What Are Off-Market Listings?
Off-Market, or “Coming Soon” listings are homes that are for sale, but not yet listed publicly on the MLS (Multiple Listing Service) or other home search sites. In the real estate industry in California, a pocket listing or “hip pocket” listing is a property where a broker holds a signed listing agreement with the seller, which is never advertised in the MLS. The Multiple Listing Service (MLS) database is accessible by a large pool of buyers and agents. It lets the public know that the home is officially “for sale.” However, with a pocket listing, sellers won’t place their home on MLS or anywhere else online.How to Find Pocket Listings
Knowing how to find pocket listings in your desired neighborhood comes down to access. For instance, our real estate agents have access to sellers in each neighborhood who may not wish to place their homes on the “open market” for a number of reasons. Our agents are well-known in the communities and as well as in their professional real estate networks, which allows them to learn of properties for sale before they hit the market.What Are Off-Market Listings?
Off-market, or “Coming Soon” listings are homes that are for sale, but not yet listed publicly on the MLS (Multiple Listing Service) or other home search sites. In the real estate industry in California, a pocket listing or “hip pocket” listing is a property where a broker holds a signed listing agreement with the seller, which is never advertised in the MLS. The Multiple Listing Service (MLS) database is accessible by a large pool of buyers and agents. It lets the public know that the home is officially “for sale.” However, with a pocket listing, sellers won’t place their home on MLS or anywhere else online.
How to Find Pocket Listings:
Knowing how to find pocket listings in your desired neighborhood comes down to access. For instance, our real estate agents have access to sellers in each neighborhood who may not wish to place their homes on the “open market” for a number of reasons. Our agents are well-known in the communities and as well as in their professional real estate networks, which allows them to learn of properties for sale before they hit the market. A celebrity wanting to maintain privacy may be one example of a seller who chooses to ask for a pocket listing when working with their Realtor. Another example may be an older homeowner, or one in poor health, who wishes to minimize the disruption to their daily routine that may come with the traditional open house. As off-market listings become increasingly popular amongst buyers and sellers, more and more real estate companies have started offering pocket listing. If you are wondering how to find pocket listings in Hancock Park, Larchmont Village, Mid-Wilshire, Fairfax, or any other of other “hot” neighborhoods in Los Angeles, we can help!
Selling Off Market- Is it worth it? (A Note from Sheri)
Sellers often ask us if it makes sense to sell their house off-market versus on-market. At our brokerage, we prefer selling on-market to off-market because it’s our belief that there’s no way you can target every single possible buyer by making personal phone calls and reaching out organically to every person who might like the house. If you go on the market and post it absolutely everywhere, you’re likely to reach a lot more people and also to find people that you never would have thought might be interested in your house! We have a listing right now, where the sellers actually entertained an off-market offer and then they decided to not go with that off-market offer and instead to list it publicly on the market and it’s in escrow for $200,000 over the price that they got off market. When this property was on the market, it got multiple offers and the price drove up. You’re more likely to get multiple offers and to drive the price higher from a wide range of people that you never would have thought might buy your property, if you give it the absolute most publicity that you can. The way to do that is to sell properties on the market. Our goal is always to sell properties for top, top, top dollar and we’re willing to do whatever it takes to get the sellers there.
About Sheri Bienstock:
Deep roots in LA are the foundation of The Bienstock Group’s local expertise, and Sheri Bienstock’s “people passion” is the foundation for how it runs. Born and raised in Hancock Park, Sheri was ranked #3 of Keller Williams Realty’s 133,000 agents before starting The Bienstock Group. Sheri has been ranked #1 Listing Agent in 90036 and Hancock Park! Read More about Sheri here!
