They may, for example, steer the deal to a buyer they represent even though another broker's buyer put in a higher bid. "If an agent is putting their own economic interest ahead of the seller's, it's a violation of state law." "That's where it starts to get into the gray area," said Garfinkel. In some cases, agents may try to convince sellers to use pocket listings in order to double their commissions by acting as agent for both the buyer and the seller. They can only withhold listings if sellers request they do so. Under the agreement, agents must share listings. In New York, the practice could violate the Universal Co-Brokerage Agreement, according to Neil Garfinkel, counsel for the Real Estate Board of New York, the local trade association. Not everyone endorses these pocket deals, however. They're saying, 'Get me a good price,'" said Manhattan real estate agent Wei Min Tan. They are purely using the pocket listing to fish for a "make-me-move" deal. Some sellers, however, aren't interested in going public. If it doesn't sell, then Clark tries to convince the seller to readjust the price and list it publicly on the MLS. "If it's priced right, there's a really good chance you can sell it as a pocket listing."Ĭalculator: Was my home a good investment?
"I put in the email, 'Not listed on the MLS,'" he said. If the home is overpriced, the seller and agent will find out quickly, said Alex Clark, founder of. If he can't find one, he contacts colleagues to see if they have potential buyers. When Izquierdo gets a pocket listing, he combs his client list for good fits. He has some pocket deals where sellers are asking for as little as $500,000 With the number of buyers far outpacing the number of homes for sale in hot markets like Los Angeles and Manhattan, pocket listings are becoming more common among more moderately-priced homes as well, he said. But pocket listings aren't just for luxury clients anymore.
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