Think about prosecutors or judges that try tough cases, politicians, or other public figures who want to remain anonymous in their personal lives. It’s not just the rich and famous who might want this privacy though. If these celebs treated their real estate listing like everyone else’s, they’d end up fielding a lot of financially unqualified and starstruck looky-loos who just want to wander their crib and take selfies. Say Beyonce and Jay-Z are selling their $88 million mega-mansion in Bel Air. Pocket listings, in addition to reducing visibility of the property, can make it more likely that an agent would represent both buyer and seller, increasing their commission cut. The policy is also aimed at curbing pocket listings that would be in the self-interest of the real estate agent alone. The MLS requirement is intended to encourage cooperation among agents for the benefit of the consumer. NAR’s Board of Directors adopted this policy to avoid “ misuse of various limited exposure marketing tactics” with such listings. That includes any promotion or advertisement such as flyers, yard signs, or brokerage website displays. Under NAR’s pocket listing policy, known as the Clear Cooperation Policy and effective as of January 1, 2020, listing agents and brokers must submit a listing to the MLS within one day of marketing a property to the public. Pocket listings are not illegal, but the National Association of Realtors® - the largest trade organization in the country - does have a policy around how its nearly 1.5 million Realtor members can accommodate off-market listings if a seller requests one.
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