What Is a Pocket Listing? Pros, Cons, and Legal Rules

A pocket listing is a home for sale that isn’t listed publicly. Think of it as an off-market sale that happens through the agent's personal network instead of the open market.

These deals used to be common, but new industry rules implemented in 2020 have dramatically changed how they work. Yet sellers still ask about them, especially for luxury properties, celebrity homes, or situations requiring discretion.

In this article, we’ll break down how pocket listings really work, why some sellers and buyers want them, the pros and cons, what’s legal (and what’s not), and when a private home sale might actually make sense.

Are pocket listings still allowed? 

Yes, pocket listings are still allowed throughout the U.S. but with limits. They’re now tightly regulated under the Clear Cooperation Policy (CCP) from the National Association of Realtors.[1] The rule says that once a home is publicly marketed, it must be submitted to the MLS within one business day.

Public marketing is the trigger. That includes yard signs, social media posts, email blasts, flyers, or even sharing the listing on a public website. If none of that happens, a seller can still privately sell the property.

What is a pocket listing? (and what people mean by it today) 

Traditionally, a pocket listing in real estate meant a property that never appeared on the multiple listing service (MLS), a database that real estate agents and brokers use to share information about properties for sale. The agent should “keep the home in their pocket” and share it only with a small, private network of buyers.

Today, the term is used more loosely. People often use “pocket listing” to describe off-market, private, whisper, or office-exclusive listings, even when some marketing still happens. That’s one reason why the guidelines for pocket listings can be confusing.

Under modern rules, there’s a big difference between private marketing and no MLS exposure at all. True pocket listings involve zero public promotion. Once a listing is shared publicly, it’s no longer truly pocketed. So when someone says “pocket listing” today, they may mean very different things depending on how the property is actually marketed.

How pocket listings actually work today

Most pocket listings fall into one of these three models.

Office-exclusive (exempt) listings

This is the most common legal pocket listing today, especially for sellers who value privacy. The seller signs a written exemption allowing the agent to market the home only within their brokerage. There’s no public advertising or MLS exposure.

Delayed marketing listings

Here, the agent files the home with MLS but doesn't syndicate to Zillow, Realtor.com, or other public sites for a specific period of time. The delay could be a few days or weeks, depending on the MLS. Sellers use this period to gauge interest before advertising it publicly.

True off-market sales

This involves no MLS exposure at all. While true off-market sales are legal, they often carry a higher risk of fewer offers and a lower sale price.

Why sellers choose pocket listings 

Sellers choose to go with a pocket listing for various reasons. Here are some of the most common.

Privacy and security

High-profile individuals, celebrities, people going through divorce, or anyone uncomfortable with public listings prefer keeping their home off public websites. A pocket listing limits foot traffic from people scheduling tours with no intention to buy and keeps personal details off public sites.

Tenant-occupied or sensitive situation

Coordinating showings with tenants or family members can be complicated. Selling the property privately reduces such disruptions.

Already have an interested buyer

If someone has expressed genuine interest in buying a home, then there’s no need to list the property on public sites. This can be a neighbor, a family member, or someone the agent knows is actively looking.

Testing price before full exposure

Some sellers want to gauge interest at a specific price point before listing the property publicly.

Pros and cons of pocket listings for sellers

Sellers will find both advantages and disadvantages to pocket listings.

Privacy and control of listing information is one of the biggest advantages. Your home stays off public websites, and can control who sees it and when. Fewer showings also mean fewer disruptions, especially if you live in the home, have tenants, or simply don't want strangers touring your space weekly.

Pocket listings also avoid a public “days on market” clock, which some sellers worry can weaken their negotiating position if a home sits too long.

On the flip side, not listing the property publicly means less exposure, which can lead to lower offers. Without multiple interested parties, you could lose out on a bidding war, which drives prices up in traditional sales. And comparable sales data becomes harder to justify without MLS exposure, potentially causing financing issues for your buyer.

Keep in mind that homes sold off-MLS often net less than those listed on MLS, according to Zillow.

Pros and cons for buyers

Pocket listings also can have both pros and cons for buyers. You get to see properties before they hit the general market, potentially helping you find your dream home without competing against dozens of other offers. And because fewer buyers are involved, it sometimes means less bidding competition, making negotiations calmer.

That said, off-market properties represent a tiny fraction of available homes in the public market. Relying on them alone can limit your listings. Without MLS exposure for comparable sales data, it’s harder to know whether the price reflects true market value. You may end up paying more than you’d in an open market.

Pocket listing rules, Clear Cooperation, and what changed in 2025

The biggest rule governing pocket listings is the Clear Cooperation Policy. It states that once a property is publicly marketed, it must be submitted to the MLS within one business day.

Any promotion visible beyond a private, internal audience counts as public marketing, such as yard signs, social media posts, email blasts, flyers, and broker websites. This means the listing can’t stay off the MLS.

However, there’s an exemption for office-exclusive listings. Sellers can sign a written exemption allowing the agent to share the home only within their brokerage, with no public advertising at all.

Many MLS today offer delayed marketing options, letting listings be filed with the MLS while temporarily limiting public syndication.

All these rules exist for transparency and fairness, ensuring all buyers have equal access to available properties and preventing agents from manipulating inventory to benefit select clients.

Are pocket listings legal, and are they fair?

Pocket listings are legal. However, legal isn’t the same as compliant. A listing might be allowed under the law yet still violate MLS or brokerage rules if it’s publicly marketed without being entered into the MLS on time.

Fair Housing and equity concerns are a big reason why NAR tightened the rules. When homes are marketed privately, fewer buyers see them, which can unintentionally limit access and opportunity.

At the same time, privacy is a real and valid concern for many sellers. Some situations call for discretion, so the new rules create balance by still accommodating pocket listings in specific circumstances.

Conflicts of interest and dual agency risks

Pocket listings can increase the risk of dual agency, where the same agent represents both the buyer and the seller. This happens more frequently because the listing is shared within a limited network, sometimes inside a single brokerage, although dual agency is not legal or heavily restricted in some states (Alaska, Colorado, Florida, Kansas, Maryland, Oklahoma, Texas, Vermont, and Wyoming).

Even with the best intentions, an agent can't fully advocate for both parties' interests simultaneously. If you're purchasing an off-market property, strongly consider hiring your own buyer's agent rather than working directly with the listing agent. Separate representation protects your interests and ensures you get the best deal.

Should you use a pocket listing? A quick decision guide

If you’re wondering whether to use pocket listing or not, these scenarios will help you make an informed decision:

• Maximum sale price: The MLS exposure works best if you want to sell your home for top dollar. More buyers create more competition, which often pushes prices higher.
• Privacy is a concern: If privacy is a major concern, consider delayed marketing or an office-exclusive listing with a signed exemption.
• You already have a serious buyer: Proceed carefully. Get a professional appraisal or broker price opinion first to ensure their offer reflects true market value.
• Market conditions matter: In a hot market, limited exposure can mean leaving money on the table. In slow markets, restricting your buyer pool could mean low offers and not getting a buyer sooner.

How buyers actually find pocket listings

Most buyers find pocket listings in either one of these ways:

• Working with connected agents: The best way to access off-market properties is to hire an agent with deep local networks and relationships with other agents who might know about upcoming listings.
• Brokerage networks: Large brokerages with office-exclusive listings share these properties internally. It depends on who you’re working with and how well connected they are.
• “Coming soon” listings: These appear in MLS systems (agents can see them) but haven't been syndicated to public sites yet. They’re not true pocket listings, just delayed.

Even with these options, many buyers won’t see pocket listings because inventory is extremely thin, and if you find some, their pricing often doesn't reflect the limited exposure.

How an experienced agent helps 

An experienced agent helps you navigate what’s allowed and what’s not so you don’t accidentally violate MLS rules or limit your options without realizing it.

For sellers: A knowledgeable agent navigates Clear Cooperation compliance, helps you weigh privacy needs against pricing strategy, and structures office-exclusive or delayed-marketing approaches that protect your interests without violating industry rules.

For buyers: Connected agents access off-market opportunities through their professional networks while protecting you from dual-agency pitfalls and overpriced properties lacking market validation.

Clever Real Estate matches you with top-rated local agents who understand pocket listing rules and can evaluate whether limited exposure makes sense for your situation.

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