What do pocket listings need to adhere to?

Pocket listings, which are properties not publicly listed on the Multiple Listing Service (MLS), still need to adhere to the rules set forth by the MLS where the broker operates. These rules often include guidelines on how to handle listings, communication restrictions with other agents, and the requirement to eventually submit properties to the MLS if they are marketed.

By following the MLS rules, brokers ensure fairness and transparency in the market, benefiting both sellers and buyers. In this context, the MLS serves as a centralized platform that allows for a wider reach of property visibility, which is crucial in the real estate industry.

While state regulations play a role in real estate practices, they do not specifically govern how pocket listings must be managed in relation to MLS operations. Broker discretion and the owner's preference may influence the choice to keep a property off the MLS, but ultimately, adherence to MLS rules is necessary for maintaining compliance and ethical standards within real estate transactions.