Coming Soon riders can be a boon – or a bane – for REALTORS. What started as a marketing tactic in the foreclosure industry has blossomed into a common practice for many agents in a very busy sellers’ market. Used properly, a Coming Soon rider can be a way to get some advanced marketing out on a property while the owners are finishing getting it ready for sale. But the abuse of the rider has led to some really negative consequences for both consumers and the industry. Buyers’ agents were having a hard time getting in to properties before they were sold and sellers weren’t being exposed to the entire market – potentially limiting their contract offers. Properties sold before they are listed in the MLS can also interfere with appraisers and those who are trying to find good comparables for future sales.
To encourage the proper and fair use of the idea of a property that is “coming soon,” the MLS has created a new status for listings.
Another advantage of the Coming Soon status is that you’re able to enter listing data with limited information, so if you’re still trying to round up some final pieces like room sizes or HOA information you can still get the basic information into the MLS under the Coming Soon status, whereas you might be required to have that information if you were entering a property into Active status. You’ll still be able to alert other agents that the property will be available for showings at a later date.
How long can properties have a Coming Soon status?
Listings under the Coming Soon status can remain at that status for up to 14 days. You may change a listing to Active at any time during those 14 days.
What happens after 14 days if I haven’t changed the status to Active?
Listing agents will receive a reminder notice three days prior to the expiration of the coming soon period for their listings. If the property status is not changedat the end of the 14 days, the status will automatically change to Temporarily Off Market. The listing will remain in that status until the listing agent changes it or it expires on its expiration date. The property may not be relisted under the Coming Soon status within one year unless it has been sold or leased within that year. This is to prevent abuse of the Coming Soon status.
Can Coming Soon properties be shown?
Whether or not you can open properties for showings while they are in the Coming Soon status depends on your office policy. The MLS rules do not prevent showings. Do remember to follow best practices and keep everyone’s safety in mind – especially if renovations are ongoing or pets are present.
Will external sites have access to Coming Soon property information?
Third party sites will not get information about properties in the Coming Soon status. Agents are able to search for properties under this status if they are members of the MLS. Coming Soon properties will stay within the MLS.
Can I email my clients information about properties that are Coming Soon?
Yes. If you have auto-email searches set up, you can also go back and amend the searches to include properties with that status.
Will a Coming Soon status impact Days on Market once the property is Active?
No. Coming Soon will not accrue days on the counter for DOM or CDOM.
Is the Coming Soon status mandatory?
No. Listing the property under the Coming Soon status is a decision that should be made between you and the seller.
Do I need to have a listing agreement in place before placing a property in a Coming Soon status?
Yes. You must have a signed agreement in place before listing the property in the MLS. You must have written authorization from the seller to place information about the property on the MLS.
How do I assign a listing a Coming Soon status?
Begin by inputting the listing like you would any other and select Coming Soon as the status. Certain information is required, like expiration date, location, property type, etc. It’s a good idea to be as complete as possible so you can ensure your early marketing efforts are attracting the right buyers and to save time when you do change the status to Active.
Can I add Coming Soon status properties to my hot sheets?
Absolutely! There are already a lot of listings taking advantage of the new status. Customize your searches to include this option.
If a listing expired before it sold, can a Coming Soon status be used to relist the property?
If the property was listed as Coming Soon in the past 12 months, it cannot be relisted with the status again, even if the previous listing agreement has expired.