A pocket listing is a real estate listing that is retained by a broker or salesperson and is not made available to other brokers in the office or to other MLS members. These are sometimes referred to as exclusive listings.
Usually, when a real estate professional is hired, a listing agreement is made between the seller and the hiring company of the real estate agent. Real estate agents and brokers agree to cooperate with other agents and brokers and share a portion of the total commission. However, in a pocket listing, a property will not be listed in the MLS, and there is no agreement to work with other real estate professionals.
A pocket listing gives the real estate agent selling the property a big advantage, as they have the listing to themselves and have full reign of the commission. However, there can be disadvantages to acting as a solo agent. If a deal falls through or the seller fails to produce results, the property is unlisted in the MLS and then does not have any other visibility to sell.