According to the Reuters news service, the home market for those with high net worth incomes (HNWI) has remained surprisingly strong – even when there were dips in other sectors. Luxury homes are hot on the radar of those with the means to swing multi-million dollar purchases.
One listing tactic for the marketing of luxury homes – whether in Beverly Hills, Palm Beach, or here in Tuscaloosa – is the “pocket listing.” Pocket listings give the owners of North of the River homes the ability to conduct a discreet, private sale by keeping it off the Multiple Listing Service. The most common reason my sellers opt to steer clear of the MLS is to give maximum leeway concerning general public knowledge of the offering.
I recall seeing one notable recent example (I believe it was reported by TMZ): the simultaneous pocket listings of both of their high-end homes by celebrity pair Kim Kardashian and Kanye West. For public personalities whose careers are dependent on careful nurturing of their images, maintaining control of public access to their domestic doings can be viewed as a business necessity. Instead of being exposed on the usual multiple-listing services, it’s marketed directly by their agent.
Selling Tuscaloosa luxury homes through pocket listings can also provide the homeowner and agent the maximum ability to vet potential buyers. Too, business people wishing to avoid upsetting customers or employees can avoid speculation that they may be leaving the area. And for those who are wary of listing their luxury homes during a less than roaring market, a pocket listing leaves the door open to selling to the right buyer for an ideal price.
However (and it’s a big ‘however’), the same qualities that make pocket listings an attractive path to a discreet sale also carry a notable drawback. By their very nature, pocket listings severely cut down the number of potential buyers — considerably cutting down the chances of reaching the best possible sale price. If you are an adherent of the axiom any publicity is good publicity, a pocket listing’s word-of-mouth technique (the first cousin of no publicity) probably isn’t an attractive alternative.
If you are looking to sell your home with little fanfare, call me to discuss your options and the pros and cons of each. Tuscaloosa luxury homes can sometimes be well served when they stay in the pocket!