You’ve heard of the Dark Web, and Dark Matter, but what about Dark Real Estate? Welcome to the world of pocket listings.
It seems like something that should be rather unusual — something that would never occur to most of us. Normally, when you’re selling a property, you want as many people as possible to be aware of it, so you can (hopefully) generate some sort of bidding war. But for some people, there are other driving factors. Sometimes, they don’t want everyone knowing that a property is for sale, and having the entire world of window shoppers traipsing through their living room. Voila. Pocket listings.
So called pocket listings are real estate transactions that aren’t advertised. They aren’t even entered into the MLS system so people can search for them. And, much like no one knows how big the dark web is, but we think it’s pretty big, the same is true of pocket listings. Some estimates say that nearly 1/3rd of real estate transactions are pocket listings — dark real estate.
I won’t get too much into the details here, but the reason I brought it up is that we have our very own Pacific Northwest start-up looking to disrupt this space. pocketdeed.com, based out of Portland, is looking to disrupt this portion of the real estate industry. Of course, it remains to be seen how successful they’ll be, but there’s every indication that they’re divisive enough to get a lot of attention. Many people are going to love them, and many are going to hate them.