Pocket or Coming Soon Listings

I’m curious to hear your thoughts about the so-called “pocket listings.”

A more prominent example of a pocket listing is Zillow’s “coming soon” feature.  Historically, pocket listings have been listings owned by a broker where the owner did not want the information about their property released to the public.  Most recently, an application called HomeCanvasr,  a platform that lets agents market properties under the radar to a group of buyers who pay for access to off-market listings launched in Brooklyn, New York after initially rolling out in northern New Jersey.

In my opinion, the Zillow feature has the potential to increase interest in the property because the information is released to the general public but not made available until a specified date, kind of taking on the characteristics of an auction.

However, the HomeCanvasr limits the audience to paid subscribers which may or may not increase interest in the property.

In all pocket listing situations the seller still retains control of when the property sells and for what price.  The seller can even decide not to sell at all, even if a buyer makes an offer at or above coming soon price.

If you are a property owner, I’m curious what your thoughts are about the pocket listing idea – is it in your best interest?

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