fsbo
Pocket Listing
A property marketed privately by an agent or owner without being entered into the MLS, limiting exposure to a chosen network.
In depth
A pocket listing is a property kept off the MLS, marketed quietly to specific buyers or networks. Sellers may use pocket listings for privacy, to test the market, or to control showings. Misconception: pocket listings are not always seller-friendly; they often produce lower prices because they reduce competition. NAR's Clear Cooperation Policy now restricts pocket listings within MLS-affiliated brokerages, requiring listings to be submitted to the MLS within one business day of public marketing. Practically, FSBO sellers can effectively run their own pocket listings since they are not bound by NAR rules. However, they should weigh the trade-off between privacy and price discovery. Off-market deals are common in seller-finance investor circles, where buyers and sellers know each other directly.
Related terms
Educational content only. Definitions reflect typical usage in US owner-finance and FSBO transactions; statutes and case law vary by state. Consult a licensed real-estate attorney for fact-specific guidance.