Good morning A. trapz.
A pocket listing is an informal term that is used to communicate information between Realtors about properties that are not active on the MLS system but might be available for lease or purchase. Sometimes they are properties that were in the system and have been dropped for various reasons, and sometimes they are properties that Realtors are aware of that might be available but haven't been listed yet, for a plethora of reasons.
Usually when you see one of these terms, it is either an agent looking for a property that isn't active (because they can't find something for their clients that fit their needs) and the agent is hoping that another agent may have something that would fit. Other times, you'll see agents talk about pocket listings that might soon be available but the owners, for some reason, don't want it actively listing at the present time.
Feel free to contact me directly if you have other questions, or want some help in the leasing or purchasing market in Austin and surrounding communities.
GRI, CRS, ABR, CLHMS, e-Pro