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New MLS Status ... Coming Soon!

By Lindsey Ruschak posted 7 days ago

  
MLS Status Added: Coming Soon

Takes effect November 4, 2019

Here's what you need to know:

The purpose of "Coming Soon" status is to allow time for the seller and listing brokerage to prepare the property for sale while having an active listing agreement in place and encouraging cooperation with other brokerages. Coming Soon will take place of the current "temporary exclusion". Listings marked as Coming Soon Status will be visible to members only and will not be disseminated to syndicated or IDX sites until the listing is marked as Active Status.
The MLS Committee feels strongly that the new "Coming Soon" status and the removal of the temporary exclusion will support the REALTOR® reputation by keeping us the most valuable source of accurate data and knowledge of inventory for real estate instead of other syndication sites. This new status will also encourage our Code of Ethics in regard to cooperation of brokerages for the best interest of our customers.
If you have questions or would like to hear more about the new Coming Soon Status plan to attend our Annual Meeting on Wednesday, September 11, 2019 at 10:00am. RSVP HERE

Coming Soon Status
New form: Coming Soon Status Seller Authorization - view here

Explanation:
  • Coming Soon status indicates that the listing brokerage and the seller are preparing the property for sale before the property is available for showings.
  • There must be an active listing agreement and must have seller approval of the status with a Coming Soon Seller Authorization Form.
  • The property may only be Coming Soon status for up to 21 days.
  • No showings are to be allowed while in Coming Soon status.
  • Listings in this status will be visible to members only and not disseminated to syndicated or IDX sites until it is marked as Active Status.
MLS Rule: Section 1.23 - Coming Soon Status:
 
a.   If a seller has authorized her/his listing broker via their listing agreement to advertise her/his property as a coming soon listing while seller and listing broker prepare the property for sale and showings, then the MLS Participant shall enter the listing in the MLS database in accordance with Section 1 – Listing Procedures utilizing the “Coming Soon Status" in accordance with these rules and regulations.
 
b.   A listing may utilize the "Coming Soon Status" for a limited period of time, not to exceed twenty-one (21) days. Listings with a “Coming Soon Status” will automatically convert to “Active Status” after twenty-one (21) days. Alternatively, the listing broker may change the “Coming Soon Status” to “Active Status” at any point prior to the expiration of the twenty-one (21) days, (i) if seller instructs her/his listing broker that the property is ready for “Active Status” and ready to be shown to prospective buyers and other MLS participants and subscribers; or (ii) on the agreed upon marketing date set forth in the listing agreement.
 
c.   A listing is only eligible for “Coming Soon Status” when initially input into the MLS database. Once a listing has changed from “Coming Soon Status” to “Active Status” it may not revert back to the “Coming Soon Status.” Listings entered in any other status are not eligible to be switched into the “Coming Soon Status.”
 
d.    Upon entry of a listing that will utilize the “Coming Soon Status,” the listing broker must upload a copy of the seller signed “Coming Soon Status Seller Authorization Addendum." The addendum must be uploaded to the document section of the MLS and marked private at the time the listing is input into the MLS.  
 
e.    Listings in the “Coming Soon Status” are displayed in the MLS system only and are not eligible for inclusion in MLS’s advertising data feeds (i.e., third-party websites, brokerage public advertising (IDX), or display on MLS’s public-facing website). Listings utilizing the “Coming Soon Status” are not eligible for showings or open houses. While the property is in the “Coming Soon Status” the property may not be promoted or advertised in any manner other than as a “coming soon” property. MLS Participants are permitted to share listings in the “Coming Soon Status” with their clients through the MLS system. 
 
f.    Any showings or open houses of properties utilizing the "Coming Soon Status" status prior to the listing becoming active will result in an automatic fine of $1,000 to the MLS Subscriber and the broker will be notified of the violation for a first violation. A second violation will result in a $3,000 fine to both the MLS Subscriber and the MLS Participant (Broker). Additional violations of this rule are subject to potential suspension or termination of the MLS Subscriber’s MLS privileges in accordance with Sections 7 Non-Compliance with Rules and 9 -Enforcement of Rules or Disputes.

Permanent Exclusion

New form: Seller Authorization to Exclude/Exempt Listing from Multiple Listing Service - View here
Explanation: This will replace the existing Seller Exclusion form which includes the option to "temporarily exclude" a listing. Temporary Exclusions from the MLS will no longer be accepted. If a seller wishes to exclude a listing from the MLS is will be permanently excluded.
MLS Rule: Section 1.3 - Exempt Listings:
 
If the seller refuses to permit the listing to be disseminated by the MLS, the participant may then take the listing ("office exclusive") and such listing paperwork shall be submitted to the MLS but not disseminated to the Participants. Filing of the listing should be accompanied by certification signed by the seller that he does not desire the listing to be disseminated by the MLS. (Members must use the MLS Seller Exclusion Acknowledgement form or a substantially similar form.)
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