Mayday Mayday - Pocket Listings Have Gone Away !
Updated: May 6, 2020
The National Association of Realtors has banned the ability to list a property as a pocket listings as of May 1st. What does this mean?!
WHAT IS A POCKET LISTING?
A pocket listing is any type of real estate listing that is retained by a listing broker or agent who does not make the listing available on the multiple listing service (MLS). If an owner does not want their house to be publicly marketed or a lot of traffic going through their house - a pocket listing is ideal. However, you do not get the benefit of maximum exposure if one's house is listed as a pocket.
THE NEW RULE
“Within one business day of marketing a property to the public, the listing broker must submit the listing to the MLS for cooperation with other MLS participants. Public marketing includes, but is not limited to, flyers displayed in windows yard signs, digital marketing on public-facing websites, brokerage website displays, digital communications marketing, multi-brokerage listing sharing networks, and applications available to the general public.”
Just because we will no longer be marketing homes as "pocket listings" it doesn't mean we don't have the inside scoop. We’re always hearing of properties that come up days before they hit the market, so don’t hesitate to reach out to find out what’s coming up!