A pocket listing, also known as an off-market or whisper listing, is a property that’s for sale but not advertised on a Multiple Listing Service (MLS). It is, instead, marketed privately by the listing agent to a select pool of potential buyers, often via direct outreach or exclusive networks. The approach is usually done to maintain privacy, create exclusivity, or test pricing.

TL;DR:

  • What is a pocket listing? It is a property that is being sold but is not publicly listed on the MLS.
    • Think of it like a famous artist’s concert. Before tickets (properties) are sold to the public, a few VIPs (buyers) and industry insiders (agents or brokerages) get first dibs.
  • How does it work? A seller signs a listing agreement with just one agent or brokerage, giving them the exclusive right to sell the property, specifically without listing it on the MLS.
    • It’s like an exclusive record deal with a producer (agent or broker). If a talent (seller) wants to release an album (property) but prefers for it not to be distributed via public channels (MLS), they sign a deal to record, market, and sell it privately to a handpicked network of insiders or collectors (buyers or investors); no Spotify or Apple Music.
  • Is it legal? Yes, if you’re not a National Association of Realtors (NAR) member; no, if you’re a Realtor.
  • Pros: Privacy, targeted marketing, and prestige
  • Cons: Limited exposure, reduced competition, and fair housing concerns

In this guide, we’ll walk you through the legal and compliance landscape, the differences between a pocket listing and a standard listing, and why you may want a pocket listing (be it as an agent, a seller, or a buyer). We also list alternatives in case you decide pocket listings aren’t for you.

How a pocket listing works

In a pocket listing, the property is kept off the MLS and marketed privately by the agent or brokerage, who selectively shares it with their trusted buyers or brokers. Doing so guides the sale through a quieter, more controlled process.

Step 1: The property is listed privately.

The seller and agent agree to market the property privately and keep the sale off-market in lieu of entering it into the MLS. That may be done due to privacy, control, or strategic reasons.

  • The seller signs a listing agreement with a single agent or brokerage.
  • The agent is prohibited from marketing the property publicly on the MLS and other typical advertising channels, such as brokerage and real estate websites, email campaigns, social media ads, and yard signs.

Step 2: The agent promotes the property discreetly.

The listing agent will do the following:

  • Share the property with their personal network of buyers and agents
  • Reach out to prequalified buyers directly
  • Use broker-to-broker communication and private listing platforms, such as broker-only networks (e.g., Top Agent Network, ThePLS.com, and Compass Private Exclusives).

Step 3: The agent handles showings and offers privately.

Showings with select buyers and brokers are handled in private. Compared with a public listing, offers, if any, are often fewer, and negotiations are swifter and more confidential.

Step 4: The closing follows standard procedure.

Once the seller accepts an offer, the transaction proceeds like any other real estate sale.

It’s worth noting that the real estate terms “pocket listing” and “private real estate listing” are often used interchangeably. However, private listings can include any listing with privacy elements, such as an unpublished listing or a for-sale-by-owner (FSBO) property.

Is a pocket listing legal? As of this writing, yes, holding a pocket listing is technically legal in all 50 states. No specific laws prohibit a real estate agent from representing a seller when a listing is kept off the MLS.

However, the NAR threw a wrench in the pocket listing game in November 2019, effectively banning it for all its members, known as Realtors.

  • NAR, the largest trade organization in the country with nearly 1.5 million members in the US, effectively voted to ban pocket listings starting in May 2020.
  • NAR’s MLS Clear Cooperation Policy requires NAR members to post listings to their local MLS within one business day of marketing the property to the public.
  • Public marketing includes everything from flyers in windows and yard signs to digital marketing on websites, email blasts, and even social media posts.

There is one thing to note. The Clear Cooperation Policy does have an “office exclusive” exception, seen in Section 1.3 Exempt Listings.

  • That means if a seller asks that their listing only be marketed within the listing broker’s firm or among the brokers and licensees affiliated with that brokerage, it can stay off the MLS.
  • However, the listing must be filed with the MLS, accompanied by a certification signed by the seller, stating they don’t want the listing shared on the MLS.

So, while keeping a pocket listing isn’t illegal, Realtors who don’t follow NAR’s rules could face warnings or fines from their local Realtor association. And since Realtors make up a big chunk of the real estate industry, this policy change is a pretty big deal.

Check with your state’s real estate commission for the most up-to-date information on the legality and regulations surrounding a pocket listing.

The ethics question

While a pocket listing is not illegal, which is why some defend it ethically since there are sellers who want or need discretion due to personal or security concerns, others argue it’s not always ethical. In fact, Zillow announced that, effective May 2025, it has also banned pocket listings on its platform, implementing the NAR Clear Cooperation Policy.

Can pocket listings violate fair housing laws? Yes, it can potentially violate fair housing laws, even unintentionally, depending on how it is marketed and to whom it is marketed. While the listing itself may be legal, discriminatory practices or outcomes tied to the way it is shared could violate the Fair Housing Act (FHAct), Title VIII of the Civil Rights Act of 1968. The federal FHAct prohibits discrimination in housing based on race, national origin, color, sex, religion, disability, and familial status. 

Here’s how a pocket listing can cross the line.

  1. Selective marketing: It may inadvertently exclude qualified buyers from protected classes since it’s shared only within a limited or non-diverse network (e.g., certain agents, brokerages, or social circles).
  2. Agent bias: If an agent chooses not to show it to specific buyers based on assumptions about race, color, religion, etc., that constitutes illegal discrimination, regardless of the seller’s or agent’s intent.
  3. Lack of transparency: Given that it bypasses the MLS, it eliminates the broad exposure that helps ensure equal access to housing opportunities. That limits oversight and can make discriminatory patterns harder to detect or prove.

How an agent can mitigate risk:

  • Market inclusively, even within private channels. Avoid exclusive networks that may not reflect a diverse buyer pool.
  • Keep documentation that shows all qualified buyers had equal opportunity.
  • Ensure you have client consent.
  • Act in compliance with state laws and Article 10 of the NAR’s Code of Ethics.

Pros & cons of a pocket listing

Pocket listings have been a hot topic in the real estate world, with strong opinions on both sides, as seen above. Some swear by them, while others think they’re unethical.

ProsCons
  • Privacy and discretion: Keeps the sale off public platforms like the MLS, offering protection for high-profile clients or sensitive situations.
  • Lack of transparency: Doesn't offer public listing data, making it harder to evaluate market value, comparable sales, and days on market (DOM).
  • Prestige and exclusivity: Creates a sense of rarity and VIP access, which can be appealing to luxury buyers and high-end sellers.
  • Limited exposure: May reduce interest, offers, and even the sale price, as the property lacks MLS visibility, resulting in fewer potential buyers.
  • Less pressure: Allows for more relaxed negotiations and decision-making since there's no visible DOM given the lack of public exposure.
  • Potential for dual agency conflict: Allows for one agent to represent both the buyer and the seller, which requires extra care in negotiation and disclosure.
  • Stronger agent–client relationship: Enables agents to offer tailored, trust-based services, which may turn into more referrals and repeat clients.
  • Fair housing risks: May raise ethical and legal concerns, given that restricted marketing may inadvertently exclude certain groups.
  • No bidding wars: Reduces the chaos of competing offers and eliminates rushed decisions that often come with multiple-offer situations.
  • Not for slow markets: Comes with limited exposure, which can backfire when demand is low, as that leads to a longer time to sell or reduced urgency.

Ultimately, whether or not to use a pocket listing depends on the specific situation and the client’s needs. An agent’s job is to weigh the benefits and drawbacks and advise clients on the best course of action. And if the pocket listing route is taken, it’s crucial to ensure it’s done for the right reasons and not just to increase commissions by double-ending a deal.

Off-market or on-display? Pocket listing vs standard listing

When it comes to selling a property, there are two main types of listings: standard and pocket. The primary difference between the two lies in how widely the property is marketed and the level of privacy offered.

Pocket listing
Standard listing
Common use case
Privacy-sensitive sellers, luxury properties, and price testing
Those wanting to maximize exposure and competition
MLS exposure
Marketing strategy
Private; selective outreach
Public; wide-reaching advertising
Typical marketing channels
Direct outreach and private listing services
MLS, Zillow, social media, signages, and open houses
Privacy level
High
Low
Buyer pool
Limited; typically agent's network or private platforms
Broad; agents, public buyers, websites, and more
Control over sale
High; seller and agent control who sees it
Moderate; open to all qualified buyers
Compliance rules
Follow Clear Cooperation Policy if affiliated with NAR
Be fully compliant with MLS and NAR guidelines
Ave. sale price[1]
~$5,000 lower than baseline
Baseline
Closing rate[1]
2%
96.67%
DOM[2]
37
20

According to a study by Bright MLS[2], around 90% of pocket listings sold only after they were converted to standard listings.

Reasons you would want a pocket listing

Pocket listings might seem like an odd choice, but there are actually some pretty compelling reasons why someone might opt for this approach.

  • Have tighter control over the transaction: In contrast to a standard listing, a pocket listing allows agents to control the showings, buyer pool, and offer timing. They can also manage pricing and the narrative without market pressure, such as the DOM countdown. More importantly, they can protect their seller from lowball offers and their buyer from bidding wars, escalating prices, and more.
  • Build an exclusive brand: Agents with a listing in their hip pocket are often perceived as insiders with special inventory. That allows them to attract buyers looking to find off-market properties or “quiet” opportunities, differentiate themselves from competitors with standard MLS access, and enhance their personal brand, especially in niche or luxury markets.
  • Gain leverage in future listings: Having a pocket listing can demonstrate to sellers that the agent is trusted with high-value and sensitive transactions, can move a property efficiently, as well as discreetly, and has active buyer networks.
  • Work around unique client situations: When clients have a property that isn’t ready for a public showing due to renovations or even a current tenant in place, the agent can quietly market it during prep without starting the MLS clock or inviting premature judgment. Other situations include when a client is unsure about selling because of a divorce finalization or job offer; in this case, the agent provides a low-pressure way to start early conversations or gauge interest.
  • Test the market strategically and without commitment: Agents can test the pricing strategy before going live, gather buyer feedback to improve presentation or staging, and create a sense of urgency or scarcity before the public launch. Those may help yield stronger results when the property is listed on the MLS.

Bright MLS[2] found that there’s no price advantage to a pocket listing. It doesn’t have a higher sale price than the MLS listing of a similar home in a similar neighborhood.

  • Retain privacy: For some, the thought of their property being splashed across the internet is less than ideal. A pocket listing lets sellers keep things quiet and avoid having randoms wandering through their home just to see how they live.
  • Keep legal situations under wraps: In legal situations (e.g., divorce, pre-foreclosure, and distressed property situations), a pocket listing is a way to manage complexity quietly, reduce emotional or reputational stress, and retain greater control over timing and privacy.
  • Avoid the “stale listing” stigma: When a property sits on the MLS for too long, buyers wonder what’s wrong with it. A pocket listing enables sellers to avoid this stigma and protect their property’s reputation.
  • Find the perfect buyer: Some aren’t quite ready to commit to listing their property, but they’d consider it for the right price. A pocket listing allows their agent to play matchmaker and find that perfect buyer willing to pay top dollar for their dream home.
  • Negotiate lower commission: Savvy sellers might be able to negotiate a lower commission with their agent since a pocket listing requires less marketing and effort. It’s like getting a discount for being an “easy” client.
  • Keep things private: As with some sellers, there are buyers who value discretion. Access to a pocket listing lets them keep the purchase low-profile or at least avoid media attention or public record until after the property closes.
  • Get access to hidden inventory: Since a pocket listing is unavailable on the MLS or public websites, buyers get early or exclusive access to a property no one else knows about. That’s especially valuable for buyers with specific or hard-to-find criteria.
  • Have less competition: There’s often no bidding war or offer frenzy since a pocket listing isn’t marketed broadly. That enables buyers to negotiate without the pressure of a multiple offer situation, avoid overplaying due to inflated demand, and be more flexible on terms and timing.
  • Enjoy a smoother and quieter process: Compared with a standard listing, a pocket listing has fewer people involved. Showings are private and less rushed, and sellers may be more flexible or cooperative with motivated off-market buyers.
  • Grab the potential of a better deal: There are fewer costs around staging and prepping, which can make room for buyer-friendly terms. The more authentic condition of the property is also a bonus, as that gives buyers a more realistic and honest view. And while pricing may not always be lower, the absence of competition may lead to more favorable negotiation dynamics, such as a clean, fast close.

Winning the game: How to navigate a pocket listing

Navigating a pocket listing requires a careful balance of strategy, compliance, trust, and ethics, regardless of whether you’re an agent, a seller, or a buyer.

For agents

For sellers

For buyers

Not sold? Alternatives to a pocket listing

Apart from the standard MLS listing, there are other alternatives to consider if you decide you don’t want to take the pocket listing route.

Private exclusive listing
Exclusive agency listing
Coming soon listing
Open listing
What it is
A listing marketed privately within a brokerage's internal network
An agreement where the seller hires one agent, but seller can still sell the property independently
Are-MLS listing status allowing limited marketing while preparing property for full launch
A non-exclusive agreement allowing multiple agents to find a buyer
Best for
Sellers needing privacy or control
Sellers seeking flexibility to self-market
Sellers prepping their property and wanting to build early interest
Sellers needing to sell fast or doing an FSBO
MLS-listed
No
Optional
Yes
Optional
Buyer visibility
Limited
Broad if listed
High
Broad if listed
Seller flexibility
Average


  • Have limited exposure but controlled process and timing

High


  • Can sell independently and choose marketing approach

Average


  • Must follow the MLS's timeline once active

Very high


  • Control everything and work with any number of agents and buyers

Agent's role
Discreetly markets to internal or brokerage buyers; handles all showings and negotiations
Markets the property but competes with the seller's efforts; may provide partial services
Manages staging, prep, and pre-launch marketing; schedules the public rollout
Has a minimal role unless a buyer is brought in; usually provides little service or guidance
Agent's motivation
High
Moderate
High
Moderate

A direct cash buyer is another valid pocket listing alternative, even if it’s not technically a listing strategy. As a selling method, the property is sold directly, often as-is, to a cash buyer (e.g., investor or housebuying company) without public or private marketing.

It is typically used by the following:

  • Sellers facing foreclosure, divorce, or urgent relocation
  • Heirs seeking to liquidate inherited property quickly
  • Landlords offloading tenant-occupied or distressed properties

Its benefits include speed, simplicity, and no need for prep or showings. On the flip side, pitfalls include discount sales prices and limited legal protections if not handled carefully.

Frequently asked questions (FAQs)






The final walkthrough

A pocket listing has been a staple in the real estate industry. There will always be opportunities for agents to tap into the exclusive world of private listings because there will always be sellers who value privacy and speed, as well as buyers who seek discretion and exclusivity.

There are tons of opportunities for agents with gumption, hustle, and stellar networking skills. Are you tapping into a strategy we didn’t cover? What’s your take on pocket listings? Share them with us in the comments.


Sources:

[1]Zillow

[2]Bright MLS

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