A pocket listing is a home marketed privately instead of through the MLS. Under NAR's Clear Cooperation Policy a listing must go into the MLS within one business day of public marketing, but since March 25, 2025 a seller can sign to keep it as an office exclusive, marketed only inside one brokerage. Miller Samuel found about one-third of Greater Los Angeles sales over $5 million were missing from the MLS in early 2017, the most recent market-wide count we have.
You're deciding whether to sell a Beverly Hills home privately or on the open market, or you're a buyer wondering how private sales reach you.
At a glance
| Clear Cooperation Policy | File with the MLS within 1 business day of public marketing (NAR) |
|---|---|
| Multiple Listing Options for Sellers | Effective March 25, 2025; MLSs had until September 30, 2025 to implement |
| Office exclusive | Filed with the MLS but not shown to other members; marketed within one brokerage |
| Seller disclosure | Signed informed consent required for office exclusive and delayed marketing listings |
| California form | C.A.R. Multiple Listing Service Addendum (MLSA), updated September 2025 |
| Off-MLS share, $5M+ sales, Greater LA | About one-third (Miller Samuel, Q1 2017) |
What a pocket listing is in Beverly Hills today
A pocket listing is a home for sale that isn't marketed through the multiple listing service, the shared database brokers use. The name comes from the old practice of an agent keeping a listing in their pocket and calling a few buyers. That informal version no longer fits the rules that MLS brokers now work under.
Since 2025, the private route has names and paperwork. A seller who wants privacy now chooses an office exclusive or a delayed marketing listing, and signs a disclosure saying they understand what they're waiving. So the question for a seller isn't whether private sales are allowed. It's how much of the buyer pool you're willing to give up for privacy.
Pocket listing, off-market and office exclusive: the terms
Off-market is the broad term for any sale that happens without public marketing. Office exclusive is NAR's term for a listing kept inside one brokerage. Pocket listing is the everyday word for both. When you hear any of them, ask which rule the listing is filed under, because that decides who can see it.
Why pocket listings come up at the top of the market
Several of the largest recent sales in and near Beverly Hills were reported as off-market. Realtor.com records cited by Century City News in March 2025 put a $35 million Beverly Hills purchase by Selena Gomez and Benny Blanco as an off-market deal. In April 2026 EntertainmentNow reported that a Benedict Canyon home once owned by Bruce Willis sold off-market for $41.3 million. More reported sales are on our Beverly Hills celebrity homes page.
How NAR's Clear Cooperation Policy limits pocket listings
NAR's Clear Cooperation Policy requires a listing to be filed with the MLS within one business day of public marketing. NAR kept the policy when it added new options in 2025. It applies to brokers who belong to an MLS that follows NAR's rules.
What counts as public marketing
NAR says a one-to-one conversation between two brokers about a listing doesn't trigger the policy. Communications across several brokerages do: they count as public marketing, and the one-business-day clock starts. A yard sign, a portal post or an email blast to agents at other firms all put a listing on that clock.
What it means for a seller who wants privacy
A seller can still sell without the MLS feed, but only by staying inside the lines. The agent can show the home to buyers in their own brokerage and talk one-to-one with other brokers. The moment the listing is pitched to several firms, it has to go into the MLS.
The 2025 rules: office exclusives and delayed marketing as pocket listing options
NAR's Multiple Listing Options for Sellers policy took effect March 25, 2025, and MLSs had to put it in place by September 30, 2025. It gives sellers two exempt listing types beside a normal MLS listing.
| Listing type | In the MLS? | Seen by other MLS members? | On public sites (IDX, portals)? | Seller disclosure |
|---|---|---|---|---|
| Standard MLS listing | Yes | Yes | Yes | Not required |
| Delayed marketing listing | Yes | Yes | Delayed for the period the MLS allows | Required |
| Office exclusive | Filed | No | No, and no public marketing | Required |
The office exclusive pocket listing
An office exclusive is filed with the MLS but not shared with other members, and the seller agrees to keep it out of public marketing. Buyers working with agents at the listing brokerage can see it. Buyers with agents elsewhere generally can't, unless a broker raises it one-to-one.
The delayed marketing listing
A delayed marketing listing goes into the MLS and is visible to members, but its display on public websites and syndication to portals waits for a period the local MLS sets. It's a middle path: every agent in the MLS can bring a buyer, but the house isn't on the portals on day one.
The signed seller disclosure
Both exempt types need a signed seller disclosure giving informed consent to waive immediate public marketing. Read it as the document that states your trade. If your agent hasn't explained what you give up, ask before you sign it.
California pocket listing rules: CRMLS and the C.A.R. MLSA form
In California the working rules come from the MLSs and the state association's forms. We found no state statute aimed at private listings. CRMLS, the state's largest MLS, says a listing must be in the MLS within one business day of public marketing. It draws the line at the brokerage: marketing inside it is private, and marketing outside it is public.
The C.A.R. Multiple Listing Service Addendum
The California Association of Realtors updated its Multiple Listing Service Addendum, Form MLSA, in September 2025. It's the form where a seller records how the listing will be handled. Ask to see it filled in before you sign the listing agreement.
Opting out of internet display under CRMLS
CRMLS lets a seller opt out of all internet display, with no IDX, VOW or syndication, while the listing stays visible to MLS members. For a seller who mainly wants the house off the portals, that can do the job without cutting out agents at other firms. Rules differ between MLSs, so ask which MLS your listing goes into and what it allows.
How common pocket listings are at the top of the Los Angeles market
The most recent market-wide count we have is dated. In April 2017 Miller Samuel found that about 19% of Greater Los Angeles sales in the first quarter of 2017 weren't on the MLS, and that about one-third of sales over $5 million were missing from it. That predates the Clear Cooperation Policy and the 2025 options, so read it as a picture of the market then, not now.
Why the 2017 pocket listing figure still matters
If a third of $5 million-plus sales stayed off the MLS, price data built from MLS records missed a large share of the top. That's still worth keeping in mind when you read a median for a small market. Off-MLS sales can sit outside the figures on our Beverly Hills housing market page, which come from Zillow and Redfin.
Reported off-market sales near Beverly Hills
The Robb Report's list of the top US sales of 2024, published in January 2025, included Laurene Powell Jobs's $94 million off-market Malibu purchase. James Jannard's $210 million Malibu sale in 2024 was also reported as off-market. The pattern shows private deals at the very top of the region, and a few big sales can move a small market's figures. For the largest recorded sales, see our most expensive homes in Los Angeles page.
What a seller trades off with a pocket listing
A pocket listing trades buyer reach for privacy and control. Here's how that balance falls on each point a seller cares about.
| What you want | Office exclusive | Full MLS listing |
|---|---|---|
| Privacy about the sale | Stronger: no portals, fewer showings | Weaker: public listing history |
| Number of buyers who see it | Limited to one brokerage plus one-to-one calls | Every MLS member and the portals |
| Testing a price quietly | Possible without a public price cut | Price changes are visible |
| Competing offers | Fewer agents can bring one | Any agent can bring one |
The reach a Beverly Hills seller gives up
Redfin counted 165 homes for sale in Beverly Hills in September 2026, with 6.9 months of supply and a median of 77 days on market. Homes sold for about 95% of list price on average. In a market with that much choice, the buyer you need may be working with an agent at another firm, and an office exclusive keeps the house out of their sight.
What a pocket listing does well
Privacy has value of its own, and a seller can test a price on a few serious buyers without a public record of a cut. If the office exclusive doesn't produce an offer, the seller can move to the MLS, though the time spent private counts in the house's history with the agents who saw it.
Taxes don't change with the listing type
A private sale pays the same taxes as a public one. Measure ULA still applies to a sale in the City of Los Angeles, and our transfer tax calculator shows the figure. FIRPTA withholding still applies if the seller is a foreign person under the tax code; see the FIRPTA guide for sellers.
Pocket listing or open market: how to choose
Our view, based on the rules and the Redfin supply figures above, is that a full MLS listing is the default for most Beverly Hills sellers, and a pocket listing has to earn its place.
When an office exclusive pocket listing makes sense
Choose it when privacy is the main goal and you accept a smaller pool of buyers, or when you want to test a price before going public. Set a date in advance when the listing moves to the MLS if no acceptable offer comes, and write it into your plan with the agent.
When delayed marketing or a portal opt-out is the better fit
If you want agents at every firm to bring buyers but don't want the house on the portals, a delayed marketing listing or a CRMLS internet opt-out keeps more reach. Ask your agent which your MLS offers.
Buying a home that isn't on the market
For buyers, private sales reach you through agents, not portals. If you want to hear about homes before they're public, set out your criteria on our private home search for Beverly Hills, and see our featured Beverly Hills agent. Before you commit to a price, add the yearly costs from our Beverly Hills cost of living guide.
Pocket listing FAQs for Beverly Hills sellers and buyers
What is a pocket listing?
A pocket listing is a home for sale that isn't marketed through the MLS. Under NAR's 2025 rules the formal versions are the office exclusive, which is filed with the MLS but kept within one brokerage, and the delayed marketing listing, which reaches MLS members but waits to appear on public websites. Both require a signed seller disclosure.
Are pocket listings legal in California?
Private marketing is allowed within the rules of the MLS a broker belongs to. CRMLS says a listing must be in the MLS within one business day of public marketing, and treats marketing inside the brokerage as private. NAR's office exclusive option lets a seller keep a listing within one brokerage with signed consent. We found no California statute aimed at private listings.
What is the Clear Cooperation Policy?
It's NAR's rule that a listing must be filed with the MLS within one business day of public marketing. NAR kept it in 2025 when it added the Multiple Listing Options for Sellers policy. One-to-one talks between two brokers don't trigger it, but communications across several brokerages count as public marketing and start the one-day clock.
What is an office exclusive listing?
Under NAR policy, an office exclusive is a listing the seller keeps off the MLS feed and out of public marketing. It's filed with the MLS but not shown to other MLS members, so it's marketed within one brokerage. The seller must sign a disclosure giving informed consent to waive immediate public marketing. The option took effect March 25, 2025.
How many luxury homes in Los Angeles sell off-market?
The most recent market-wide figure we have is from Miller Samuel, published in April 2017. It found that about 19% of Greater Los Angeles sales in the first quarter of 2017 weren't on the MLS, and about one-third of sales over $5 million were missing from it. That predates NAR's current rules, so treat it as dated.
Does a pocket listing get a lower price?
We don't have data that measures it for Beverly Hills. What the rules make clear is that an office exclusive is seen by fewer agents and buyers than a full MLS listing. With Redfin counting 6.9 months of supply in Beverly Hills in September 2026, a seller should weigh the privacy against the buyers who won't see the home.
How do buyers find off-market homes in Beverly Hills?
Through agents. An office exclusive is shown to buyers working with the listing brokerage, and other brokers can hear about it in one-to-one conversations. A delayed marketing listing reaches every MLS member before the portals. Tell an agent your criteria so they can watch for private listings and ask other brokers directly.
Sources
- NAR: Multiple Listing Options for Sellers
- CRMLS Knowledge Base: C.A.R. Form MLSA (Multiple Listing Service Addendum) FAQs
- Miller Samuel (Jonathan Miller): Pocket listings appreciating: Los Angeles sales we didn't know about, April 27, 2017
- Century City News: Selena Gomez and Benny Blanco buy $35M Beverly Hills mansion, March 2, 2025
- EntertainmentNow: Bruce Willis's former home sells, April 16, 2026
- Robb Report via Yahoo: the 10 most expensive US homes sold in 2024, January 10, 2025
- Redfin Data Center: Beverly Hills, September 2026