Selling or Buying a Home Off Market

Have you heard the terms “pocket listing” and/or “off market” and wondered what they meant? In real estate, the terms “pocket listing” or “off market” are used when a seller decides to sell their home without having it published on the Multiple Listing Service (MLS). What does this mean for the seller?

Pros of Selling Off Market

Why would someone choose not to get all the publicity of the MLS? There are several pros to selling off market. For one, there are fewer strangers in your home. There are no open houses, so any potential buyer is accompanied by their agent. The world does not know that you are on the market, and there is no ‘For Sale’ sign to alert neighbors or passersby of your decision to sell. Because you are not trying to appeal to the masses but have a more targeted audience, sellers are often able to forego the need for staging, thereby saving thousands of dollars.

Cons of Selling Off Market

Just as there are positive aspects of selling off market, there are also some cons to consider. The MLS reaches millions of viewers, so without it, the exposure of your property is limited. Since the pool of potential buyers is smaller, there is less likelihood of a bidding war.

How Do You Sell Off Market?

The main method of listing off market is networking. If your agent has a large buyer pool looking for a variety of homes, it is likely they have a few clients who are seeking a home like yours. In addition, an agent who networks with other agents on a regular basis can connect those agents’ buyers with your listing. Having an agent who is well-connected is key to success in selling off market.

How to Buy Off Market

So how does one find out about off market listings? The best thing to do is to tell your real estate professional that you are open to purchasing off market. Review your criteria with your agent and ask if they have any clients who are selling their home off market that match your criteria. Some agents even have listings that are not yet live but are in their pipeline where they can approach the potential seller to ask if they may be ready to sell now. Another method of finding a seller is to have your agent write personal letters to homeowners whose home you are interested in to find out if they might be interested in selling – especially if your agent brings the buyer. Your agent can also reach out to their network of other agents to see who might have an off market listing that meets your criteria.

Why Sell Off Market Now?

As the holiday season approaches, many folks who need or want to sell often consider selling off market mainly because their home won’t experience the traffic or inconvenience of a publicly listed home. They can enjoy the holidays without staging and not have looky-loos poking around their property. Buying and selling off market is very much like a concierge service—it is a very custom approach to the process, bringing sellers and buyers together privately. While it is not for everyone, it is an alternative worth considering.

 

Debbie Austin is a realtor associate with Keller Williams, Roseville and has been helping clients buy and sell property in the area for 17 years. If you have a specific real estate question you wish to see addressed, contact Debbie at debbieaustin@kw.com or debbieaustingroup.com.