Unlisted and Off-Market Lofts and Condos For Sale in Downtown Los Angeles
I received an unusual phone call yesterday from an appraiser. She did not ask the usual appraiser question of how much is a property worth and why. She asked passionately, “Why would a seller want to do a pocket listing?” It was a great question, and she asked the right person.
A pocket listings is an unadvertised or less-advertised property for sale that is not listed on the agents multiple listing service and often not on the internet. As The MLS has correctly pointed out, the buyer gets advantages when they gain exclusive access to a pocket listing. So the questions is why would a seller want a private sale rather than placing the property on the MLS?
There’s a whole list of benefits to pocket listings and thus many reasons. The main reasons are that it gives more control to the seller, prevents some problems that a public listing can create, and can provide for a quicker, smoother sale. It can often lead to a higher sale amount if done correctly. Most agents do not do many pocket listings, and for good reason; they don’t really know how.
Many sellers have current tenants whom they don’t want to bother, so a pocket listings allows the listing agent to bring offers to the seller with less bother to the tenant, and sometimes to even bring in offers on the property before showing it to anyone at all.
Buyers are attracted to special deals. Buyers like it when they get to buy a property that other buyers only which they could buy. A pocket listings is extremely appealing to those buyers. Why would a seller want to ignore the buyers who are excited by an exclusive opportunity. A pocket listing, unlisted or off-market property brings in the buyers who are looking for a special deal. Check out the lowest priced loft in the nicest, cleanest part of Downtown today in the Higgins Building at 108 W 8th Street. It’s an historic building with Mills Act tax savings, asking $400,000 and it’s not on the MLS.
One sure way to foul up the reputation of a listed property, its owner and its listing agent is to list a property on the MLS with a price that too high for several months. Property listings are most exciting when just listed. The excitement quickly fades within a few weeks, and after a month or two the listings gets stale, and then the common sentiment becomes “what’s wrong with this property?” A pocket listing helps to prevent the stale listing problem. The pocket listing can be ideal for sellers who need above-market dollars for the home, and who have lots of time to sell.
When priced right, the pocket listing can allow the listing agent to call an existing buyer client who may purchase the property immediately with less hassle to buyer and seller.
What most professionals and non-pros alike don’t know is how to implement all of details of a pocket listing, including the pocket listing adjunct marketing, time-period, duration, as well as what to do before and after the pocket listing.
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Copyright © 2016 This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449 We are not associated with the homeowner’s association, seller or developer. For more information, contact (213) 880-9910 or visit LAcondoInfo.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.