Near the end of 2012, we put out a call to our readers, asking them for the most prevalent real estate topics they want covered in the New Year. This ‘Hot Topics’ contest ran into the first week of January, and we had a storm of terrific entries submitted. Now, we’re going to write about them! Our winner, Claudia Davis, will be receiving an American Express gift card for her entry about pocket listings.
But Davis wasn’t the only reader with great content ideas. Below are a handful of the other stand-out entries.
In the March issue of Real Estate magazine, we will publish an in-depth look at our winning topic. Until then, here is a small sampling of what this trend is all about.
What are Pocket Listings? Pros and Cons
Pocket listings are off-market listings that are never entered into the MLS, but marketed directly by the seller’s agent or broker, who has complete control over the listing, thus keeping the listing in their “pocket.”
Pocket listings are only permitted if the seller agrees to it, and those that are pro-pocket listings argue that they enable privacy. Additionally, some sellers use them to “test the water” if they aren’t 100 percent serious about selling.
Some real estate professionals argue that pocket listings are harming the market by skewing the overall market image, limiting exposure, and making it harder to browse comparable homes and prices. Others are frustrated that pocket listings enable the listing agents to take in the full commission.
Stay tuned for an in-depth look at this topic in the upcoming issue of Real Estate Magazine, and be sure to follow us on Twiter @RISMediaUpdates for your chance to enter our next contest.