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Ever wonder what happens to some homes that sell, but you never see them on the MLS® System? Or why a home is entered into the MLS® System and it is marked as sold almost immediately?

Pocket listings are where only the real estate agent that took the property listing doesn't share it with the other local Calgary board of REALTORS® membership. Sometimes they only share it with members of their own brokerage firm, but often they don't.

The tighter the inventory gets, the greater this phenomenom may be. Can the seller get the best deal without full, local MLS® System exposure?

Take a look at this information in this video:

"Hundreds of thousands of property listings are on the multiple listing service (MLS) for a reason. These real estate industry leaders discuss why buying or selling secretly or off of the MLS can be risky!"
 
 

 

Source: Used under standard YouTube license terms.

 

While the Calgary Real Estate Board doesn't have mandatory submission to the Calgary MLS® System for the property listings that members take, the standard forms that we are required to use are only written as an MLS® System listing. In order to exclude it from the MLS System, there are lots of paragraphs to exclude.

Same agent or same office double ending deals without exposing the listing to the entire board membership is just wrong and severely limits the marketing of the home! As the participants clearly say in this video, the seller just can't get the best deal.

Anything that excludes the entire local board membership from partipating in the transaction, including low or effectively no commission which repels buyers and therefore their buyers' agents, is going to have a negative impact on the sellers' net proceeds in the sale.

Is this a huge issue in the Calgary Area? No, not yet. Consumers don't know what they don't know! There are quite likely a few of these sales that we see go through every single week in the local Calgary market.

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Data supplied by CREB®’s MLS ® System. CREB® is the owner of the copyright in its MLS® System. The Listing data is deemed reliable but is not guaranteed accurate by CREB®.
The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.
The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.