PocketList: Connecting Preapproved Buyers with Agents in the Bay Area
- CREtech Blog
- Residential Real Estate
For real estate professionals working in the Bay Area, PocketList is a private marketplace where preapproved buyers connect with agents that have both pre- and off-MLS properties. Although PocketList launched late last year, its full potential is just now being realized, making this an exceptional application for agents in and around the San Francisco area.
For Android and iOS users, this mobile application lets homebuyers view nonpublic properties on the market for sale. Included in the app is an easy-to-use verification process, which opens doors of opportunity for pre- and off-MLS home listings that specifically match a preferred location and budget.
Unveiling “Hidden” Homes
In the Bay Area, approximately 25 percent of homes sold are done so outside of MLS. Traditionally, these homes are moved within the market by exclusive agent networks or personal referrals. Simply put, unless a buyer has a connection with the right agent or is actively a part of the “inner circle,” a significant number of homes were hidden from the public.
Thanks to PocketList, things have definitely changed. As long as a potential buyer can show proof of funds and a preapproval letter, access to these elite homes becomes available. Tom MacLeod, CEO and co-founder of PocketList, said all qualified buyers should have access to all of the homes for sale, as opposed to just those listed publically.
In doing research, MacLeod discovered a vast number of homes being sold outside of MLS. This prompted the concept of PocketList, which provides full access to virtually every home up for sale in the Bay Area. Although this application is not intended to be a part of the actual real estate transaction, it does make it easier for users to navigate the buying process. In addition, PocketList is an excellent remedy for introducing agents to lenders.
Streamlined Home Buying
MacLeod said that buying a home is very stressful. To streamline the process and make it easier for buyers to connect with the right people, PocketList serves as a real estate concierge. Whenever a buyer needs help or has questions, the available in-app messaging works incredibly well.
Instead of being left out of the loop of high-end homes in and around San Francisco, preapproved buyers now have access to every property. In many cases, the very property that someone searched for to no avail now appears by using the PocketList mobile app. Obviously, this app is extremely beneficial for qualified buyers as well as sellers and the residential market as a whole. After all, higher-end properties are moving rather than sitting idle for long periods of time.
The best way to describe the PocketList app is that it supercharges home searches. Available through Google Play and the App Store, the download is quick and easy. Although people love all the features, being able to search for homes that normally stay hidden as well as homes based on specific criteria makes the buying process even more exciting.