Compliance Corner- Important things to know about Coming Soon listings

September 10, 2024 16:24

Please note: this article is a snapshot of a message that was posted on the MLS system at some point within the last year. Things evolve rapidly in our industry, and the information in this article may have changed since it was first published. Compliance Corner articles are not updated after they are published, even if the information contained within has changed.

For the most up-to-date information on this (or any other topic), please visit our SmartDesk.

Compliance Corner #70

April 3, 2023

The Coming Soon status is a great way to premarket your listing before it is actually available for sale. It allows you to generate some buzz about your listing before it actually hits the market. It also enables buyer's agents to get a sneak peek of what's coming on the market that might interest their clients.

We would like to outline a few of the frequent issues that arise with COMING SOON listings:

The property must be entered in Matrix BEFORE ANY MARKETING can be done. Marketing includes but is not limited to emails, social media, mailings, signs, etc.
It is permissible to place a sign on a Coming Soon listing, but the listing must first be uploaded to the MLS as Coming Soon before the sign can be installed. If the sign is installed before the listing has been entered into the system (we know that sometimes the sign company works more quickly than expected) it is the responsibility of the list agent to remove the placard or cover the sign so that no agent or office information is visible.
The listing CANNOT be shown during the coming soon period.
No open houses (Broker or Public) are permitted during the coming soon period.
No offers can be presented during the coming soon period.
The Go Live date CANNOT be shortened once the listing is entered as a Coming Soon in Matrix.
The listing must be available to show upon the date it is made Active. Same day showings must be allowed.

Now that we have pointed out a few of the current HOT Coming Soon issues, we invite you to review the COMING SOON LISTINGS article in our knowledgebase, SMARTDESK (https://smartdesk.smartmls.com/hc/en-us/articles/360002335232-Coming-Soon-listings) and as always, do not hesitate to contact the Compliance Team with any questions you may have. We can be reached at Compliance@SMARTMLS.com or by phone at 203-750-6000.