”Do you have any properties that other real estate agencies don’t have?” This is a frequent question we receive in our office. These are referred to as “off-market properties,” “unlisted properties,” or “pocket listings.” But why do such properties exist, and do they really exist in the first place? Let’s break this down into rentals and sales.
■ Rentals: Residential Properties Are Almost Always Public
There are almost no off-market residential rental properties. The longer a unit stays vacant, the more rental income is lost; thus, finding a tenant as quickly as possible by listing it publicly is beneficial to both the property owner and the management company. Keeping a rental listing secret offers no advantage and only makes finding tenants more difficult. For this reason, the vast majority of rental properties are listed on public portals and inter-broker networks.
If there is anything that could be called “off-market” in rentals, it would be vacant homes that haven’t been put up for lease yet, or unused buildings that require procedures like zoning or usage changes before they can be rented out as residences.
■ Commercial Properties and Land Have Different Circumstances
However, the story is different for commercial stores and business land. If rumors spread that an operating store is “closing soon,” it could negatively affect sales, employees, and business partners. Therefore, tenants or property owners often quietly ask a trusted real estate agent to discreetly find the next tenant. Furthermore, owners care deeply about who and what kind of business moves in, so they tend to consult brokers whose judgment they trust.
Such information naturally gathers around agents who are rooted in the local community and have extensive transaction records in “as-is” commercial properties (where interior finishes and equipment are passed on to the new tenant). If you are looking for commercial space or land, building connections with local agents in that area is key.
■ Sales: “They Exist Where They Exist”
For property sales, the situation changes. First, there are cases where advertising is withheld at the seller’s request because they wish to sell without neighbors finding out, or want to keep inheritance or family matters private. In these cases, transactions proceed by individually introducing the property to buyers whose criteria match.
Another factor is “steering” or “pocketing” listings. Real estate agencies earn double the commission income if they act as a dual agency (representing both seller and buyer) compared to representing only one side. Consequently, some agencies hoard property information by refusing inquiries from other agencies, claiming the property is “under negotiation.” This practice works to the seller’s disadvantage by narrowing their opportunities to find a buyer.
Real estate agencies entrusted with exclusive listings are required to register properties on REINS (Real Estate Information Network System). Furthermore, starting in January 2025, registering transaction status became mandatory, and false registrations are subject to administrative penalties. While regulations have tightened, the reality is that such practices have not completely vanished.
■ How to Find Unlisted Information
If you want to encounter such properties, visiting multiple real estate agencies and asking “Do you have any good properties?” is the direct path. Each agency will prioritize showing you properties they handle directly. Sharing specific preferences regarding conditions, budget, and purchase timeframe makes it easier for them to reach out to you when new information comes in.
■ Points of Caution
However, transactions handled entirely by a single agency require caution. When separate agencies represent the buyer and seller, the buyer’s agent checks if any information is being hidden by the seller’s side or if conditions are unfair. On the other hand, when one agency mediates both sides, their eagerness to close the deal quickly may result in insufficient explanations regarding disadvantages to the buyer. While very few agents engage in illegal acts, you should thoroughly review the Important Matters Explanation and contract details yourself.
■ Conclusion
Off-market properties do exist in certain places. However, publicly listed properties are by no means inferior. Rather than focusing too much on the phrase “unlisted,” searching with an open mind—including public listings—is the best path to finding a great property.
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