What are Pocket Listings?

Posted by Andreas Holder on Wednesday, October 12th, 2016 at 5:19pm.

You may have heard the term but don't quite understand what a pocket listing is.

Marketing a home takes time and preparation for the seller and the listing broker. The seller needs time to prepare the home for sale - declutter, paint, stage the home and so on. The listing broker needs time to present the listing to the MLS with photos, tours and descriptions.

Until the listing agreement is signed, the home stays “in the pocket” of the broker, who is free to contact trusted agents and their own qualified buyers and tell them the home is coming to the market. Why are pocket listings useful? The broker can sell the listing before competitors learn the home is available. The broker’s buyers benefit because they have the first opportunity to view the home and make an offer. Sellers can get their homes sold quickly.

So how does a buyer hear about a pocket listing? A broker will reveal a pocket listing only to a buyer who is qualified to buy that particular home, who understands the home isn’t show-ready or on the open market. The buyer can take advantage of the exclusivity and make an offer that is attractive enough for the seller to accept.

Andreas Holder, Chicago Real Estate AgentAre you thinking about buying a home this year in Chicago? Andreas Holder can help! Let him be your guide to the downtown Chicago real estate market and help you find a home that not only matches your needs, but your lifestyle too.
Learn more about Andreas or start your home search now.

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