What is a Coming Soon Listing?
Coming Soon is a listing status in MLS. It’s purpose is to give agents and clients of agents a heads up that a home is coming on the market soon. It’s intention is to provide fair access to properties by all agents and stop agents from steering properties to their own buyers or those of agents of the firm.
The practice of Pocket Listings where agents marketed properties before they are placed in MLS has caused the practice to become prohibited. The National Association of Realtors (NAR) has established a policy entitled “Clear Cooperation” to establish fairness in the practice of marketing properties.
There are three rules you should be aware of. First, within 24 hours of any marketing of a property, a listing must be put in Coming Soon status. Any flyers, yard signs, social media, open houses, letters, postcards, etc. trigger this rule. Second, the property cannot be shown until the status is changed from Coming Soon to Active status. Again, making it fair to all buyers to have a chance to view and make an offer. Third, the timeframe is limited for this status. Currently 30 days, it was extended from 7 days during the pandemic. Agents be fined if they violate these rules.
These rules are usually in the best interest of the seller as a property must be exposed (marketed) to the entire market to find the best buyer.
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