Realtors association bans “pocket listings”

Source: Kathleen Howley, HousingWire

The National Association of Realtors board of directors voted 729-70 to ban the controversial practice of “pocket listings.”

It’s a practice that was surging in competitive markets such as New York, San Francisco, Los Angeles and Washington D.C. It allowed a listing agent to use a multiple listing service to let others know the property was for sale, usually with an informal “coming soon” notice, while not officially sharing the listing and often retaining a full commission.

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