When selling property in Las Vegas, especially luxury real estate, you work hard to renovate it and then hire an agent, who will help you find a seller. The activities may include having to market the house, host open houses, or list in their databases, including the multiple listing service.
However, what if you, the seller, already know who the buyer is? Or what if you want to sell your home privately, without the whole neighborhood finding out that you’re leaving? That’s where pocket listings come into play.
Pocket Listings – What Are They?
Pocket listings, a.k.a. off-market listing or exclusive listings, are a type of real estate listing in which the property listing isn’t made available to other brokers or listing services. In this case, an agreement is made between the seller (you) and the agent (and their company, by proxy) and a clause about keeping things under wraps is also included.
Military personnel, law enforcement officers, fire fighters, or retirees often find use of this option since there isn’t as much hassle involved. You don’t have to keep your door open for everyone. Furthermore, since real estate agents and brokers aren’t cooperating with each other for a share of the commission, the matter becomes much more straightforward.
Pros & Cons of Pocket Listings
|The commission isn’t divided. This pro is only limited to the agent. The seller will still pay the same amount||Just one agent selling the property. This can slow things down in some cases|
|Realistic & updated pricing and therefore, relatively faster selling times||No visibility on the market. Complete reliance on the agent|
|Privacy||No bidding wars and thus, no price increase|
|Can sell to someone you know very easily|
Pocket Listings – A Quick Example
Let’s say that you are nearing retirement and are looking to sell your real estate in the city and move somewhere quieter; perhaps the country side. You have a brother who wanted to move from his townhouse in New York to your luxury real estate in Las Vegas. He is willing to purchase your old home.
Since you then have a buyer lined up, all you have to do is get in touch with your real estate agent in Las Vegas and offer a pocket listing. They’ll handle the paperwork while you just have to pick up and move.
Pocket listings where buyers are lined up are usually rare and don’t involve that much work or costs, so you have more room to negotiate with your agent. So make sure you negotiate a bit on their commission before agreeing to sell!
For more on pocket listings, or if you’d like to list your Las Vegas real estate today, just give us a call! We’ll be more than happy to help you out.
Disclaimer: There are numerous factors to consider in every investment, including real estate. The information provided above is just a matter of opinion and can change with time. It shouldn’t be construed as legal or tax advice; neither does the report constitute a financial promotion or investment advice. It is general information and before making any such decision, you should seek out licensed professionals and see all ends clearly.