“Coming Soon” is the newest status added to the Multiple Listing Service (MLS). At first glance, this may not seem like a change to buyers or sellers. You have probably seen “For Sale” signs with a “Coming Soon” rider added to the post. You may have also seen postcard cards in the mail or ads with “Coming Soon” banners. So, how is this different, why would sellers want to list their property as “Coming Soon” and what is added protection with today’s new policy?
In the past, “Coming Soon” gave realtors a chance to start generating interest as they and the sellers were preparing the home for sale. For sale signs with a “Coming Soon” rider would be placed in the yard, social media posts may have been posted, and marketing materials may have been sent out telling buyers the property was “Coming Soon". Agents didn’t have the option to list the property as “Coming Soon” on the MLS, so they would wait for the seller to be ready and then list the property as “Active” on the MLS.
Unfortunately, agents would also test the market and/or try to attract a buyer who didn’t have an agent by showcasing the property on Zillow or another third party platform prior to putting it on the MLS. In our opinion, this wasn’t in the best interest of the seller and didn’t give the property full exposure. The more agents who know about a listing, the more buyers know about the property, the more exposure a property is receiving. When a property hits the MLS, sellers can feel confident that their property is being fully exposed to the market.
To promote full transparency and exposure, the National Association of Realtors created a clear cooperation policy with the MLS. The policy states that real estate agents cannot list properties through 3rd party platforms such as Zillow, Red Fin, etc., prior to listing it on the MLS. We see this as a win for the seller and creates the greatest opportunity for visibility of a property.
The cooperation policy between the National Association of Realtors and the MLS allows agents to list properties on the MLS as “Coming Soon”. Again, this is an advantage for sellers. If sellers need some time to prepare their home for sale, this policy gives them, no more than 21 days, to prepare the property, list it as “Coming Soon”, and have agents and buyers anticipating the day they can view the property. During the “Coming Soon” status DOM (Days on Market) will not accrue and the property can still be marketed.
There are details to the length of time a property can be listed as “Coming Soon”, ability to change status, and proper marketing. The good news is, this new policy really equalizes exposure of the property for everyone. Sellers can feel confident that their home is receiving the most amount of attention from the most amount of buyers.
For a detailed explanation of the policy and/or our comprehensive marketing plan, give Steve a call at 310-529-6456. The market is heating up. It’s a great time to sell. Give us a call for more information!