Pocket listings are bad for consumers — period
“But we got the home sold for what the seller wanted, and it was less hassle for them! That’s all that matters.”
Jay Thompson
Well, except you’ll never know if being available on the open market would have brought a higher price. And yes, the seller’s needs matter. So do the needs of the real estate industry. Your seller was not best served by withholding their listing from the MLS. They just weren’t. And if you publicly market their house, their privacy is gone, MLS or not.
The client doesn’t always know best. If you have a buyer client who says, “I don’t want to live in a black neighborhood,” are you going to chant, “all that matters is what the client wants” mantra?”
This is a brilliantly written piece. It should be required reading for anyone making decisions about pocket listings and the MLS. Jay goes over the differences between “coming soon” listings (as opposed to “here and now”) and “pocket listings” along with other nuances in the market. Bravo Jay.
