09 Oct MLS New “Coming Soon” Status in Cincinnati and How it Will Impact Buyers and Sellers
Today I want to talk to you about one of the biggest problems buyers have when trying to find a new home and that is the shortage of inventory and how quickly great houses are coming on the market and selling, often times before the buyers know they exist or before they have had a chance to look at them, because they will come on the market and sell in an hour or so.
This is a big problem not only for buyers but for agents because we may have buyers reaching out to us about a property they saw and we have no clue what you are talking about because it is a property that is being marketed outside the MLS. This is commonly known as a pocket listing, whisper listing or a coming soon listing. However, finally the folks at the MLS that control all the listings and the way all the companies share listings came up with a solution. Currently the way its (not) working is if a seller wants to advertise their home as a coming soon property, they simply put a sign in the ground with a coming soon rider and they can list it on Facebook, Zillow or anywhere they want and from there the rules were pretty vague on how you could market that property. The MLS simply lost control. Properties were selling before they came on the market, people were complaining and getting upset so the MLS has now decided to implement a new status that is called “Coming Soon”.
The way this works, if you want to sell your house and put it up for sale but it’s not quite ready yet, you can now put it in the MLS up to 10 days in advance and market it as a coming soon listing. These listings will not be syndicated to the local real estate websites or Zillow or anywhere else but agents will be able to access this information. So if you were working with an agent from Team TREO and you just can’t find anything you like, we can go on the MLS and look to see what might be coming on the market within 10 days and send that information to you. This will make your Realtor more valuable to you and can give you some hope that you will not continually miss out on properties because you are not watching the MLS 24/7. As of right now, this information will only be accessible through your real estate agent.
There are some definite rule that go along with this process;
- No showings are allowed to occur while in the coming soon period, which is a maximum of 10 days.
- Listing agents are not allowed to present ANY offers to the seller until the home goes active on the market. Sellers need to agree to this in advance in order to be listed as a coming soon property.
- The MLS has given Agents warning of some HEFTY HEFTY fines if they try to go around the rules with 3 strikes and your out.
So if you want to see a property before it is listed, agents should not and cannot accommodate your request. And even if you want to write an offer sight unseen, the listing agent and Seller cannot discuss any offers until the listing has gone active. (Note: Brett misspoke when he said we cannot list the properties as “coming soon” on Facebook, Craigslist ect. We can pre-advertise, but we have to disclose that the listing is a “coming soon”, what date it will become available and it has to be listed on the MLS as a coming soon property before we engage in any marketing).
The fines for Realtors are steep. $1000 for the first offence, $5000 for the second and the third time $10,000 and the agent will possibly lose their license. So Don’t EVEN ask to see the property before it is listed.
The great news for the buyer is that you are going to be able to get a fair shot at a property and not have it sold before it was listed. On the flipside, if you are a Seller you are going to be able to generate a lot more interest by being on the MLS before you are actually for sale. This will hopefully have buyers lined up at your door on day one for showings as soon as it becomes available. This can result in getting competing or a high offer to begin with because buyers will know others have had their eye on your property too and they have an interest.
Hopefully, this is a win-win for both buyers and sellers. The only losers here could be your agent if they don’t follow the rules. This status should be coming out in mid-October which is any day now. Realtors will be working behind the scenes and figuring out how to maximize this opportunity for our Buyers and Sellers. If you have any questions, please contact us!