San Mateo County Market Update May 2025

Pocket Listings: Private Real Estate

Sales on the Rise

In today’s fast-moving and fiercely competitive real estate landscape, pocket listings—properties sold privately without being listed on the Multiple Listing Service (MLS)—are becoming increasingly common. These off-market deals offer a sense of exclusivity and discretion, which many sellers and buyers find appealing. However, with that exclusivity comes a wave of discussion around transparency, fairness, and access.

So, what exactly are pocket listings? And are they right for you? Let's discuss.

What Is a Pocket Listing?

A private, or pocket listing, refers to a home that’s for sale, but not publicly advertised on the MLS. Instead, it’s quietly shared within a small circle—often just within a brokerage or among a trusted network of agents. This strategy is commonly used for high-end, luxury, or where the seller values privacy above all else. By keeping the listing “in-pocket,” sellers can maintain discretion and control, avoiding the broad exposure that comes with a traditional MLS listing. However, this also means fewer eyes on the property—which can be a double-edged sword.

Why Do Sellers Choose Private Listings?

There are several compelling reasons why a seller might opt for a pocket listing:

• Privacy: For celebrities, high-net-worth individuals, or anyone navigating a major life change, privacy is paramount. A private listing avoids public scrutiny.
• Control: Sellers can vet who sees the home, limiting showings to serious, qualified buyers. This cuts down on disruptions and protects the seller’s time and energy.
• Flexibility: Some sellers do not wish to move out of their home to sell, and want to take a little time to pack up after the home is sold.
• Market Testing: Selling off-market allows for quiet testing of pricing and demand, without the pressure or permanence of a public listing.
• Exclusivity: The sense of scarcity can actually enhance buyer interest—sometimes prompting stronger offers from motivated buyers.

That said, there are trade-offs. The most significant is reduced exposure, which can lead to fewer offers and, in some cases, a lower final sale price than what might have been possible with full-market competition.

What’s In It for Buyers?

While pocket listings are usually initiated by sellers, there are real benefits for buyers as well—especially those working with well-connected agents.

• Less Competition: Since these homes aren’t available to the public, buyers can avoid bidding wars and inflated prices driven by mass interest.
• Unique Inventory: Pocket listings often feature one-of-a-kind or rare properties not found elsewhere, giving buyers access to hidden gems.
• Faster, More Flexible Closings: These transactions tend to move quickly. With motivated sellers and streamlined negotiations, deals often come together in less time than typical MLS-listed sales. Sometimes, this also means you have more opportunity to create more flexible terms that work better for both parties, without the stress of multiple others bidding.

However, there are drawbacks. With fewer public details, buyers must do more diligence, especially around inspections, disclosures, and comparable values.

Why Are Pocket Listings Controversial?

To maintain fairness and transparency in real estate, the National Association of Realtors (NAR) implemented the Clear Cooperation Policy in 2020. This policy requires that once a property is publicly marketed (via flyers, websites, or social media), it must be listed on the MLS within one business day. This rule aims to prevent exclusivity from becoming gatekeeping. It ensures that the broader buying public has access to new listings, not just a select few.

Still, the policy has its critics. Some argue that pocket listings can unintentionally limit access to underrepresented buyers and reinforce inequality. Others defend the practice, saying that in certain situations—such as sensitive sales or unique homes— the flexibility of off-market marketing is not only helpful, but necessary for some sellers.

My Approach to Off-Market Real Estate

Over the years, I’ve helped many clients navigate the delicate and strategic world of off-market sales. Whether representing a seller seeking discretion or a buyer looking for exclusive opportunities, I bring a deep understanding of how to make pocket listings work to your advantage.

For all sellers, I craft bespoke marketing strategies that may include marketing their home off-market to honor privacy while still attracting serious buyers. For buyers, my extensive network grants access to properties that many others never even know exist. Giving my buyer clients an upper hand. In every case, my focus remains the same: maximize value, protect my clients’ interests, and ensure the process feels seamless and respectful.

Is a Pocket Listing Right for You?

Pocket listings are not one-size-fits-all. They can be a smart solution for those who value privacy, speed, and control, but they also come with limitations in terms of reach and buyer access. If you're considering buying or selling and wondering whether an off-market approach is the right path, the best first step is to have a candid conversation with a knowledgeable real estate professional. Someone who understands the market—and the nuances of both traditional and pocket sales—can help guide your decision and develop a plan that aligns with your goals.

Whether you’re seeking discretion, exclusivity, or simply the best possible outcome, I’m here to help you navigate all your options with confidence.