It is time to ask the hard questions regarding “pocket listings”. Is this a way for brokers to double end deals? Are these brokers educating and acting at the highest fiduciary level for their sellers? Is this a feeble attempt at brokerages to push back (by holding back information) against non-RE sites like TRULIA, ZILLOW, and the like? Is this keeping demand higher than need be on MLS listed properties? Who wins with pocket listings are nearly 40% of all sales? What is your opinion?
A recent INMAN blog post by Associate Editor Andrea V. Bramila outlined the recent statistics from CoreLogic regarding the practice of real estate brokers not submitting a listing to the publicly accessed and syndicated Multiple Listing Service. So called, “pocket listings” are frustrating buyers in markets with low inventory and MLS boards across the country are scrambling to create policy around this phenomenon. According to the post published on March 10, 2014, “An analysis by CoreLogic comparing public record transaction data with MLS data in four counties suggests 43 percent of 2013 home sales took place either outside of the MLS or with little or no MLS exposure.”