How Do You Find Out About Pocket Listings and Off Market Properties?
In this incredibly competitive market many homes are not even making it to the market. So how do you find out about these homes? First it’s important to understand just what we’re talking about.
What does off market or a pocket listing mean?
It can actually mean a few different things but in general, when we refer to homes sold off market or pocket listings these are homes that are never put on the MLS and therefore unknown to most buyers and many realtors. That means that searching the Redfins and Zillows of the world may mean that you’re not aware of these types of opportunities.
Why would a seller want to sell the home off market?
In general it’s not a great idea. Fewer buyers that know about the home usually means less competition and ultimately a lower sales price. That’s certainly not always the case but usually accurate to some extent. Sellers have many reasons for not wanting to put their home on the market. It may be due to privacy reasons such as not wanting the neighbor or even the tenant know that the home is for sale. It may be that they don’t want to deal with some of the hassles that come along with listing a home…..buyer’s and agents that want to show the home at all hours, open houses on the weekends and more people simply curious with few legitimate buyers. Whatever the reason it does limit the exposure and again usually limits the price.
That’s why it can be a good opportunity for buyers….less competition, fewer bidding wars which generally leads to a lower sales price.
How do I find out about these homes?
Unlike the MLS listings, off market, upcoming and pocket listings are much more elusive. The key is to work with an agent that has deep connections in the community and market. Some of the top realtors in certain areas may share information on these hard to find opportunities and the larger or more numerous the seller and agent networks, the more information the agent can obtain.
We are happy to help you find off market homes but this requires a good deal of work, considerable communication with sellers and agents and a readiness to act should the right home come available. If you would like us to help find off market opportunities please feel free to text us at 310-251-2344 or email us with the details of your home search.