What Causes Whisper Listings
Usually Pocket Listings and Whisper Listings are intertwined by most agents. You can’t blame them. It’s basically the same thing. There are very minimal differences between them, but once understood properly, you can easily differentiate the two.
Here is our take on what makes a Whisper Listing different from a Pocket Listing
It’s kept secret from many
Many times a “Pocket Listing” turns into a “Whisper Listing” really quickly when the listing agent does not inform many other agents about said listing. In fact, agents end up picking and choosing to whom they wish to release this information too. This may cause conflict with NAR’s policies, but most of the time goes unnoticed by the agency or fellow agents.
There’s a reason behind it
There can be many reasons why agents decide to keep the listing super low key and only inform whom they want. Many of the main reasons being,
The other agent already has a client and they can handle the deal under the table without going to the public or other agents.
Sometimes the homeowner may request for you to handle the transaction to the buyer of their choosing (if they already have somebody lined up for the purchase).
Another reason may be because the listing agent already has a buyer client and the home seller agrees to the terms, making it unnecessary to go onto the market or inform other agents.
The final reason, which we really didn’t want to mention, but happens quite so often, is that the listing agent is being negligent and wants to double end the deal by keeping it quiet for a short period of time before ultimately being forced to go onto the public market.
Our take on this
Unlike Pocket Listings, we don’t feel comfortable with Whisper Listings. There’s a level of dishonesty that comes with this method. Along with that, as a real estate agent our duties lie within our fiduciaries best interest, and this does not fall along that track.
Have you experienced this type of behavior with other agents? Feel free to share your thoughts on this.