Finding a home in competitive real estate markets can take more than an MLS listing. Private listings, pocket listings, and now, whisper listings can help buyers find a home before it’s marketed publicly. If you’ve heard of whisper listings, you may be curious how to find one or sell your home as a whisper listing. Read on to learn all about whisper listings.
What is a whisper listing?
A whisper listing is an exclusive tip from a seller to an agent or an agent to a group of trusted agents. For example, suppose you’re a homeowner and you’re interested in taking advantage of your local seller’s market but you’re not ready to commit to listing your home. In that case, you may reach out to a trusted local agent to see if they have someone interested in buying a property similar to yours. This real estate agent may have a client, or they may contact other trusted local agents in their professional network to give them a head’s up that a property may become available. Since the house isn’t officially listed and not in the multiple listing service (MLS), only buyers within the agent’s network will know about the property. Whisper listings will never have a for sale sign, adding to the exclusivity. Since whisper listings are based on trust and connections, some homeowners may not feel comfortable with the casualness of this approach.
Why sell your home as a whisper listing?
If you’re a seller and you’re not motivated to sell immediately, you might first test out selling your home as a whisper listing. It affords you privacy when selling your house, so you don’t have to stage your home formally, reduces the amount of traffic throughout your home, and you won’t have to deal with lowball offers. A seller can set the price while the house won’t enter a bidding war. It’s also a way to test the market. If your home doesn’t sell for the price you’re asking as a whisper listing, perhaps you consult with your agent on a new pricing strategy before listing the home publicly,
How to find a whisper listing?
If you’re a buyer facing a competitive market, partnering with a real estate agent with a robust professional network is the first step to gaining access to exclusive listings. Since these complete listings are based on connections, working with an experienced agent with reliable inside knowledge of the local market is imperative. Experienced agents may also have inside information on previous clients, such as if they plan to move anytime soon and an offer price they’re willing to entertain.
Are whisper listings a smart choice?
Discussing the legality of a whisper listing with a trusted real estate agent is essential, as every state has different laws, rules, and regulations concerning private listings. The National Association of REALTORS® (NAR) also has its own terms and conditions surrounding private listings.
