E030: Is a pocket listing the best option for you?

On this episode of the Selling St. Pete Podcast, I'm joined by Susan Vaughn a fellow real estate advisor with me at Coastal Properties Group, Christie's International Real Estate and today's topic is pocket listings.

Our definition of pocket listing is:  a property where a broker holds a signed listing agreement with the seller, whether that be an Exclusive Right to sell or Exclusive agency" but which is never advertised publicly or published to multiple listing service (MLS) members.

It's important to note that a pocket listing is not the same as a For Sale By Owner - also known as a FSBO.  In the case of a pocket listing, the sellers are still working with a listing agent, they simply want their property to be marketed in a different manner.

In November 2019, the National Association of Realtors voted in support of a new "Clear Cooperation" policy mandating how properties are marketed to the public, essentially ending the practice of "coming soon"  The policy states:

"Within one business day of marketing a property to the public, the listing broker must submit the listing to the MLS for cooperation with other MLS participants.  Public marketing includes, but is not limited to, flyers displayed in windows, yard signs, digital marketing on public-facing websites, brokerage website displays, digital communications marketing, multi-brokerage listing sharing networks, and applications available to the general public).  

Additionally, we talk through the pros and cons of pocket listings and why sellers and buyers may choose to utilize or pursue pocket listings.

We also referenced National Association of Realtor's  Code of Ethics