I weighed in on the exclusive real estate practice of “pocket listings” with the Philadelphia Inquirer, arguing that the tactic blocks transparency and fair competition in the market. View the full article here.
Are real estate sellers truly getting the highest and best value for their homes? As low inventory has been an issue in the South Jersey/Philly area and nationwide for the past year or so, some Realtors have relied on tactics to increase their income — at the expense of sellers.
A marketing technique advertising a property is “coming soon” is meant to create excitement around a new listing. Through this practice, a Realtor posts the public notice and then schedules the first public showing seven to 14 days after the teasing began. The theory is to create excitement and demand. And by the time the home formally opens to the public for showings and goes live in the MLS, everyone should have had a fair chance to see the home and then make offers. It sounds like a good idea.