Pocket listing - Exclusive Listing

A pocket listing is a real estate industry term used in US to denote a property where a broker holds a signed listing agreement (contract) with the seller, whether to be an Exclusive Right to Sell or Exclusive Agency agreement or contract, but where it is never advertised nor entered in a multiple listing system (MLS) or where advertising is limited for a agreed time. In Canada, this is referred to as an Exclusive Listing.

Multiple Listing Service (MLS) (also Multiple Listing System or Multiple Listings Service) is a database to allow real estate brokers representing sellers under a listing contract to widely share information about properties with real estate brokers who may represent potential buyers or wish to cooperate with a seller's broker in finding a buyer for property. The MLS combines the listings of all available properties represented by brokers who are both members of that MLS system and of NAR or CREA, (the National Association of Realtors in the US or the Canadian Real Estate Association).

Pocket listings are not Open Listings. An open listing is an Agreement between a seller and broker whereby property is available for sale by a real estate professional who can advertise, show, or negotiate a sale, and whoever brings an acceptable offer would receive compensation.

Many full time agents have knowledge of pocket listings in their office or in offices of their own company. While many MLS systems may limit the type of listing by requiring execution of a written notice relative to the benefits of MLS publicity, they may encourage members to refrain from taking pocket listings. There are some companies which list property as pocket listings for a short time before entering it into their MLS. With the written agreement of the seller, this would allow the company to try to obtain both the listing side and the selling side of commission, an industry term known as both sides of the transaction.

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