Recently a Hollywood movie star sold her house in a whisper listing. Yes, You can have a look now at Jennifer 's House http://variety.com/2015/dirt/real-estalker/jennifer-lopez-pocket-lists-hidden-hills-estate-1201419521/ but Toronto has more millionaires per capita than any other city in North America. http://www.macleans.ca/news/canada/99-reasons-why-its-better-to-be-canadian/
So What is a POCKET LISTING? Simply put, I protect your privacy.
It is a Listing that at this time the Seller has no intention of placing on the open MLS.
These are listings that I sometimes have that are in better closed neighbourhoods. This may be because of school district or simply pricing. [or the owner's privacy]
We have met at an open house and a specific buyer that wants this particular subdivision. There are very few or none available. I will write and canvas the individual homes for pocket listings.
Notes and Direct Mail; Receiving a few replies will lead to previews of specific properties, that will agree to showing their home discreetly.
These one party signed exclusive [pocket] listing agreements, may prove suitable or may not. They nevertheless become available inventory to my clients.
What are the advantages?
Some want privacy...
Some do not want the open MLS knowing they are for sale
No people [shoppers] through the property that are unqualified to make the purchase.
Are you ready to be previewed for Whisper Listings?
Call Now.... If its busy call back
647 218 2414
Shopping for a Pocket Listing? Only the Listing Agent can show the property?
A listing should be available to show or its not a listing.
You should be able to book a showing on an exclusive listing.
Coming Soon may be marketing hype for a new or soon to be opened Restaurant on a trendy walking boulevard; but a house for sale on a desired street limits the exposure to a select club of watchers.
What does RECO have to say about "Coming Soon"
If there is a signed agreement between a seller and brokerage (eg. listing agreement) then the notation "Coming Soon" on a yard sign or other advertising would be misleading. Keep in mind that signs/advertisements that advertise properties that are not on the MLS system cannot contain any reference to the MLS system, as this would also be misleading.
If the property is not "listed", a registrant would still have to obtain appropriate written permission from the homeowner to install the sign or advertise, but there would be no impediment to another registrant approaching the seller under this scenario of no services agreement.
Real Estate Council of Ontario
John Burnet, Manager, Complaints, Compliance and Discipline
Real Estate Council of Ontario | 416-207-4857 | fax 416-207-4820| 1-800-245-6910 | www.reco.on.ca
So what is ethical? The agent's blatant activity to garner more buyers? Or are they operating and obeying, serving the LAWFUL instruction of their Seller's. DO their sellers understand this concept?
I think its a slippery slope idea myself, that leads to conflict.
What do you think?
So here we go.... 2014. I learned a great Lesson this year from Leo Bruneau from Coquitlam BC. We talked at the RE/MAX Kickstart in Toronto just last week.
GAZUMPING is where you have a real estate agent (REALTOR®) who has verbally agreed to your offer; but when you arrive, show up with all the paperwork signed they took more money from someone else. This is happening! GAZUMPING
The other thing that's going to happen this year, in West Toronto detached homes sales,
is pocket listings.
Pocket listings are where a Real Estate Agent takes that listing, keeps it off the MLS for those extra few days or a week, provides it only to his sign calls or to the client database
that he already has.
This does a big dis-service to the sellers of that property because [they] may have had more money had the home been exposed to the real estate market for a reasonable length of time, to find BUYERS, looking in that pocket but under contract with other brokerages.
You cannot work for the best interest of the seller if you are in your own way.
Call me. 647 218 2414 I can help you
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