Some multiple listing services have added an option for brokers to list properties as coming soon, and many Texas REALTORS® have questions about that option’s effect on their day-to-day practice of real estate.
Read Texas REALTOR® magazine for the answers to these questions:
- Can the broker decide whether a listing can be marked as coming soon?
- Can a broker list property in the MLS as coming soon without a listing agreement?
- How long can a property be listed as coming soon in the MLS?
- Can a listing broker show a coming soon home to one agent but not others?
- If the seller allows one agent to show the property, does that mean she has to allow all agents?
- Can a coming soon property go under contract before going active in the MLS?
- Can a listing broker charge a fee to a buyer’s broker to view a coming soon listing?
“Coming Soon” is stupid! It benefits no one except the listing agent. A competent fiduciary is going to expose that property to every possible agent and member of the public as quickly as possible. It’s almost like a pocket listing.
First of all yes it does benefit be listing agent which is not such a terrible thing. Also, it does expose the upcoming listing to the neighborhood where residents may know of somebody that is interested in that area to give them a “heads up”. Overall, I see nothing negative about a coming soon, as nothing but good could come out of it. I do believe it is far from a stupid move.
Can’t disagree with you more, Marc. “Coming Soon” does NOT expose the property to the neighborhood any faster than a “for sale” sign in the yard, because the “neighborhood” does not see the “coming soon” status in MLS. Overall, I see no positive effect to have a “coming soon” status, unless you are the Listing Broker, and then you are just fishing for buyers without letting other Agents compete for the right to bid on the property. You have to have a Listing Agreement before you can put a sign in the yard. You have to have a signed &… Read more »
BINGO! You said a mouthful of truth . Unethical, and such a scheme. Starting a bidding war behind the scene.
it is not the rule that is “bad” it is abuses of the rules that is bad. If the property is going to sell in the first hour it is on the market (it happens) and you were at lunch with a different client, and your perfect house/perfect buyer misses it because you were not babysitting the MLS, the “coming soon” Could Have given you the several days’ heads up that it Will Be Available. As long as no one gets to show it before any others, and you know when it will be available to shown, it is FAIRER… Read more »
Along those lines an efficient agent will also do local marketing campaigns to advertise the coming soon listing. Posting the listing on their local neighborhood app, page and facebook groups as well as passing out flyers for neighborhood “open houses” prior to making the listing Active.
It does work when done correctly and it serves its purpose, especially when a home is not quite yet show ready and its located in a sought after community. The word gets out quickly.
I don’t think is a good idea. If the property is not ready to be shown, it’s a deservice to the seller and the buyer to show a property not ready to be sold. If you can’t show it! Why list it, or advertise it. What if the seller backs out before signing the listing agreement.
A notification can be set once is on the market so interested people will get the notice.
Juan, Agents need to have a signed listing BEFORE the coming soon is placed in the MLS. It Definately benefits the seller, it gives ample notice for ALL agents to know its coming.
The ONLY criteria that matters with which to judge the validity of the “Coming Soon” status is whether or not it benefits the Client (Seller). Whether it’s ‘fair’ to Realtors or the Public is of no concern. Ergo, the Listing Agent and the Seller should discuss all parameters of this status, and the Agent should do as the Seller decides.
“Coming Soon” is a joke. It is nothing more than a cover up for a pocket listing where the Listing Broker does not want competition from other agents. How do we know that the listing agent and her whole office are not showing the property while it is in “Coming Soon” status in MLS…? Two Weeks should be enough time to sell any property in today’s market. Most of them are under contract in two DAYS! Nobody has explained how this fake status benefits the Seller… The Large Brokers rule the MLS system, and this whole concept was a political… Read more »
While some people say “coming soon” listing only benefits the agent, I completely disagree with this statement. I have clients who have had a turmoil of hectic events, between getting the house ready, staging, moving to another city etc; the “coming soon” sign gives potential buyers a heads up about the house, especially while the sellers prepare it to be show ready. Homes cannot be in a “coming soon” status forever and the listing does have to be active after “x” amount of days. I want to give my sellers home the most exposure and the most amount of interest… Read more »
I am using Coming Soon for client who needs time to coordinate pool cleaner, housekeeper, lawn care, stagers, etc…Right now, we want to let potential buyers know it’s coming, so maybe they can hold off another property, knowing this one is coming. Especially if buyer is trying to move over the summer and getting near the end, needing schools, they may wait for this property…is our hope. Otherwise, we list when the property is ready, our potential buyer may have just made on offer the week before. I like “coming soon!” It lets buyer agents plan.
Only reason to have “coming soon” is to benefit listing agent. It is not ethical because agent is putting his personal interest first. Sellers deserve full advertising of their property.
I was back stabbed today with a coming soon listing. There was a coming soon listing for few weeks in Prosper TX and I was in touch with the listing agent and she told me due to TREC clear cooperation rule, I can see the property when it becomes active. Alas, tonight status changed to active and then to pending at the exact same minute; not even one minute after. What a BS. Clearly shortchanged the seller. In todays hot market, the seller could have definitely made extra 50k+ easily if it was in the market for 2 days. When… Read more »