Exactly what is a pocket listing? A pocket listing or exclusive listing, as it is also known, is when the listing agent does not make the listing available to other brokers or to the public. What this means is that the public will never get to see when the property hits the market. Agents are only sending the listing out to their friends and investors.
I reached out to one of the listing agents we deal with here at Mortgage Gumbo. She is one of the top listing agents in the state of Louisiana and she agrees with the decision to do away with pocket listings. And I quote her, “As an agent doing business with the public, it is the public’s right to know when all listings are available. It is a disservice to hold back a listing for the gain of an agent’s pocketbook. They should actually call it pocketbook listings.” I couldn’t agree more.
This decision to do away with pocket listings, by The National Association of Realtors, will be a great opportunity for home buyers. It will also open up opportunities for investment properties. Listings will now have to appear on the MLS and that will create more opportunities and competition.
The policy takes effect on January 1, 2020 and listing services will have until May 1, 2020 to make the necessary technical changes and educate users.
This is a big win for the public and we are super excited about this new policy. As always, we are here to bring you information and to help. Think of us as Your Total Home Authority. Feel free to call me, Dwayne Stein, anytime at 504-207-7600 or at firstname.lastname@example.org.