Shhh! Why Whisper Listings are Making So Much Noise
Also known as pocket listings or off-market listings, these non-advertised homes are left for the seller's broker to quietly match them with a qualified buyer at asking price. The popularity of whisper listings has grown in the current market. Sellers know they have a hot commodity on their hands and can get asking price without the fuss of formally listing their property. But are they really best served by this under-the-radar strategy? Let's see who benefits:
Buyers & their Brokers: There's less competition if you're among a select few that know about the listing, making it a coup for buyers in the right place at the right time. Though, if you're like many buyers that never hear about such listings, you're bound to miss out.
Some Sellers: There's no hassle of constantly getting ready for showings. There's no publicity to manage either. Sellers that expect to get asking price may wish to do so quickly and quietly. Others may wonder if they could have achieved an even better price.
Some Sellers Brokers: A seller's broker that also represents the buyer does not have to split the commission with another broker - making it a tempting proposition. But if they can't find such a buyer, there may be no deal to close, and they could lose the listing altogether.
Conclusion: Most real estate professionals agree that whisper listings are more often than not a disservice to the seller, since the only way to ensure the highest possible price is by generating a large enough buyer pool. But it is a personal decision for each seller. So long as the seller knows the potential downside, it is their call to make.
