Can You Keep A Secret....It's In My Pocket And It's Staying There!!

By
Managing Real Estate Broker with RE/MAX Executive Realty
http://actvra.in/HVY

Tom Branch wrote a featured post titled “Are Hip Pocket Listings Really a Good Thing” and I’d like to share my thoughts on that topic.  My team and I are listing agents and every listing we secure is immediately submitted to MLS.  This is our rule with one exception.  Give me a moment to find my bulletproof vest!!

Whenever we search for tracts of land, we explain to the seller that if they list the land with us, it will not be submitted to MLS.  If we sell the land to a developer, and we secure the listings, we will not charge a commission on the sale. 

This type of agreement can be called a “pocket listing” or it can be referred to as “good business sense.”  There is nothing more discouraging than to have an agent introduce a developer to a tract of land and not know how to proceed from there. 

If we don’t submit the listing to MLS, we can eliminate handing an agent, with his/her head in the sand, a parcel of land for 100 new homes.  That would happen over my dead body!!!

Tracts of land are a rare entity in my area.  If another agent who is seasoned on the subject of land sales and new construction has a developer/builder, and we can work out an equitable split of listings, we’ll do a deal.  But we will not have a gun to our heads to co-broke a tract of land; do all of the tedious work for 2 years to obtain approvals; and not receive listings.  You can call it whatever name comes to mind.  I call it good business sense.

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Topic:
Real Estate Sales and Marketing
Location:
Massachusetts Norfolk County Franklin Top Listing Real Estate Office Re/max Executive Realty
Groups:
Real Estate Rookie
New Home Sales
RE/MAX Active Rain Bloggers
Agents Who List Subdivisions
Active Rain Newbies
Tags:
pocket listings in franklin ma

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Rainmaker
1,828,597
Barbara Todaro
"New Franklin MA Homes"
RE/MAX Executive Realty

Paula... developers never expect to find tracts of land in MLS.... if they are in MLS they're usually junk....

September 20, 2012 11:04 AM
Ambassador
1,438,604
Ed Silva
CDPE, GRI, ABR, Real Estate Agent
RE/MAX Professionals, CT 203-206-0754

Barbara, that sounds like a plan that has worked successfully for many years, and something that just came to your mind because of a tract of land that might have just become available. Good Luck

September 20, 2012 11:14 AM
Rainmaker
1,828,597
Barbara Todaro
"New Franklin MA Homes"
RE/MAX Executive Realty

Ed.... I wish I had a tract of land right now..... it would have been sold the day I learned of it..... none of my land listings that are developable will go into MLS.... tough parcels are submitted and usually do not sell as subdivisions but rather parcels for a professional building or other use. 

September 20, 2012 11:19 AM
Rainmaker
429,836
Adam Brett
The Adam and Eric Team, Setting the New Standard
The Adam and Eric Team

You go girl, I couldn't agree more.

September 20, 2012 12:00 PM
Rainmaker
1,828,597
Barbara Todaro
"New Franklin MA Homes"
RE/MAX Executive Realty

Hi Adam..... that's the way it is....

September 20, 2012 12:03 PM
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Rainmaker
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Barbara Todaro

"New Franklin MA Homes"
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Additional Information

The Kuney-Todaro Team is the "#1 team in Franklin's #1 office." Our expertise is in marketing new construction and resale properties. New construction is our niche and we have sold 40 subdivisions in the area of Franklin MA.