In these instances, agents must have the seller sign an MLS opt-out form evidencing the seller’s direction not to have the property placed on the MLS. Of course, sellers can always elect not to have their property included in the MLS.
Failure to do so violates MLS rules, garnering the agent significant penalty and fines. MLS rules commonly require agents to place listings on the MLS within two days of receiving a signed agreement. Instead, the agent markets the property through informal networks or new online platforms. Pocket listings can be legal, but agents must proceed cautiously and consider the related risk management concerns they pose.Ī pocket listing, off-MLS, or “office exclusive” listing as it is sometimes called, generally refers to a listing in which an agent has a listing agreement and the seller does not authorize the placement of the listing on the MLS. However, markets across the United States are dealing with this issue more often lately as real estate recovers and demand outpaces supply. Lower inventory has created a surge in pocket listings, especially in markets such as Northern California, where as much as 30 percent of all listings are believed to be pocket listings. By now pocket listings are a concept most real estate professionals are familiar with, and in some circles they have become something of a dirty word.
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