Has your realtor ever use the term pocket listing? It’s a term that real estate professionals throw around — along with MLS, HUD, and pending — terms the general public may not be familiar with.
We like empowering buyers and sellers, so here’s a quick, easy definition of a pocket listing.
WHAT'S A POCKET LISTING
Pocket listing means that a real estate broker has a signed listing agreement/contract with a seller, but does not necessarily advertise or enter it into a multiple listing system (MLS), or where advertising is limited for an agreed period of time. A pocket listing may also simply refer to the short time between when a listing is secured by the sellers' agent and the time it appears on the MLS.
BENEFITS TO A POCKET LISTING
BUYERS: Viewing a pocket listing is usually an exclusive opportunity. You're given access to a property that isn't shown to the general public -- or you get to see it before it hits the regular market -- and may allow you to make an offer under less competitive circumstances.
SELLERS: Selling your home as a pocket listing allows for privacy/discretion. It may also provide additional time to get your home ready for the market. For example, if you need to make repairs, have the property cleaned, or need to paint, marketing the home as a pocket listing may allow you an extra few weeks to complete these tasks.