Margy Grant: Legal Update
The Must-Know Pitfalls of 'Pocket Listings' and 'Coming Soon'
Non-MLS listings, or pocket listings, are not illegal or unethical when directed by the seller, but they do carry additional complications. Before taking or encouraging a non-MLS listing, a Realtor should evaluate the property and make sure that leaving it out of the MLS is the right decision for the seller. Also, taking a listing and putting a “coming soon” sign on the property for a week or so before actively marketing it in the MLS is most likely a violation of your listing agreement and possibly a violation of the Code of Ethics.