Properties omitted from the MLS could greatly reduce the pool of potential buyers and very likely the ultimate sales price. So why the fuss over them? Many agents argue that they should rarely, if ever, be used because they are not in the best interest of sellers. While there do not appear to be reliable statistics on the practice, pocket sales generally flourish in hot markets where inventory is in short supply, a common condition in markets across the country. Often they are identified as “Coming Soon” properties. The ways these properties can be marketed instead run the gamut: listings on the agent’s website or a broker’s website other, non-MLS real estate listing sites signs on the property and informal communications between agents. This keeps the property off the open market for at least a limited amount of time-for better or worse. Pocket sales are sales of properties through agent marketing strategies instead of or prior to listing them on the MLS. But when I have a ‘special’ house (i.e., ideal neighborhood, price and condition), it has been a successful strategy.” Every house isn’t right for this marketing technique. “In a market like the one we are in now, with low inventory, it’s a valuable tool. “I do have pocket listings, and believe they can be a great way to increase urgency,” counters Kathleen Novak, CRS, an agent at Howard Hanna Real Estate in Aurora, Ohio. Judd says she tries very hard not to engage in pocket sales.
“I truly believe that it will take only one good lawsuit from a seller who learns that he or she may have gotten more dollars or better terms on the ‘open’ market to make selling agents who use this practice regret it,” says Janet Judd, CRS, a REALTOR ® at the St. These properties, kept off the MLS and in an agent’s pocket, are both loved and loathed by CRSs. Nothing seems to get REALTORS ® heated these days quite like pocket listings. What happens when a home appears on the market but stays invisible to the MLS as a pocket listing? Controversy, for one thing.
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