A pocket listing is a property marketed privately to a broker's specific buyer pool rather than publicly listed. Common in LA multifamily for off-market transactions and relationship-driven sales.
Pocket listings trade less competitive pricing (3–8% discount to public listings) for privacy, speed, and lower tenant disruption. Sellers choose pocket listings when specific priorities (discretion, specific buyer preferences) outweigh maximum pricing.
LA multifamily has a robust pocket-listing culture, particularly in Koreatown, Hollywood, Palms, and Valley submarkets where family offices and multi-generational operators dominate the buyer pool. Pocket listings can be the right choice for specific seller profiles — but not for price-maximizing sellers.
From the Sterman LA Multifamily Glossary — defined the way a broker with $1.41 billion across 254 closed transactions actually uses these terms.
Michael Sterman, Senior Managing Director Investments, Marcus & Millichap.
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