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Key takeaways
- A pocket listing is a home for sale that isn’t publicly listed on the multiple listing service (MLS).
- Sellers can work with agents to let them know they prefer to keep their home quiet and only make it available to serious buyers.
- Some agents love pocket listings and will happily help sellers keep their homes under the radar, while some members of the real estate industry — like Redfin and Zillow — have taken steps to reduce pocket listing activity.
What is a pocket listing in real estate?
A pocket listing — also commonly referred to as an exclusive or off-market listing — isn’t included in the MLS, as most sale listings are. That means that other agents and brokers don’t see the listing, nor do any prospective buyers. Instead, the seller quietly keeps the property “in their pocket” — hence the name.
It’s tough to get an accurate picture of just how common pocket listings are due to their secretive nature, but research from Zillow shows that 44 percent of agents have listed a home on a private listing network — the equivalent of a pocket listing — in the last six months.
How pocket listings work
When a homeowner wants to quietly find a buyer for their home, they typically tell a real estate agent that they aren’t interested in making the listing public. In some cases, the seller might not be in a rush; instead, they’ll simply tell the agent to only come to them if they have a buyer who feels like an ideal fit for the property.
In other cases, the agent might host a broker’s open house and spread the word around his or her network that the seller is open to offers. Either way, the general public won’t receive news about the listing.
When to consider a pocket listing
Pocket listings come with a big drawback: A seller isn’t going to be able to attract a large crowd of buyers if the home is hidden. And lower competition typically means a lower price. Still, there are a few situations where it might make sense for a seller to keep their listing quiet.
You already have a buyer
Let’s say you’re thinking of selling your home and a family member or friend has expressed interest in buying it. In this scenario, you have a buyer lined up already, and you just need an agent to handle the transaction. So, it might not make sense to list your home on the MLS and go through the hassle of fielding inquiries from other buyers. A pocket listing here actually simplifies the process.
Keep in mind that with a pocket listing, if your pre-arranged deal falls through, you’re back at square one. Whereas with a listing on the MLS, you could have several other interested parties waiting in the wings just in case.
You’re concerned about privacy
Once a home is listed on the MLS, that listing is available for anyone to see. If you prefer anonymity — a common occurrence for celebrities and other public figures — a pocket listing provides that.
You want to test the waters
Another reason someone might choose a pocket listing is to get an idea of how much buyers are willing to pay for the home. If you start out on the MLS with an asking price that’s too high, you might be forced to reduce it — and that becomes public record.
A property that sits on the market gathering dust can be a red flag for buyers, who might wonder if there is something wrong with it. By keeping it as a pocket listing, you can avoid giving potential buyers the impression that no one is willing to pay the price you’re asking, which can help avoid the humbling act of lowering your asking price.
Pocket listing pros and cons
As with any decision related to selling your home, it’s important to consider both the benefits and drawbacks of a pocket listing.
Pros
- Provides privacy for both parties in the transaction
- Allows for a smooth sale if you have a buyer already lined up
- Can give you a better idea of a reasonable price, avoiding the possible need to lower your asking price later
Cons
- Limits competition and bidding wars between potential buyers, which might lead to a lower sale price
- Difficult to promote without the MLS, and therefore can take much longer to sell
- Likely won’t have other interested buyers to fall back on if the deal falls through
What sellers should know about pocket listings today
Some of the biggest names in real estate are taking steps to limit pocket listings. For instance, Zillow and Redfin have both announced that they will no longer publish listings that haven’t been placed on the MLS.
However, that doesn’t mean sellers can’t opt for private listings, nor does it mean buyers and borrowers can’t get an early jump on a sale. Compass, for example, operates a private directory that only makes listings available to other Compass agents and their buyers prior to any public promotion.
In addition, the National Association of Realtors (NAR) — the industry’s biggest trade group — made a major change in March 2025 to allow for delayed marketing, which gives sellers the right to instruct their agents to delay the syndication of their listing on other platforms (like Zillow and Redfin) for a period of time; the listing will still be made available on the MLS during the delay period. This is a turnaround from the group’s former aim to avoid pocket listings via its Clear Cooperation Policy.
Learn more: How much money do you keep from a home sale?
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