What is an exclusive listing or a pocket listing?
Canadians use the term exclusive listing to describe an exclusive listing arrangement between the realtor® and the buyer, whereas Americans use the term pocket listing to describe the same concept. The real estate agent grants exclusive access to find a buyer for their client’s house, and no other agents or brokers are permitted to show the home. The buyer arranges an agreed period of time before the listing gets posted on MLS. This gives the agent time to find the right buyer. When another agent brings a buyer on an exclusive platform, the exclusive listing agent can decide how much of the commission split they will be sharing. They usually don’t keep the entire commission, they just decide the commission split (that is, if someone else brings a buyer) Basically, it’s a way to sell your buyer’s home privately.
Another example of exclusives are commercial properties, let’s say selling a business with the property or a plaza that could be redeveloped for condos, they dont want to post that on MLS becuase then everyone will know it’s for sale. Keeping it private is a benefit.
The difference between an exclusive listing and a non-exclusive listing
Exclusive listings are private and are only accessible by the realtors® selling the home or property. Once you assign an exclusive listing to a salesperson or a broker, no one else has the right to show or sell that property until it is on MLS after the agreed period. However, some sellers choose not to list on MLS at all, to keep the sale private. Homeowners may choose to sell their home privately to a family member or already have interested buyers, so there is no need to put their property on more listings online. Selling privately with an exclusive listing gives the seller privacy and reduces time spent on bidding wars.
Another type of exclusive listing is an assignment listing. Assignment listings are common with pre-construction homes and condos or resale properties. The “assignor” (the original buyer of the pre-construction property) finds an additional buyer called an “assignee” to take over the original buyer’s rights and obligations of the Agreement of Purchase and Sales, before the “assignor” takes possession of the property and closes the sale. An assignment is a legal way to change ownership of a pre-construction property and close a sale with the seller. The last type of exclusive listings are commercial properties, and most of these will never be listed on MLS for privacy reasons. For example, a plaza that is being redeveloped for condos, wouldn’t post that the business property is for sale, because then the public would find it. It’s sold as an exclusive listing to keep it private and benefit the seller.
Listing agents, brokers, and salespeople share non-exclusive listings. Agents list the property on MLS, and anyone can bring a potential buyer to the home for a showing. Selling a home non-exclusively creates lots of exposure and often results in bidding wars, which increases the selling price for the homeowner and the commission for the realtor®. However, non-exclusive listings can be competitive amongst brokerages and real estate agents. You don’t know what buyers other agents are showing the home to or what prices they are bidding. Plus, with a non-exclusive listing, you can post a for-sale sign on your lawn and receive drive-by traffic and attract potential buyers.
What is an exclusive network, and how can it help?
Exclusive networks share private listing opportunities and assignments before they hit MLS. They give realtors® and brokers exclusive access to listings, no one else can see outside the network.
Benefits of an exclusive network
- Test of our listing presentation before it reaches the public (test out pricing and get valuable feedback on aesthetics, and likes and dislikes of your listing)
- Give life to a listing that wasn’t selling on MLS
- Receive off-market property notifications when new properties are added to the network
- Become a valuable asset to your buyer (show them opportunities not available to them)
- Find pre-vetted and safe assignments and pre-construction properties for your buyer
- Leverage an enormous network where professionals share off-market properties
- A powerful marketing tool for your agents and clients
- Hidden listing inventory and a place to privately show off your top properties for sale
Schedulock is launching Canada’s FIRST free agent-only, exclusive network.
The best news, there is no fee, and you don’t have to be a client of Schedulock. We are levelling the playing field for all real estate agents and giving realtors® access to listings they wouldn’t normally access. All exclusive listing networks required a fee until now. If you are a real estate agent looking to buy or sell pre-construction, assignments, and exclusive listings, this is the network for you. Test out your properties before they hit MLS, earn more commission, and access hidden, off-market properties to sell.
Contact us to sign up for the Canadian Exclusive Network and to get started today!
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