Don Kanare
Special to the Bonanza

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April 30, 2012
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Incline Village real estate: Buyers find gems among pocket listings

INCLINE VILLAGE, Nev. — If you have been looking at Incline Village and Crystal Bay real estate during the past couple of years, then you have seen the inventory fluctuate and watched many properties in good locations get purchased by new buyers. It can be frustrating sometimes to write an offer on a property, have the seller reject that offer and then see the property sell for less than you offered, months or even years in the future. You may have scoured the market and never been able to find a property that meets your requirements.

And not every property located in Incline Village or Crystal Bay that gets listed for sale is uploaded to the Incline Village MLS. Some real estate agents, especially those who live and work out of the area only put their listings on the Northern Nevada Regional MLS. A buyer searching for properties in Incline Village and Crystal Bay might not even find these houses and condos depending on which search tools and web portals they are using.

During the off-season from November through April, many properties that were listed on the MLS during the busy summer season became expired or got withdrawn from being actively listed. However, a good percentage of these property owners would still like to sell and their agent maintains an ongoing relationship with what is called a “pocket listing.” There is still an active contractual listing agreement between the owner of the property and the broker and agent, but the property is not listed on the MLS and it may or may not be actively marketed in print or through other media.

It's very important for buyers to have an agent who actively networks with other local real estate agents in an effort to make transactions happen. In any given year you will find local real estate sales occurring that are either private transactions or sales of pocket listings due to the networking and marketing activities of professional real estate agents.

Buyers who feel they have looked at every property in their price range and cannot find something that meets their needs would do well to ask their agent to contact other local agents and see if anyone has a pocket listing that might work for them. There are also a significant number of properties rented on long-term leases where the owners would really like to sell if a willing buyer would pay a fair and reasonable price. But many of these property owners do not want the tenants bothered on a regular basis. However, when a qualified buyer seriously interested in their specific property comes along it is usually possible to make arrangements to view the place.

You never want to disturb tenants unnecessarily especially those who signed a lease not anticipating that the property might be getting shown to prospective buyers. So, it is always best to do your research and learn as much as possible about a place before making arrangements to visit an occupied property. Nevada law requires that tenants be given at least 24 hours advance notice unless otherwise agreed to in the lease. And you cannot expect a tenant to keep a property that is not actively advertised for sale in perfectly staged showing condition. So, be kind to the occupants and also bring your best visualization skills when viewing these types of places.

Incline Village and Crystal Bay are communities of custom homes and wildly diverse condos providing buyers with virtually limitless opportunities to find the property of their dreams. There is an enormous variety of locations, architectural styles, floor plans and views among the 320 or so properties currently for sale. If you can't find what you want among the active, withdrawn or expired listings, then it's time to ask your agent to do some networking within the real estate community and see if anyone has a pocket listing that you would like to see. It's kind of like mining for diamonds, looking persistently in the right areas just might result in finding that gem you have been seeking.

— Don Kanare is a Realtor at RE/MAX Premier Properties. Read his blog and weekly stats on his website at www.InsideIncline.com.


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Tahoe Daily Tribune Updated Apr 30, 2012 12:00PM Published Apr 30, 2012 11:58AM Copyright 2012 Tahoe Daily Tribune. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.