What Is an Office Exclusive or Coming Soon Listing?

What is an "Office Exclusive" Listing? What is a "Coming Soon" Listing?

The Office Exclusive Listing-what is it?

• The slang term loosely used for this listing method has been "a pocket listing."
• This Office Exclusive Listing contract makes it legally documented on a contract and within our MLS rules and regulations.
• It means that the broker and the client are committed to each other in their working relationship for a set period of time without going "live" on the market.
• The agent can search for a buyer independently, but they cannot advertise the listing publicly to the whole market.

Why would someone use an Office Exclusive Listing?

• The most common reason I hear now in this low inventory market is that they want to sell, but they cannot find their next home, so they are afraid to be on the market and pushed to sell and close without their next home identified.
• Another common reason is that they need our help getting the home ready for photos and showings with either clean-out/de-cluttering, staging, significant and/or minor repairs, painting, new carpet, or landscaping issues. We are working hard for them in this consulting capacity sharing resources and time and we as the listing agents can show the house under these conditions, but the home is not ready for photos yet necessary to be listed online.
• Other reasons can be a serious illness or injury of an owner where they are homebound and a myriad of different reasons.It is usually best to be live on the market and let the whole market see your home for sale to bring you the most buyers to compete for your home. However, for some of these sellers described above, if they can get close to their realistic asking price without going on the market, it is most convenient and desirable for them in their personal circumstances.

What does this mean for Buyers?

Listed Coming Soon-What does this status mean?