Some big news emerged last week involving real estate listing. The National Association of Realtors (NAR) announced its decision to ban “whisper” or “pocket” listings from the multiple listing service (MLS). With this ban, MLS participating brokers must submit listings to the MLS in at least one business day once the property is being marketed to the public.
Before we continue, let’s examine what a pocket listing is. These properties are technically being sold but they won’t show up on the MLS when real estate agents browse it in search of properties to present buyers. Instead, the agent who has the pocket listing keeps it in his or her “pocket” and shares it with select agents in hopes of being referred to the right client. Think of it as if the agent had exclusive rights to the listing outside of the MLS.
It remains to be seen whether the new rules on pocket listings will result in significant changes to the way real estate agents go about promoting listings to clients.
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