Why would a Realtor NOT list a house or commercial property on a real estate board?
Confidentiality
Either because the owner wants it or a real estate broker or salesperson needs or wants it in order to explore business opportunities which ultimately benefits the public because more choices of real estate become available as possibilities for them, more solutions for owners and buyers can be explored depending on the situations.
There are many reasons why a Realtor either can NOT get a signed listing or has a signed listing but it is NOT to go on a real estate board service at this time. Perhaps later in some cases.
In many cases, an owner says, “bring me in a buyer and I will pay you a commission but I do not want to give you a listing at this time.”
There is a way to work this real estate opportunity with verbal permission from the owner, on ICIWorld but without an address, in order to find a qualified buyer, and then once a buyer is interested, put an agreement in place to show it, and then get an offer and sell it.
See the ICIWorld Education YouTube Videos on How To Work Exclusive Information, all in Mastering the Powers of the Internet for real estate brokers and salespeople.
This following article provides feedback from other Realtors as well for reasons why some properties are for sale but not on a real estate board at this time.
ICIWorld has 30,000+ properties and buyers, 75% not on real estate boards. However, brokers also advertise their listings. In one sense it is similar to how you advertise in a newspaper but without a cost, once you are a member.
ICIWorld is a society of real estate brokers and salespeople, networking exclusive commercial and residential real estate Haves and Wants, advertising listings, on a searchable Internet database 24/7, available to search from mobile devices as https://iciworld.mobi (set it as a shortcut) and/or install the ICIWorld App for iPhones and Androids, and on computers at www.iciworld.com, to people from 138 countries of the world, operating since 1994 as ICIWorld.com
We believe the highest and best price and terms for real estate for sale can be achieved by advertising a property on all the competent industry-wide services available today where possible. That includes real estate board services and ICIWorld and other industry services.
There are however reasons why Realtors do not or can not place information on a real estate board.
Comments from brokers and salespeople.
“Hi there!
Thanks for asking this question as it is a very relevant topic. These so-called pocket listings have been getting more popular.
Yes, agents have properties that are for sale and not on a real estate board. There are a few common scenario’s in which this happens:
1. The owner is famous (think: Julia Roberts) or well-known or in public service (think: judge). In that case, the owner might not want a ton of people trying to come over to the house and just check it out because of who is the owner. They only want serious buyers…
2. The owner simply doesn’t want to put their house on the market because they like their privacy and just don’t want to ”deal with it”…
3. The house is coming on the market in a few weeks or months, but for whatever reason, they don’t want to ”officially” put it on the market yet. This sometimes happens when the house is being fixed up or if the owners are looking for something else, or if the house is tenant occupied. The house will then be available for sale if someone happens to come along, but it will not be on the market until the time is right.
4. The seller doesn’t want the tenants to know the property is on the market (has definitely happened before).
Really the best thing to do in my opinion is to find an agent at a larger company who is willing to really call around and spend a lot of time working for you.
The reason I say a large company is that for example agents often share their pocket listings with each other. The more agents, the more pocket listings. So even if your specific agent doesn’t have the right pocket listing for you, they might still be able to find you one within the company. You can definitely call around, but I generally recommend trying to work with one agent, rather than 10. One agent, who knows that you will buy your home with them, will work much harder for you, than an agent who knows you are working with many other people and is unlikely to represent you in the transaction.”
We have a lot of pocket listings. If you have any more questions don’t hesitate to call me!
“The only good reason to NOT list a house a real estate board is that the seller has specifically asked you NOT to. Exposure and marketing are what brings the most buyers to a property and the most buyers are what brings the best price. But there are some circumstances where the seller would prefer that the Realtor try to market and sell the property without it being listed on a real estate board. ”
“This is the first hit I’ve found on this topic. I am researching this because I would like to sell my house. However there is one person who lives near me, and she/he is a realtor, and this individual has caused a number of problems for my family and I do not want this person to have access to our property. Listing the property for sale but not putting it in the MLS seems to be the only answer since the MLS won’t agree to an exclusion of one particular agent, which is absurd. This is not about a federally protected class of people (race, religion, gender, etc.). It’s about not allowing a lying, vindictive (fill in your favorite curse word here) onto my property. Just because they have a realtor’s license shouldn’t mean they can have access to my property whether I want them to or not. ”
We can’t list a property unless a seller gives us written authorization to do so. Chances are, they’ve told a half-dozen other agents “if you bring me a buyer, I might sell – and of course, you’d get a commission.”
But we don’t know why people that we don’t know do the things that they do. In these cases, best to consult the target directly.
“We generally list all our listings on our real estate board along with all other marketing outlets to get maximum exposure but several times this year we have had sellers not wanting the home shown (privacy issues). We have bought several homes directly from the seller but we have disclosed clearly that the seller is often leaving money on the table. The sellers have full knowledge but still, they value their privacy more than the money they left on the table.”
“A real estate agent will not list a home on a real estate board due to a seller’s wishes. I hope this helps.”
“Sometimes a seller may ask a Realtor to not put it on a real estate board. There is actually a form that they sign to do so. Seller may only want to sell the home under specific conditions such as if they find a replacement property or get a willing buyer to pay a price that they would consider. There are various reasons.”
When a real estate board is available, is well operated and properly organized, it is the duty of the REALTOR® to consider thoroughly whether he can serve the best interests of his clients by participating in it. The decision, however, must be his own. As a REALTOR®, it is possible for him to conduct business in an ethical and efficient manner without participating a real estate board. Therefore, his participation must not be a requirement of REALTOR® membership.”
The seller may not want to pay the fee to pay another agent so the owner requests to not put it on a real estate board or the agent has talk the owner into holding it off a real estate board service for a certain amount of time for the agent to advertise and get paid for both sides of the deal. Or it is a property management company that doesn’t charge the owner for procuring a new tenant so they are not using a real estate board.”
“There are a few reasons that come to mind for why a Realtor may not list a property on a real estate board: 1) they may be following instructions from the homeowner who has stated that they do not want the property listed on a real estate board, 2) they may advertise the property through other means that the homeowner has agreed to, and 3) they may have taken the listing but there is a delay in listing the property on a real estate board because the property is not yet ready to be shown perhaps due to renovations or waiting for a tenant to move out. ”
“If seller rather for privacy not to have it featured on a real estate board.”
Comments from ICIWorld, Gary Nusca, CCIM
In commercial real estate, exclusive opportunities in real estate have always existed.
When I do seminars in real estate offices, I often ask the question do you agree or disagree with this statement, “90% of shopping centers are not on real estate boards” do you agree or disagree? Almost all commercial brokers agree. The same for apartment buildings, land, business opportunities, hotels, motels, gas stations, and much more. If it is a knowledgeable group they agree, mostly new agents simply do not know and some residential agents have never heard of it and think there is only one way to sell real estate, on a real estate board.
With the advent of the Internet there are a now lot of residential owners who are trying to sell their properties themselves privately, we call them FSBO’s (For Sale By Owner). Look at Kijiji and classified ads of a newspaper.
There is a way for brokers to network this kind of information in a confidential fashion to find a buyer very quickly and then call the owner and put an agreement in place first before showing the property.
These are extra chances for brokers to provide their services in the marketplace.
It has been shown that 90% of FSBO’s in the world are actually sold by licensed real estate brokers and salespeople yet if you ask the owner for a signed listing to put it on a real estate board they say no. They of course are missing out on the major networks that real estate brokers have. Further they are inviting problems in any transaction when a Realtor is not involved.
We all know that the highest and best price is achieved by placing a property on all competent industry wide services. If you miss one major service you can be missing doing a deal and not realize it.
Highest and Best Price Definition
“The most probable price (in terms of money) which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus.
We think it is incumbent upon real estate professionals to include ICIWorld on the market on the Internet operating since 1994.
ICIWorld list of testimonials.
If you do not include your marketing by including ICIWorld you can easily be missing doing a deal and not realize it.
Many properties that have been marketed on other major industry-wide services have ultimately been sold through members of ICIWorld and vice versa.
ICIWorld actually works hand in hand with other services as well where a member got the buyer from ICIWorld and sold a listing on a real estate board.
ICIWorld has among the largest actual active lists of buyers in the marketplace all listed for the public to see.
A business owner does not want all his customers and staff to know for example that his restaurant business is for sale. It could be bad for business.
Some owners know several family Realtors and may say bring me an offer and I will pay you a commission. That kind of information can be worked on ICIWorld.
All FSBO’s want to try to see if they can do it themselves. ICIWorld members can actually work that kind of information in a confidential fashion to trigger an interested person and if qualified they can put an agreement in place first before showing it. You can not do this on a real estate board.
Some people do not want all their neighbors going through their house. They have already been told by their agents how much the house is worth. If they get it they will sell.
Some people do not want the interior of their home, furniture, paintings, all their personal belongings, placed on the Internet for everyone to see. However if you have one qulified buyer that is interested that is a different story. In the meantime flush out a qualified buyer for the price they want.
Some principals and brokers do not like other brokers saying their property is overpriced. By keeping the marketing close to the vest so to speak the first people to ask questions are directly from the actual listing agent who can handle the inquiries better than represented by others on a sheet of paper.
If you have other reasons not adequately explained here please do send us an EMail to: customerservice@iciworld.com
Thankyou.
ICIWorld.com
416-777-2633