What is a pocket listing? According to Wikipedia a pocket listing is:
A pocket listing is a real estate industry term used in United States which denotes a property where a broker holds a signed listing agreement (or contract) with the seller, whether that be an “Exclusive Right to Sell” or “Exclusive Agency” agreement or contract, but where it is never advertised nor entered into a multiple listing system (MLS) or where advertising is limited for an agreed-upon period of time.
Do pocket listings help or hurt a seller? There are two thoughts on this.
Some feel, if the seller and broker agree to have a lower commission charged by eliminating the buyers agent. Does this not help the seller?
Others think, that a pocket listing rarely benefits the seller — at least not an informed seller.
- It fails to provide the full market to the seller’s disposal to receive the best possible price, meaning the largest bottom line.
- Pocket listings rarely create multiple contract offers.
- Pocket listings close out true competition for the property through open bidding.
My thought is this. Like it or not, we are a country built on competition. Competition creates opportunity and opportunity creates advantage. I have to wonder does a pocket listings help the seller or do they just help the broker.
What are your thoughts?
Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs
In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.
For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.
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