I’ve been using PocketListings.net since it recently launched. A “pocket listing” is one that isn’t posted in the Multiple Listing Service (MLS) and is thus considered to be off market. PocketListings.net is a user-generated database of these listings and buyer needs. Real estate agents subscribe to the site, input off-market listings, and subsequently inform their clients about new properties. They can also potentially sell their listings in a less traditional way.
The more agents who join PocketListings.net, the more opportunities will surface for their clients. I’ve been asked why sellers wouldn’t want to expose their properties to the most amount of people possible. For one thing, we’re in a different market now. Multiple offers do exist, but they aren’t happening as regularly, nor are list prices routinely selling for way over asking. PocketListings.net wouldn’t have been as sensible had it launched three years ago. But it absolutely makes sense now. Sellers can settle on realistic and reasonable prices with their Realtors’ guidance, and not necessarily have to deal with the inconvenience of open houses and nosy neighbors (a majority of whom aren’t qualified buyers to begin with).
If a property sits on the market for too long in the MLS, the “days on market” is a like a red flag for a lowball offer. If a seller can hook up with a buyer through the efforts of their respective, knowledgeable agents, things could go a lot more smoothly for everyone.
And buyers love, love, love knowing about off-market properties because they can have time to think straight, finalize preapprovals, review disclosures and not feel like they have a gun pointing at their head in the form of an offer deadline. The process can be extremely rewarding and significantly less stressful.
PocketListings.net will cost you, as a licensed agent, $4.95/mo. The database is growing as I type. Get on their and post your buyer needs and listings, and let’s do business!