\n<\/p>\n
Pocket listings are not illegal, but the National Association of Realtors (NAR) \u2014 the largest trade organization in the country \u2014 does have a policy on how its nearly 1.5 million Realtor\u00ae members<\/a> can accommodate off-market listings if a seller requests one.<\/p>\n In November 2019, the NAR adopted the Clear Cooperation Policy (CCP)<\/a>, which directly impacts pocket listings. Under NAR\u2019s pocket listing policy, which took effect on January 1, 2020, listing agents and brokers must submit a listing to the MLS within one day of marketing a property to the public. That includes any promotion or advertisement, such as flyers, yard signs, or brokerage website displays.<\/p>\n NAR\u2019s Board of Directors adopted this policy to avoid \u201cmisuse of various limited exposure marketing tactics<\/a>\u201d with such listings. The MLS requirement is intended to encourage cooperation among agents for the benefit of the consumer.<\/p>\n The policy is also aimed at curbing pocket listings that would be in the self-interest of the real estate agent alone. Pocket listings, in addition to reducing visibility of the property, can make it more likely that an agent would represent both buyer and seller<\/span><\/a>, increasing their <\/span>commission<\/span><\/a> cut.<\/span><\/p>\n Say Beyonce and Jay-Z are selling their $88 million mega-mansion in Bel Air<\/a>. If these celebs treated their real estate listing like everyone else\u2019s, they\u2019d end up fielding a lot of financially unqualified and starstruck looky-loos who just want to wander their crib and take selfies.<\/p>\n But it\u2019s not just the rich and famous who might want this privacy. Think about prosecutors or judges who try tough cases, politicians, or other public figures who want to remain anonymous in their personal lives.<\/p>\n Wilcox, who is a team leader in her office, said one of her agents recently withheld a listing from the MLS because the sellers owned a daycare business. They were concerned that parents who knew publicly that their house was for sale would worry they were leaving the area and would take their business elsewhere.<\/p>\n In any of these situations, a seller might opt for a pocket listing. So, how does that work under NAR\u2019s policy?<\/p>\n In the case of a pocket listing, a seller must first express to their agent that they do not want the listing disseminated by the MLS. The agent must then still file that listing with the organization and include a signed certification from the seller indicating that they are refusing MLS services.<\/p>\n The listing is then considered an \u201coffice exclusive,\u201d which is an exception to the Clear Cooperation Policy. The listing agent can share information about the listing with members of the brokerage and through one-to-one promotion between these members and their clients who may be interested in the pocket listing. Agents and brokers who go against NAR policy may face fines.<\/p>\n You\u2019re just marketing to a much smaller community of people. It\u2019s really narrowing your buyer pool, and you\u2019re less apt to get top dollar for your property than people seem to be getting these days. You\u2019re probably leaving money on the table.<\/em><\/p>\n<\/blockquote>\n Though often used interchangeably, these terms refer to distinct listing types:<\/p>\n In recent years, pocket listings have drawn both scrutiny and strategic interest. Following the initial introduction of the Clear Cooperation Policy in 2020, NAR announced in March 2025<\/a> that, \u201cafter months of deliberation and input from a wide range of stakeholders,\u201d there will be a new MLS policy statement working alongside the Clear Cooperation Policy \u201cto give brokers the flexibility to meet the needs of selling clients while also supporting fair housing by providing buyers and their agents with equal access to MLS property information.\u201d<\/p>\n The Multiple Listing Options for Sellers policy statement introduces a new listing category called \u201cdelayed marketing exempt listings.\u201d According to NAR\u2019s statement, these listings are filed with the MLS and can be accessed by other MLS participants and subscribers to share with their clients and consumers. However, the MLS and other participants and subscribers will delay the display and marketing of the listing to the public. There is no limit to the length of the delayed marketing window.<\/p>\n In April 2025, Zillow banned private listings, effective <\/span>May 1, 2025<\/span><\/a>. <\/span>Zillow\u2019s listing access standards<\/span><\/a> state that:\u00a0<\/span><\/p>\n In March 2026, Zillow also announced <\/span>Zillow Preview<\/span><\/a>. According to Zillow\u2019s website, \u201cZillow Preview is a new way to bring pre-market listings to the broad market by making them publicly visible rather than limited to closed systems or hidden in private networks where public access is gated by the listing brokerage or buyers have to obligate themselves to an agent from a specific brokerage just to know the full breadth of inventory available.\u201d\u00a0<\/span><\/p>\n Zillow Preview listings will have a clear label and will be viewable by users of both Zillow and Zillow-owned Trulia.\u00a0<\/span><\/p>\n \u201cHome buyers shouldn\u2019t be forced to hire an agent from a specific brokerage just to see the full breadth of what\u2019s for sale,\u201d states Zillow Chief Executive Officer Jeremy Wacksman.\u00a0<\/span><\/p>\n Redfin and Compass International Holdings (CIH) <\/span>announced their partnership<\/span><\/a> in February 2026, which widened the options for their network of real estate professionals regarding how homes would be displayed on their platforms. According to Redfin\u2019s website, listings can be posted \u201cwith no days on market, no price history, and no home valuation estimates,\u201d as the two companies believe sellers should have more flexibility in how their home is introduced to the market. The aim of the partnership is to bring more homes online, giving buyers more inventory and agents more opportunities. Their partnership complies with MLS rules and is not considered a pocket listing, as it is publicly marketed and displayed on Redfin.com, Compass.com, and Anywhere Real Estate \u2014 another platform under CIH \u2014 down the line.\u00a0<\/span><\/p>\n In April 2025, <\/span>Redfin<\/span><\/a> announced a ban on pocket listings, which was supposed to take effect in September but was <\/span>paused in October 2025<\/span><\/a>. The company clarified in their partnership announcement that their perspective on exclusive listings has \u201c<\/span>evolved<\/span><\/a> through direct experience representing sellers and buyers.\u201d\u00a0\u00a0<\/span><\/p>\n An early\u00a0 2025 study from Bright MLS says <\/span>nearly 90% of office exclusives<\/span><\/a> transition to standard MLS listings before being sold, and that there is no price advantage to listing a house as an office exclusive. The study also said pre-marketed office exclusive listings tend to take longer to sell.<\/span><\/p>\n Much like advertising a job opening, the more people who know your property is for sale, the better. These are some of the risks when you list off-market:<\/p>\n Staying off the MLS keeps thousands of agents and their clients from viewing your property and making an offer.<\/p>\n \u201cYou\u2019re just marketing to a much smaller community of people,\u201d Wilcox says. \u201cIt\u2019s really narrowing your buyer pool, and you\u2019re less apt to get top dollar for your property than people seem to be getting these days. You\u2019re probably leaving money on the table.<\/p>\n While there\u2019s no centralized national data about homes sold that aren\u2019t marketed publicly, individual reports show that more exposure and visibility equal better prices. A study<\/a> of over 10 million transactions found that homes marketed through the MLS sell for more.<\/p>\n On average, the commission<\/a> for real estate agents nationwide is about 3%, typically calculated as a percentage of a property\u2019s sale price. For a transaction involving a listing agent and a buyer\u2019s agent, that puts the total commission on the sale at around 5% to 6%.<\/p>\n Although the seller covers the listing agent\u2019s 3% commission, which is deducted from the proceeds at closing, the listing agent does not keep the entire amount<\/a>. Typically, the listing agent shares a portion with their sponsoring broker. The buyer\u2019s agent, who receives a similar 3% commission for bringing a buyer to the table, shares a portion with their respective sponsoring broker.<\/p>\n An agent who markets a property solely to their private network may have a better chance of keeping the full 5% to 6% commission, but that also might compromise their ability to negotiate on a seller\u2019s behalf.<\/p>\n Pocket listings, by nature, limit visibility. But this limited access can have broader consequences, particularly in relation to housing equity. Critics argue that when listings are not made public, it reduces the ability of historically marginalized or underrepresented groups to compete in the marketplace.<\/p>\n NAR says it enacted the Clear Cooperation Policy in part to provide equal access to all available properties<\/a>, which promotes fair housing, as required by the Fair Housing Act of 1968<\/a>.<\/p>\n Fair housing advocates have warned that pocket listings may reinforce systemic biases in real estate by privileging insider networks. Sellers should consider whether restricting exposure is worth the potential for fewer offers \u2014 and whether it aligns with inclusive market practices. Buyers, especially first-time or minority buyers, may also face greater challenges in gaining access to these listings.<\/p>\n Personal and private marketing can create racial barriers in the housing market, say researchers such as University of New Mexico sociologist Elizabeth Korver-Glenn, author of Race Brokers: Housing Markets and Segregation in 21st Century Urban America<\/a> <\/em>(Oxford University Press, 2021).<\/p>\n The transparency of shared data is a valuable resource for pricing homes. Lesley Walker, former deputy general counsel at the NAR, has said that keeping listings off the MLS \u201climits the available information about the market and makes it difficult for other agents, buyers, and sellers to determine values of nearby properties, and for appraisers trying to determine the current market value of a particular property.\u201d<\/p>\n Privacy is a top reason why Wilcox and other agents say sellers ask about off-market, exclusive, or pocket listings.<\/p>\n Some sellers have changing family or financial circumstances, health issues, or own valuables such as art or antique furnishings that they don\u2019t want someone scoping out online.<\/p>\n Others may express \u201clegitimate concerns\u201d about privacy or legal issues when selling property, such as having a restraining order against someone or going through bankruptcy proceedings.<\/p>\nUnderstanding the MLS Clear Cooperation Policy<\/h3>\n
Are there exceptions?<\/h3>\n
What\u2019s a \u2018by the book\u2019 pocket listing?<\/h3>\n
\n
Pocket listings vs. private listings vs. office exclusives<\/h2>\n
\n
Recent updates on pocket listings<\/h2>\n
NAR\u2019s Multiple Listing Options for Sellers<\/h3>\n
Zillow\u2019s Listing Access Standards<\/b><\/h3>\n
\n
\n
Redfin and Compass partnership<\/b><\/h3>\n
Why pocket listings are usually inadvisable<\/h2>\n
Limited visibility and reach for the property<\/h3>\n
Possibility of underselling<\/h3>\n
May encourage dual agency<\/h3>\n
Potential for fair housing violations<\/h3>\n
Skews local market data<\/h3>\n
Does a pocket listing ever work to sell your home?<\/h2>\n