list your home with an experienced local agent that specializes in luxury properties. These agents take part in what is referred to as a “Top Agent Network.” These agents deal with luxury properties and know what is on the market both on and off the MLS, and can help you market your property in a way that works for you. They will be able to find the best offer from a serious buyer all while giving you as much or little privacy as you need in the transaction.
For luxury home buyers looking to purchase a dream home, seeking out a luxury property buyers agent is a must. The reason to do this is because of pocket listings. Luxury buying agents will also be part of these luxury real estate circles and be able to find you properties for sale that not many people know about. One thing is for sure selling and listing a luxury property or looking to buy a luxury home, you need the right agent on your side.
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