When you decide to sell your home and sign an agreement with an agent, one of the first things your agent will do is list your home on the Multiple Listing Service (MLS). The MLS is the database of homes for sale where agents share listings with one another. These listings are then shared broadly to real estate search sites, including Redfin.com, where buyers can see available homes for sale.
But what if you didn’t want your listing to be publicized on the MLS? In this case, you could decide to sell your home as a pocket listing.
So what is a pocket listing? Let’s dive in to discover how pocket listings work, pros and cons for buyers and sellers, and recent discussions surrounding Clear Cooperation.
What is a pocket listing?
A pocket listing (aka “whisper listing” or “office exclusive”) is a property for sale that is not listed on the MLS. Instead, the agent keeps the listing “in their pocket,” offering it privately to select buyers or agents in their network. These listings are considered “off-market” and not marketed to the general public.
This method can provide privacy for the seller, but limits exposure to potential buyers, among other downsides.
Pocket listings are discouraged by the National Association of Realtors (NAR) under their Clear Cooperation Policy (CCP), which applies to all NAR-owned MLSs. Most MLS’s also require that brokers submit listings to the MLS promptly after the seller signs a listing agreement. However, there are some cases where pocket listings are allowed.
How a pocket listing works
When a seller hires a real estate agent to list and sell a property, they typically sign a contract that obligates them to work together, called a listing agreement. Then, the agent will list the property on the MLS and begin marketing. Per NAR’s Clear Cooperation Policy, the agent must list their client’s property within one business day of when they began publicly marketing it. This is to promote…
