Pocket listings are sold off-market homes before the property is officially listed, and many people consider this to be the inside scoop of the real estate world. Regardless of whether you are a buyer or a seller, you may be wondering how to find these listings, and the following guide will provide you with more information.
Pocket listings really come down to word of mouth or private listing networks, which is why this is considered an off-market listing. This generally occurs whenever a listing agent sells a home through their connections with other real estate agents as opposed to selling it on the open market. A pocket listing would allow potential buyers to view and buy a home before it goes on the market and is not marketed like a traditional listing, so staging or professional photography are not part of the process.
You must weigh the pros and cons of pocket listings because there are benefits and disadvantages to this method, and being aware of this information will help you decide whether or not an off-market listing is right for you. If you are a buyer, you will experience less competition because fewer people will know about the home, which would be great for you and your offer. You would also experience less stress and more privacy. If you are a seller, there would be less traffic through your home and no need for an open house, and you would be able to leave your house as-is because its condition would not matter, so you wouldn’t have to repair your roof or update your landscaping.
As a seller, you also have to consider the disadvantages, and less traffic may mean fewer opportunities for more offers to come in. A lot of pocket listings are also a dual agency, so the same agent may be acting for both the buyer and seller and you may not feel like they have your best interest in mind.
You must work with a real estate agent you can trust because they will guide you through this process and help you find your dream home. They need to have connections to know the inside scoop as this is the only way you will come across pocket listings. You can also do your own research online, so get on your laptop or computer and hunt for off-market listings because some homeowners will feature their homes through different websites, and you can get lucky if
you look online. Pocket listings are limited, so contact your agent right away and act fast if you see something you like.
If you are looking for a hidden gem, Cherry Yeung can help. Our office has access to the houses and condos for sale in the Richmond, Vancouver and Burnaby areas, and you can contact us regardless of whether you want to buy or sell. You must work with a reliable realtor, so if you are looking for a reputable and experienced real estate agent, contact my office today!