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December 11, 2017

New “Coming Soon” Listing Status

Statement from MLS Committee Re: “Coming Soon” Listings: For more than a year, the MLS Committee carefully monitored the industry-wide practice of “coming soon” listings and how other MLSs have embraced (or not) “coming soon” listings. As a result, the MLS Committee has authorized programming changes to Flexmls to provide a “coming soon” status for residential listings. By adopting a “coming soon” listing status, the MLS provides:

  • A mechanism to capture this “off-MLS” listing data and provide more comprehensive and accurate market data; and
  • An equitable way for potential cooperating brokers and their clients/customers to be made aware of such soon-to-be available properties and by which date showings are permitted.

In addition, the MLS Committee adopted the "coming soon" MLS Rules outlined below and a Pre-Marketing Addendum* to define the terms and conditions under which the “coming soon” status may be used and how such properties may be marketed.

*To access the Pre-Marketing Addendum in the future, on the Flexmls Dashboard, click on Forms & Contracts > MLS Forms > Pre-Marketing Addendum for Coming Soon Listings.

MLS Rules, Section 1.2.5. Listing Status Definitions

Coming Soon: A residential listing for sale and for which the Participant has a current listing agreement and the Seller has specified a Start Showing Date no more than fourteen (14) days, including weekends and holidays, in the future on which showings, open houses and/or previews will begin, and the listing automatically will change to Active status and Days on Market will begin to calculate. Coming Soon listings:

  1. do appear when searching for Active listings;
  2. are not included in syndication feeds;
  3. are not included in prospecting matches;
  4. may not be shown*;
  5. may only be advertised as “coming soon” and any date used to indicate when the property will be available for showings shall match the date by which the listing automatically or manually is changed to Active status*.

Coming Soon status is only available upon first entering a listing into the MLS. For any Coming Soon listing, the Participant shall execute an MLS-approved Pre-Marketing Addendum to confirm the Seller’s written acknowledgement and agreement that the above-stated provisions apply.

While the MLS does not require the posting of a “coming soon” sign/rider, Participants and Subscribers who post a “for sale” sign  without a “coming soon” sign/rider should be mindful of Article 12 of the REALTOR® Code of Ethics, which requires that “REALTORS® shall be honest and truthful in their real estate communications and shall present a true picture in their advertising, market and other representations”; Article 3, which requires “REALTORS® shall cooperate with other brokers except when cooperation is not in the client’s best interest. The obligation to cooperate does not include the obligation to share commissions, fees, or to otherwise compensate another broker”; and Standard of Practice 3-8, which requires, “REALTORS® shall not misrepresent the availability of access to show or inspect a listed property.”

These MLS Rules do not prohibit a Seller from accepting an offer from a prospective buyer, who elects to make such an offer without the ability to view the property. Should a Seller accept an offer on a Coming Soon listing, the Participant shall change the listing to a status other than Coming Soon within the required forty-eight (48) hours as outlined in Section 1.4. Change of Status of Listing.

*Alleged violations of the terms and conditions outlined above for Coming Soon listings shall be referred to the Chief Executive Officer for appropriate action in accordance with the professional standards procedures established in the Code of Ethics and Arbitration Manual. Sanctions which may be imposed on users include suspension of MLS rights and privileges and a fine not to exceed fifteen thousand dollars ($15,000).

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