|Posted by Peter Karami on May 4, 2012 at 11:40 AM|
A pocket listing is a listing that a broker agrees to enter into an agreement with a seller and list a property for sale without advertising the home into multiple listing service (the MLS). In other word, s/he (the broker) is not allowed by the seller to ask other realtors to find and bring a perspective buyer.
Any broker who is member of the MLS for the greater Los Angeles is required to input the property’s data into the system for sale within 48 hours from the date listed. However, there are particular sellers that don’t wish to have their property listed on the MLS for any reason which is important for them. They are not willing to allow a broker to advertise their property for sale within other realtors. This is a called a “pocket listing” and of course, we will not get into the concept if this is a right or wrong strategy to sell a property and we will relay on your findings for more detail information on this subject. We do not recommend pocket listing for any residential property sell and we assume the commercial property owners are sophisticated to consult with their legal attorney before entering to such agreements.
Categories: Real Estate Informational Posts