Sep 17, 2012
A "Hip Pocket" property is Dallas Realtor lingo for a property that is for sale but is not listing in the Multiple Listing Service (MLS). The only way to know that the home is for sale is through a Realtor who is aware that it is available through their networking connections.
The recent Dallas Morning News story about this unique way to sell a home explained the concept well. Of the thousands of Dallas agents with real estate licenses, I'd be willing to bet that less than 1% are aware of any hip pocket properties for sale. To find out about them, an agent needs to constantly be in touch with other agents - not only in their brokerage but in other brokerages in the area. Membership in a networking group like Pacesetters opens the doors to a lot of this kind of information.
Remember, the knowledge that the property is for sale is tucked away in the agent's "hip pocket" and they need the know-how to spread the news about it to other agents in order to find a buyer for the property. The quickest way to sell a property for the best price is still through the MLS. But in a hot market like we have now, there are buyers looking for them and hip pocket listings are selling. [where: 75230]