The Off-Market Property Matchmaker
Discreetly connecting buyers and sellers with off-market properties
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EVERYTHING ABOUT POCKET LISTINGS HAS CHANGED
Since 2016, HomeQT has connected home buyers with off-market or pocket listings, otherwise known as properties not listed on the MLS. Over the years we’ve received descriptions from buyers nationwide detailing the qualities they hoped to find in a home. We’ve seen requests for everything from home location in specific neighborhoods, lot size, school district preferences, out-buildings, flooring preferences, and specific distances from Metro Rail stations. We’re proud to have played a part in helping to make the hopes and dreams of home buyers a reality. Realtors once played a large part in our process since they once matched our buyer requests to their own pocket listings.
In November 2019, The National Association of Realtors (NAR) ruled that Realtors are no longer allowed to be involved in pocket listings. The ruling is effective as of January 1, 2020 with an enforcement date of May 1, 2020. Brokers are required to list a client’s property on the MLS within 1 business day.
HomeQT believes that this NAR ruling leaves a gaping hole for home sellers who wish to discreetly market their property. Since they cannot utilize the help of a Realtor, the ruling also makes it less likely that buyers will hear about an off-market listing. With pocket listings and off-market properties amounting to 30% of real estate transactions in some areas, we believe a NAR ruling will not make them suddenly obsolete. At Home QT, we believe that home sellers have a choice about the way their home is marketed, and home buyers have a right to hear about them.
In light of these changes, we believe the word “Pocket Listing” is no longer relevant nor meaningful due to the fact that Realtors may not hold Pocket Listings anymore according to National Association of Realtors. From now on, we will refer to properties that are not listed on the Multiple Listing Service (MLS) as “Off-Market Properties”. We believe the term Off-Market Property is more accurate as to the actual property status.
HomeQT now directly connects home buyers and Off-Market sellers as the new Off-Market Property Matchmaker.
OFF-MARKET PROPERTY INFORMATION
Off-Market Properties are a real estate marketing method that some sellers prefer to use.
The benefits of an Off-Market Propety to home sellers include:
- May save money on commissions.
- May result in higher sales price.
- Less Hassles.
- Sellers can Test the Waters without tainting property.
- Helps prevent properties from being known as a “Stale” Listing.
- Discourages lookie-loos.
- Buyers are pre-qualified.
- No Open House issues.
- No sign in front of house.
- Keeps thieves from seeing online and at open houses what valuable items are in a home.
The negatives of an Off-Market Property (formally “pocket listing”) to sellers according to MLS Associations may include:
- Not in the Multiple Listing Service (MLS).
- No sign in front of house.
- No Open Houses.
Smart home sellers are using Off-Market Properties to market their homes through HomeQT.com/home-sellers. They realize that most homebuyers are facing data overload from the many home buying resources available on the internet. More importantly, many homebuyers are finding online real estate portal data sometimes is inaccurate, outdated, and misleading. By using HomeQT, home sellers are able to control the information presented to buyers. Sellers are assured that buyers are receiving the correct current information about the size, amenities, availability status, and pricing of their house.
Smart homebuyers are taking advantage of off-market properties to find homes that are not listed in the MLS. More importantly, buyers know that by using an off-market property website, such as HomeQT.com/home-buyers they are using their limited time to find homes for sale using current and accurate information. Homebuyers can avoid the frustration of looking at home listing after home listing, and thinking they found the perfect home, only to find out that the home status is incorrect, and has not been recently updated. Rather than wasting time and effort relying on outdated status and pricing information on other real estate portals, it is better to use off-market property site such as HomeQT.com to describe what they want in a home. HomeQT will match buyers with sellers who have homes that meet their needs, and most importantly, are available to purchase.
Cash Buyers and Investors
As a cash buyer or investor, you are appreciated by sellers that value the privacy, flexibility, a quick close, and the ability to waive contingencies when needed. Here is more information about registering as a HomeQT Cash Buyer or Investor.
Off-Market Property price ranges
Off-market properties may be used for any price level. Off-market properties are not restricted to the most exclusive high-end homes. In fact, many home buyers are frustrated by the lack of inventory of low to mid-priced homes, and are searching for low to mid-priced homes that are not currently listed in the MLS, or that are “coming soon”.
What if a home seller really needs to sell their house for many different reasons? HomeQT is great for motivated sellers. If a seller identifies that they are a motivated seller, then a special group of our buyers will be notified. These buyers are cash buyers or investors and have the ability to close quickly. They are flexible in meeting your needs as a seller, they can waive many contingencies that might delay or prevent buyers from closing on time. In other words, HomeQT cash and investor buyers can provide motivated property sellers with privacy, a quick cash close, and less uncertainty in selling their home.