“Coming soon” listings may be utilized when a Seller is ready to sign a multiple listing agreement, but for personal reasons is not ready to “show” the property to potential purchasers. The listing brokerage must put the listing in the MLS within 24 hours upon Seller signing of the listing agreement, and utilize “coming soon”. The stipulation of “coming soon” is that there will be NO SHOWINGS of the listing by ANYONE INCLUDING THE LISTING OFFICE until the end of the coming soon timeframe. If this is not adhered to, it can be a Code oCof Ethics violation of Articles 1 and 3.
Based on the low inventory and pent-up demand by buyers, using “coming soon” is creating “sight unseen” offers which present their own problems. Here are two scenarios:
- listing agent is requiring “highest and best” prior to the first date of showing. If the listing agent is advising the Seller to utilize “coming soon” to create sight unseen offers, or to give the listing brokerage an unfair advantage of access to the listing before the end of the coming soon timeframe, the listing agent is not working in the Seller’s best interest, and should re-think what they are doing.
- listing agent is requiring “highest and best” the day after the first showing date, and then telling buyer agents there are no appointments available, thereby not allowing potential buyers to see the property prior to making the offer ask the question…. is this in the Sellers best interest, or giving the listing brokerage an unfair advantage of access?
It should be the choice of the Seller to utilize “coming soon”. See the article published in NAR REALTOR® Magazine Jan-Feb 2021 regarding “Sight Unseen Offers”.