Exploring NZ's exclusive pocket listings
In the plush suburbs of New Zealand, a discreet method of home selling, known as pocket listings, remains largely hidden from the general public.
These high-end properties, often not listed on mainstream platforms, cater exclusively to the affluent or well-connected, avoiding the usual market exposure.
What are pocket listings?
Also referred to as quiet, off-market, or “sleeve” listings, pocket listings are luxury properties held within an agent’s private database instead of being advertised online or in property guides, OneRoof reported.
Di Balich, a real estate agent specialising in luxury homes in Omaha and Matakana, describes this method as “elite property Tinder,” focusing on pairing exclusive homes with suitable high-net-worth individuals.
Balich manages several such listings, citing privacy, security, and the avoidance of public market risks as primary reasons for this sales approach.
The appeal of exclusivity
The exclusivity of pocket listings allows sellers to control who views their property, maintaining a level of privacy and security that open market listings cannot offer.
Paul Neshausen, an agent from Barfoot & Thompson in Auckland’s upscale areas of St Heliers and Glendowie, confirms the prevalence of such listings in his market, including homes valued up to $20 million.
“The vendors want things controlled and managed,” Neshausen told OneRoof, highlighting the desire to avoid the public intrusion that comes with traditional sales methods.
Challenges and criticisms of pocket listings
While pocket listings offer distinct advantages for certain sellers, they are not without criticism.
Michael Boulgaris, owner of Boulgaris Realty, expressed skepticism about the practicality of such listings due to their limited exposure and the complexities involved.
Boulgaris prefers the transparency and broader audience of the open market, as demonstrated by a successful $5.7m sale in Remuera, which benefited from standard market processes.
Regulatory compliance and market dynamics
Despite the secretive nature of pocket listings, they still fall under the same regulatory requirements as any other property sale in New Zealand.
Agents must comply with the Real Estate Institute of New Zealand's Code of Conduct, ensuring they act in the best interests of their clients. The current economic climate, marked by uncertainty and reduced spending, may also influence the demand for such discreet selling methods.
Read the OneRoof report here.
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