Well, the secret’s out, inventory is short and multiple offers are getting more and more common. There’s another little secret though, that is not so well known. This involves what is called in the industry “pocket listings” or properties that the seller wants to sell but the agent hasn’t really put the home out there or publicized it yet. You can see that if a particular company had a new listing it would certainly be to their advantage to not turn it in to the multiple listing service for a few days. This in most cases is entirely legal and it certainly would be to the individual office’s advantage to keep it “in house” for their own clients for those two days. BUT in real estate there is a thing called fiduciary duty to your client. The client we are talking about in this case is the seller. You owe your topmost duty to get this client the most amount of money in the least amount of time as possible. Can that ideal possibly be served by keeping this listing “in house” for just their own clients to see for a few days? Would that seller possibly be better served by publishing that property on the multiple listing system for many, many more potential buyers to see than just the few that are in that office? That’s not a tough question. Yet it is happening all the time. When we see listings published that say they are already under contract some seller has very likely not been property exposed to the activity and profit of the larger marketplace. It might feel good for the moment for that salesperson or company but bad reputations die hard and that is a certain way to build one quickly.
So when you hear that a property sold before it really even hit the market, it is a pretty safe assumption that the seller wasn’t fully served. Short term profits often lead to long term failure.
Whew! Got that off my chest!
Hope your spring is going well,