As the housing inventory continues to tighten, we’re hearing more about “pocket" listings – homes held off the multiple listing service and privately marketed for sale.
The Florida Realtors addressed the issue this week, saying pocket listings aren’t illegal in Florida, but warning real estate agents to be careful.
In many cases, these private listings -- not to be confused with homes for sale by owner -- usually are requested by celebrities or other owners who want to be discreet and not have a bunch of strangers traipsing through their homes.
But with demand outpacing supply in South Florida and other parts of the country, some agents are turning to pocket listings to avoid the hassle of the MLS -- and also to secure both sides of the commission.
“Non-MLS listings can sometimes lead to disgruntled sellers who decide, after the fact, that they could have received more money for their property,” Florida Realtors said in a news release. “A broker could face allegations that their failure to put the property in the MLS deprived the seller the ability to attract the highest and best price for their property.”
Margy Grant, Florida Realtors’ vice president and general counsel, said in the release that non-MLS listings also could lead to accusations of housing discrimination.
She said brokers should be able to justify why the home was held off the MLS. Agents should be clear in explaining to sellers the pros and cons of pocket listings and get written authorization from them, Grant said.Copyright © 2014, The Baltimore Sun