{"id":97201,"date":"2024-11-19T14:00:59","date_gmt":"2024-11-19T22:00:59","guid":{"rendered":"https:\/\/www.redfin.com\/blog\/?p=97201"},"modified":"2024-11-19T15:01:08","modified_gmt":"2024-11-19T23:01:08","slug":"what-is-a-pocket-listing","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/blog\/what-is-a-pocket-listing\/","title":{"rendered":"What Is a Pocket Listing?"},"content":{"rendered":"

When you decide to sell your home and sign an agreement with <\/span>an agent<\/span><\/a>, one of the first things your agent will do is list your home on the <\/span>Multiple Listing Service (MLS)<\/span><\/a>. 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 <\/span>Redfin.com<\/span><\/a>, where buyers can see available homes for sale.\u00a0<\/span><\/p>\n

But what if you didn\u2019t want your listing to be publicized on the MLS? In this case, you could decide to sell your home as a pocket listing.\u00a0<\/span><\/p>\n

So what is a pocket listing? Let\u2019s dive in to discover how pocket listings work, pros and cons for buyers and sellers, and recent discussions surrounding Clear Cooperation.\u00a0<\/span><\/p>\n

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What is a pocket listing?\u00a0<\/span><\/h2>\n

A <\/span>pocket listing<\/span><\/a> (aka \u201cwhisper listing\u201d or \u201coffice exclusive\u201d) 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 \u201coff-market\u201d and not marketed to the general public.<\/span><\/p>\n

This method can provide privacy for the seller, but limits exposure to potential buyers, among other downsides.\u00a0<\/span><\/p>\n

Pocket listings are discouraged by the <\/span>National Association of Realtors (NAR)<\/span><\/a> under their <\/span>Clear Cooperation Policy<\/span><\/a> (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.\u00a0<\/span><\/p>\n

How a pocket listing works<\/span><\/h2>\n

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 <\/span>listing agreement<\/span><\/a>. Then, the agent will list the property on the MLS and begin marketing. Per NAR\u2019s Clear Cooperation Policy, the agent must list their client\u2019s property within one business day of when they began publicly marketing it. This is to promote cooperation between the seller and their agent, and a buyer and their agent.<\/span><\/p>\n

However, with a pocket listing, the agent keeps the property off of the MLS and doesn\u2019t publicly market it, limiting exposure to buyers within the agent\u2019s and seller\u2019s networks. This approach bypasses the broader market and is typically reserved for specific cases, such as divorces and family deaths. Ultra-high net-worth individuals and public figures may also opt for pocket listings to maintain privacy and exclusivity.\u00a0<\/span><\/p>\n

Pros and cons of pocket listings for buyers and sellers<\/span><\/h2>\n

Here are some important pros and cons of pocket listings to keep in mind.\u00a0<\/span><\/p>\n

Pros:<\/b><\/p>\n