- RealTimeMLS experienced a 56 percent increase in published buyer needs in the first half of 2018, according to a recent press release.
- The Department of Justice and Federal Trade Commission have demonstrated interest in the practice of pocket listings.
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The number of pre-market and off-market listings published in San Franciso’s RealTimeMLS increased by 63 percent during the first half of 2018, according to a press release issued by RESAAS (Real Estate Software as a Service) Services, Inc., the company that developed the listing information platform.
Cloud-based RESAAS rests on blockchain, the data storage and encryption technology most often associated with cryptocurrencies.
Launched almost two years ago, RealTimeMLS entered California when an agreement to grant member access was signed with the San Francisco Association of Realtors (SFAR) and East Bay Regional Data Inc. (EBRD).
“We are pleased to have supported the exceptional growth of RealTimeMLS in the San Francisco market over the past two years,” said Danielle Sissons, vice president of operations at RESAAS, in the press release.
“Focusing primarily on the posting of pre-market and off-market listings and buyer needs has aided in the adoption and engagement of activity levels seen within the solution.”
RESAAS also announced an increase in “buyer need” posts from last year of 56 percent and a 50 percent increase in overall agent membership.
The growth in off-market and pre-market properties comes at a time when the U.S. government has taken interest in the practice of real estate brokerages not marketing listings on the open market, suggesting consumers could be at a disadvantage and that they run opposed to accepted industry business ethics.
Although Bay Area market metrics are unique to the nation, especially when it comes to buyers, RealTimeMLS’s growth could lend credence to the argument that the industry is ready for more pre- and off-market listings.
Inman reported in 2015 that data exists to show listings marketed as “coming soon” sell in less time than those marketed traditionally.
Remzy, a company that helps agents contact owners of off-market homes, was invited to Realogy’s 2017 FWD Innovation Summit.
Kingston Lane, a platform for streamlining real estate marketing, has an internal network designed to share pocket listings with other users of the software.
Pocket listings have always been a part of selling real estate, but their popularity is growing in unison with a dramatic national inventory problem, which could exacerbate the lack of availability and further distance first-time buyers from their goals.
RESAAS also shared that a number of system updates have been in put in place, including a companion app for both major mobile operating systems, listing synchronization with SFARMLS and a group search function. The company has also added a tool for viewing daily member usage within the platform.
In a June 15 Inman story, Virginia agent Steve Wynands applauded the use of coming soon listings.
“With competition on so many fronts, agents need to find ways to increase their value,” he said. “Pocket listings — really ‘Coming Soon’ listings — are one method of doing so.”
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