Out Of Pocket Listings

Written by Posted On Thursday, 14 November 2013 11:27

When something's in your pocket, it's in your possession - handy yet out of sight from others.

And that's a good description of a pocket listing. Pocket listings are homes that are available for sale through a broker who has not yet listed the home in the local Multiple Listing Service (MLS.) They stay in the "pocket" of the broker who may share the news that the home is for sale with certain colleagues or select qualified buyers.

Some sellers don't want the interruptions that come with having their homes on the open market. The seller and real estate broker enter a non-binding verbal agreement that if the broker should find a buyer for the home, the seller will then "list" the home with the broker and agree to let the broker facilitate the sale for both the buyer and seller.

That's a strategy that only works for sellers who aren't in a hurry and are willing to risk selling in such a narrow market.

The rules of cooperation between real estate brokers are strict. If a broker is a member of an MLS, he or she is obligated to put new listings into the listing cooperative for other brokers to share. This provides a fair market to both buyers and sellers.

Pocket listings can benefit some sellers who may want to work with their brokers on sales strategy, but need extra time before actually putting their homes on the market. They may be waiting for repairs and touchups to be completed or for the school semester to end .

Buyers who are getting to see the home early don't mind that it isn't market-ready. They're happy to get the chance to make an offer on a home that no one else knows is for sale.

Depending on local MLS rules, brokers typically have between 24 and 48 hours to put a new listing into the MLS.

This is from the time they sign the listing agreement with the seller to the time the listing is entered into the MLS database. For that brief period, the broker has the listing in her "pocket" and can contact buyers and close colleagues about the home.

Your REALTOR® can explain the rules for pocket listings in your area.

Also See: Hip Pockets 101...or the Good, the Bad, and the Ugly!

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