A “pocket listing” is where a real estate agent lists a home for sale, but doesn’t put it on the Multiple Listing Service right away. This means it’s not exposed and available to all the agents and buyers looking for homes for sale in that area via the MLS. Some agents like to market their listings via their own database, email list and network of contacts, even hold some open houses and do some social media advertising as a “Coming Soon” listing in order to build some buzz around the listing, but they fully intend to list it on the MLS at a set time. Other times the intent is to not put it on the MLS unless all other efforts fail.
There are arguments that can be made for and against whether this is the “best” way to market a home for sale. Some agents and sellers like it, others don’t. Many very high-end properties or properties owned by celebrities are marketed and sold this way for privacy reasons.
There is a rule being considered by the National Association of Realtors that would drastically change this situation. It’s just being considered, so details are sketchy. They may not require every listing be listed as an active listing with the MLS. However, they would like to make every listing that’s being marketed to the public to also be available somehow to the other brokers and agents working in that marketplace. We aren’t sure what this would look like as it’s still in the consideration and comment phase.
A large association of 200 local MLS boards just threw their support behind this proposed rule. I’d expect most MLS systems would be in favor of this rule for self-preservation reasons. Several of the bigger national real estate brokerages have taken very public and strident positions on the rule, some for it, some against it. It’s going to be a lively debate!
If you have questions about real estate, call me at (925) 240-MOVE (6683). Voted “Best of Brentwood” multiple times. To search the MLS for free, go to: www.SharpHomesOnline.com. Sharp Realty. #01245186