What is a “Pocket” or “Off Market” Listing?

The Advantages of Selling a Home Off-Market with a Real Estate Agent

If you’re looking to sell my home in the Cleveland area, you may have come across the concept of pocket listings. A pocket listing, also known as a private or off-market listing, is a property that is marketed exclusively through a real estate agent in Cleveland rather than being publicly listed on a Multiple Listing Service (MLS). While this approach isn’t for everyone, it offers distinct advantages for certain sellers.

How Pocket Listings Work

Typically, when selling a home, your agent will list it on an MLS, which then syndicates it to public sites like Zillow in Cleveland and other platforms. However, with a pocket listing, your agent markets the home privately—either through their own network, exclusive databases, or within their brokerage, such as Keller Williams Cleveland. This means that only a select group of buyers, often high-net-worth individuals or investors, will have access to the listing.

Advantages of Selling Off-Market

1. Quick Sale – Off-market pocket listings can result in a quick sale if an agent already has a buyer. In fact, the #1 reason a home sells before hitting the open market is because a buyer is standing by, ready, willing, and able to buy, and a real estate agent bring the buyer to you. Nothing could be easier!
2. Increased Privacy – Some homeowners prefer to keep their sale discreet. Pocket listings prevent public knowledge of a home being on the market, which can be ideal for high-profile sellers or those with unique circumstances.
3. Testing Market Interest – Sellers can gauge buyer interest and adjust pricing strategies before committing to a full public listing. This can be useful in a fluctuating Cleveland real estate market.
4. Avoiding Open Houses and Bidding Wars – Public listings often require open houses and typically require managing multiple offers. A pocket listing streamlines the process by working with a smaller, pre-qualified group of buyers, or one specific buyer.
5. Control Over Pricing and Terms – Since the home isn’t widely marketed, sellers have more control over negotiations without the pressure of public scrutiny or price reductions being visible.

Are Pocket Listings Legal?

Yes, pocket listings are legal, but they must comply with the National Association of Realtors (NAR) Clear Cooperation Policy, which requires most listings to be shared with an MLS within one business day of public marketing. However, private listings remain an option under certain conditions, such as exclusive agency agreements or brokerage-only marketing.

Do Real Estate Agents Commonly Use This Tactic?

While pocket listings represent a small fraction of the market, they are still widely used in luxury real estate and for exclusive transactions. However, studies show that homes listed on an MLS typically sell for 17.5% higher than those marketed privately. Additionally, Zillow in the Cleveland market found that 90% of buyers prefer full access to all available homes for sale when searching. That said, with an experienced and trustworthy real estate agent in Cleveland, you will get top dollar for your home even when selling off-market.

Is a Pocket Listing Right for You?

Choosing to sell off-market depends on your priorities. If privacy, control, and a more selective selling process align with your needs, a pocket listing could be a viable option. However, if you’re looking to attract competitive offers, listing publicly may be the better route.

To determine the best strategy for your situation, consult a Keller Williams Cleveland agent who understands the nuances of the Cleveland real estate market. Their expertise will ensure your home is marketed effectively—whether privately or publicly—to achieve the best possible outcome.