Are Pocket Listings Unethical?
With the housing rebound in full swing, “pocket listings” are growing in many parts of the country as some sellers look to preserve their privacy, and brokers use them to trigger an aura of exclusivity to a listing. But some in the industry worry that exclusivity may be crossing an ethical line. Pocket listings refer to situations in which real estate agents purposely keep sales information about a home off the multiple listing services, and brokers only show that house to people they expect to actually purchase it. The National Association of REALTORS® does not have an official policy on pocket listings, spokesman Walt Molony told CNNMoney. But some real estate boards say they don’t like the practice. Read more.