August 28th, 2014 12:00am
Pocket listings, Quiet listings and Phantom Inventory are always a part of the market. This is not a practice that the National Association of Realtor's approve of however. When dealing with high profile clients, many do not wish to advertise their movements, these properties are sold by word of mouth . The attempt is made to get the seller to move out and then allow the home to hit the open market making it fair for all. Yet, it is the sellers decision and most choose a quiet sale. When an Agent is a neighborhood expert, they will know home owners who have said they "may" want to sell . Kids are off to College or they have added more, retirement, or promotion, re-sizing or downsizing are the most common reasons. Open houses are a great source of information. This is just cultivating possibilities. Pocket listings are sellers who contact their agent and say " I want to sell" but you can not publish it anywhere in print. Even when we explain you can't sell a secret, they expect a full price contract rapidly. Networking with other Agents is the key to selling this phantom inventory. So many times another Agent has exactly what I am looking for!