Robert Reffkin, Chairman & CEO of Compass, Inc., recently shared this link and says, “It’s the first neutral economics study (not backed by an MLS, a portal or a brokerage) on the impact of private listings on sale price. The paper is called ‘Pocket Sales in the Housing Market: Selection, Outcomes, and Policy’ by Darren Hayunga, a finance professor at the University of Georgia.”

Reffkin says “Ultimately, we conclude that the pocket sale is not a failure of market design, but a highly efficient market response to the rigidity of the standard MLS signaling mechanism.” Read more here.