How to find Pocket and Open Listings from Other Agents/Brokers

[Llewelyn A.]

I recently learned about Pocket Listings.

From what I understand, a Pocket Listing is a Listing where a Seller may have informed the Agent/Broker that they would like to sell but does not want to list or show the property unless there is a very qualified and interested Buyer.

Is that correct?

An Open Listing is a Listing where the Seller does not want to give an Exclusive Listing to a single Brokerage. Therefore, any Brokerage can sell the property.

Is that correct?

I'm just curious how this all works where neither of these are on the MLS but are known to a specific amount of Agents/Brokers.

Are these passed through word of mouth?

How are the properties marketed? Are these also called "Off Market" Listings?

I'm trying to wrap my head around how all of this works as I'm entering into the Brokerage field soon.

From what I have been reading, the MLS is all about Exclusive Right to Sell Listings. No Exclusive nor Open Listings are on the MLS. That makes a lot of sense because with out an Exclusive Right to Sell, the Listing Broker can be out of a commission and therefore no incentive to list on the MLS. Does that make sense?

Also, is there a good book one can recommend on these concepts other than a text book like the ones to pass the RE Exams?

Thanks so much for your input in advance!