Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
That concept is commonly known as a 'pocket listing'
Those are really frowned on in our MLS. We are not supposed to promote listings AT ALL until they are live in the MLS. It's part of our agreement when we join the NWMLS. We can be fined. I understand it's not that way everywhere. Rules vary.
The agent has a contract with a seller. Before putting it on MLS (and paying a fee) he tries to sell it to his list of buyers.
FWIW, if there's an MLS that charges to put a listing on it, I'm not aware of that fee structure. With our MLS, we either belong, or we don't. We don't pay per listing.
But in general, a Seller engages a Realtor to get their home sold (and agree on some compensation/fee structure). They may also agree that during some period of time, the house won't be widely-distributed on the MLS. The Seller's agent may find an unrepresented Buyer, they may represent both Buyer & Seller (if part of the agreement), or they may use their professional network to find another agent who has a Buyer, and who gets paid to represent the Buyer.
Can someone explain to me what an off market deal is in real estate? Does it just mean its not listed on the MLS? How does the agent get paid?
Some FSBOs will call their homes for sale "Off Market."
Some will offer to work with a buyers' agent. Some will not. If they won't, buyers should make plans and arrangements to pay their agent directly, rather than embedding the fee in the purchase price.
Pocket listings in the Dallas area usually mean someone is willing to sell but not to show it willy-nilly nor have it advertised. A certain group of select realtors call each other to discuss who is selling/buying. Usually VERY high dollar houses. Never in the MLS.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
