Monday, January 11, 2021

Viewing and buying "off-market", private and Pre-MLS properties: What does that mean?


Homes in Lincoln Square early this month (all photos Eric Rojas, Broker, Kale Realty)

I've shown my clients "off-market" or Pre-MLS properties for sale over the past few weeks. We provide our clients with access to "off-market" listings: Pocket, private and Pre-MLS home listing options to view and buy. What does that mean? 

A Pre-MLS listing is a property offered for sale by a licensed broker that is scheduled to be listed on the MLS at a later date. Some folks like to try out the listing price, retain some privacy and/ or wait until after the holidays to place in the MLS for the entire world to see.

A "pocket listing" is generally a property that is not scheduled to be listed on the MLS. However the seller has either entered into a listing agreement with a broker or made it known to one or many brokers they are willing to sell if a willing and able buyer is produced.

A Private Listing is a property listed for sale in our MLS Private Listing Network. Member brokers of the MLS can access this in a special category but it is not viewable by the general public on third party sites.

A bungalow was offered PRE-MLS before the holidays.

Sellers often hire licensed Real Estate Brokers to make their properties available for sale PRIOR to listing on a local Multiple Listing Service. Once on the MLS the property is available to all paid member brokers in the MLS and to public third party web sites (Trulia, Zillow etc...). This process is fairly intrusive to the seller as you can imagine. There are any number of reasons a seller may choose to offer their property for sale the "off market" route. Privacy and feeling out the listing price are the two major reasons.

Typically a listing contract is signed between the listing brokerage and seller allowing the broker to actively seek buyers (brokers are regulated by state and federal advertising and fair housing law). Brokers list the property on their company sites, personal real estate sites, social media and broker list-serves following the rules and regulations.  However the property is not listed on a member's local MLS to be fed on all reciprocal websites. 

As a full time Licensed Real Estate Broker I invest time and money to provide access to "off market" properties. I scan my various resources every day, network and stay on top of the market areas my clients want to purchase in. Contact us to search for your next property!

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