You may have heard me or other people in the real estate space talk about pocket listings, but do you know what they really are? Pocket listings usually make great deals and if you’re unfamiliar with what they are, this video is for you.

Watch now to learn more about pocket listings, how you can find them, and why you should consider investing in them!

Key Talking Points of the Episode

[00:00] Introduction
[00:20] What is a pocket listing?
[00:53] What agents look for when they have pocket listings
[01:10] Why aren’t pocket listings on the MLS?
[01:31] What do agents do with pocket listings?
[01:45] Why you need to build relationships
[02:25] Why should you consider pocket listings?

Quotables

“A pocket listing is a listing that doesn’t really see real time on the MLS, that’s the Multiple Listing Service, for those who don’t know what MLS stands for.”

“It could be a hoarder house, it could be an estate sale that needs a ton of work that you know your average buyer is not gonna be interested in.”

“What a pocket listing in its essence is they send it to their selected agent, sends it to their select group of people, usually investors and occasionally do an inter-office memo, basically within their brokerage.”

“They’re looking for somebody who’s gonna buy it in as-is condition, cash buyer or hard money, and they don’t wanna deal with any contingencies. They don’t wanna deal with any inspections, they don’t wanna deal with anything. They wanna make this clean and simple, and they don’t want a bunch of people going through the property.”

“The reason they generally don’t put these on the MLS is because let’s say it’s a hoarder house. If it is, there’s boxes and things everywhere, so there’s liability.”

“So generally, what they’re gonna end up doing, is sending it to their lists so instead of to thousands of people, potentially, it might only be going to 10, 15, 20, or 30 people that actually had the chance to look at this property.”

“These types of properties are the reasons you need to build relationships with agents out there. If you don’t have any relationships with realtors, you’re not gonna get pocket listings.”

“Obviously, you’re not in the business for pretty properties, you’re looking for problem properties.”

“You wanna be someone who has cash or connections to cash or hard money or the ability to buy these properties and close on them quickly without any contingencies.”


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