What is a Pocket Listing?
Pocket Listings Defined
A Pocket Listing or Off Market Property are terms used to refer to a home for sale that isn’t listed on the MLS. There are many reasons why a seller may choose to sell their home as a Pocket Listing as opposed to the traditional way of selling a home by listing on the MLS. For example, a seller may need time to fix up or make updates to their home but they still would like to have it shown to prospective buyers so a selling agent may take the listing as a Pocket Listing to give their clients time to make any updates before listing on the MLS. Other times, sellers choose to just sell their home exclusively and request the selling agent to refrain from ever placing it on the MLS. The benefit to selling a home as a Pocket Listing for sellers is of course they never have to worry about strangers walking through their home. However keeping a home off the MLS significantly reduces the exposure a home gets which can affect how quickly it sells and the price it sells for.
Do Pocket Listings Sell?
Recently, the Wall Street Journal reported on a 4-acre East Hampton estate that sold in 2015 for $57.3 million in an off market deal. Here in Los Angeles, homes also sell in off market deals, especially in some of the city’s most sought after neighborhoods. In the Beverly Hills 90210 zip code, which is perhaps one of the of the cities most well known areas, more than 10% of the homes sold this year were Pocket Listings. In the 90049 zip code, which consists mainly of Brentwood, over 10% of all homes sold this year were also off market deals. Smaller percentages of off market deals sold so far this year were found in other neighborhoods of Los Angeles. In the 90077 zip code, which consists mainly of Bel Air and Holmby Hills less than 10% of the homes sold were Pocket Listings. In addition, in the 90402 zip code located in Santa Monica, less than 10% of the homes sold in 2015 were off market deals.
The Sotheby’s Difference
There are many advantages to being a real estate agent with Sotheby’s International Realty. One of those, is the access I have to several of the country’s most exclusive Pocket Listings through a program called Concierge. Concierge allows me, along with every agent in corporately owned Sotheby’s International Realty brokerages countrywide, to share hundreds of Pocket Listings within our exclusive network. This is an advantage for not only buyers but also sellers. For buyers, I can offer access to some of the country’s most exclusive off market listings. For sellers who prefer to sell their home as a Pocket Listing only, Concierge is also a benefit. I can offer exposure to their home while doing so exclusively through the network of Sotheby’s agents.