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Compliance Corner #51
March 1, 2022
Coming Soon Listings Helpful Hints
The Coming Soon status serves as a great marketing tool for generating hype about a property before it becomes available to be shown. Although you are strictly prohibited from conducting showings or presenting offers while a listing is in the Coming Soon status, you can have showing appointments all lined up so you can hit the ground running once the preview period is over.
The Coming Soon status comes with a very strict set of rules that must be followed without exception.
Click here for a detailed document with all the Dos and Don’ts.
The following is a list of the most common issues the compliance team encounters.
-
Not having a valid listing agreement during the coming soon period
– Though the listing is in Coming Soon status, there must still be a valid listing agreement prior to the listing being entered as Coming Soon.
a. The effective date of the listing agreement cannot be the same as the Go-Active date
-
Not having a delayed addendum
– Listings must be entered in the MLS within 48 hours of the effective contract. This applies to Coming Soon listings as well. If the listing will not be entered as Coming Soon within 48 hours of the listing date, there must also be a delayed addendum.
a. The delayed entry date should be the date the listing is being ENTERED as Coming Soon.
- Blank or incomplete documents – All documents including the Coming Soon addendum must be completed and signed by both the agent and seller(s).
Please Note:
Expected Active Date (
Go Active Date
)
- This is the date the listing automatically switches from Coming Soon to Active. Once entered in the MLS, this date can be extended up to a total of 14 days from the Listing Date, but it can
never
be shortened.
The Coming Soon Addendum must be uploaded to the listing while it is still in the INC status. Matrix will not allow you to save a listing as Coming Soon if it does not see that the Addendum has already been properly uploaded (as a
Private- Coming Soon Addendum
supplement type).
Click here
for more details.
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The Compliance Team values your opinions, comments and suggestions.
Never hesitate to contact us at compliance@smartmls.com or 203-750-6000.
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