On August 1st, RealtyWEB.Net is releasing a new status in the MLS computer system titled “Coming Soon.” The Coming Soon Listing status can be used for a listing that needs more time to prepare for the market, but the seller would like to have you share it in advance with the other real estate professionals within the MLS and with the public.
We are implementing this new status to allow for modern industry marketing practices but are structuring them to minimize any potential ethical or legal issues that could arise from utilizing this approach. Maybe more time is needed for professional photos, creation of marketing materials, or the property needs a few improvements that require additional time.
By establishing guidelines for Coming Soon marketing, all parties will be informed and educated on the pros and cons of this strategy. You and your seller can use these guidelines as a point of discussion to determine if this is the best plan of action for advertising their home.
Only members of RealtyWEB.Net will have access to the Coming Soon Listings. They will not be syndicated to third party websites such as Realtor.com, member’s IDX websites, and Zillow.com, just to name a few.
Coming Soon Listing guidelines:
- You must have a signed Listing Agreement AND a signed Coming Soon Listing Addendum. The listing, as usual, must be entered within 24 hours of obtaining signature.
- NOTE: The existing Seller Waiver Addendum is now to be used exclusively for those listings where the seller does not want their property entered into the NEFMLS for the full term of the Listing Agreement.
- You will be able to list a property under this Coming Soon Listing status for up to 14 days before it becomes active in the NEFMLS.
- The Coming Soon Listing can be made active at any time prior to the 14 days.
- The Coming Soon Listings will not accrue Days On MLS (DOM) while under the Coming Soon Listing status. Days On MLS will begin once the status is changed to Active.
- The Coming Soon Listing status is searchable by NEFMLS members but will not be sent in email subscriptions or customer portals.
- The Coming Soon Listing is not to be shown to any prospective buyer prior to the home being made active and viewable to everyone, members and the public, as an active listing.
- A Coming Soon sign may be placed in the yard however, remember that the the property is not to be shown to any prospective buyer prior to the listing being made available to everyone, members and the public, as an active listing.
- An open house can be scheduled for a date that occurs on or after the day the listing is made active.
- A Coming Soon Listing is not to be used to create a “pocket listing” or to circumvent other NEFMLS Policies or Rules.
It is important that you educate your seller, by using the Coming Soon Listing Addendum, on what to expect to help them fully understand the implications of this marketing tactic so they can determine what is in their best interest.
When used properly and in compliance with our guidelines, the Coming Soon Listing status can be used to generate a marketing plan that provides enthusiasm and builds momentum which can be advantageous to your clients.
- NEFMLS Rules & Regulations - Coming Soon
- Coming Soon FAQ's
- Coming Soon Listing Addendum
- Seller's Waiver Addendum
- NAR Video - Coming Soon and the MLS
If you have any questions or need further assistance, please contact us at 904-394-9494 x 1605.
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