Is the "Coming Soon" feature misleading?

[Mike Kennedy]

Clear Cooperation Policy - CRMLS

The Clear Cooperation Policy is a NAR-mandated policy that governs the public marketing of listings and their entry into the multiple listing service. Within one (1) business day of marketing a property to the public, the listing broker must submit the listing to the MLS for cooperation with...

go.crmls.org

Coming Soon Form

Coming Soon Form - California Regional Multiple Listing Service

go.crmls.org

 

[Carnivore]

Here my CMLS Rule for Coming Soon Status

Listing Brokerage. Listings in Coming Soon-No Show status must obtain seller approval
Coming Soon-No Show status seller authorization).

The listing brokerage and the seller are preparing the property for sale before marketing as Active status.
This status is not intended to give the listing brokerage an advantage in finding a buyer for
the property to the detriment of cooperating brokers, nor is it intended to circumvent the sale of the property
on an open market.

The intended use of this status is to provide a method for Participants
and Subscribers to notify other Participants and Subscribers of properties that will be made
fully available for showing and marketing after preparations have been completed. While
the property is in Coming Soon-No Show status, the seller and the listing broker may not
promote or advertise the property in any manner other than as “coming soon.” Coming
Soon-No Show status is for short-term use to prepare for Active status, and can only be used
for 21 days or less.

Properties in Coming Soon-No Show status may not be shown. Any showing of a property in
Coming Soon-No Show status disqualifies the property from that status and is a Category IV
violation as described in Section 9.4.4 and carries a fine

 

[glenn walker]

Here my CMLS Rule for Coming Soon Status

Listing Brokerage. Listings in Coming Soon-No Show status must obtain seller approval
Coming Soon-No Show status seller authorization).

The listing brokerage and the seller are preparing the property for sale before marketing as Active status.
This status is not intended to give the listing brokerage an advantage in finding a buyer for
the property to the detriment of cooperating brokers, nor is it intended to circumvent the sale of the property
on an open market.

The intended use of this status is to provide a method for Participants
and Subscribers to notify other Participants and Subscribers of properties that will be made
fully available for showing and marketing after preparations have been completed. While
the property is in Coming Soon-No Show status, the seller and the listing broker may not
promote or advertise the property in any manner other than as “coming soon.” Coming
Soon-No Show status is for short-term use to prepare for Active status, and can only be used
for 21 days or less.

Properties in Coming Soon-No Show status may not be shown. Any showing of a property in
Coming Soon-No Show status disqualifies the property from that status and is a Category IV
violation as described in Section 9.4.4 and carries a fine

Sellers do approve and so its a big nothing burger : ) LMAO

 

[Carnivore]

Sellers do approve and so its a big nothing burger : ) LMAO

The Rule I posted makes sense. What the Comming Soon does is alert other Realtors so they can contact all the Buyers they may be working with, in the search of a Home to Buy! It is kinda like Exposing the Subject to the Market before actually exposing it. Especially now when everything seems to sell in one day! This also adds some efficiency to the process, as buyers may tell the Agent they are interested or not interested. and so on and so on.

 

[glenn walker]

The Rule I posted makes sense. What the Comming Soon does is alert other Realtors so they can contact all the Buyers they may be working with, in the search of a Home to Buy! It is kinda like Exposing the Subject to the Market before actually exposing it. Especially now when everything seems to sell in one day! This also adds some efficiency to the process, as buyers may tell the Agent they are interested or not interested. and so on and so on.

In my area there is no need for a Realtor to place it in the MLS at all - A sign in the yard and sold 12 to 24 hours later with multiple offers so if the Realtor is trying to find their own buyer they don't even need to place it in MLS service. Exposure time is how long it takes to fill out a purchase contract : )

 

[Amy Perkins]

I've seen this mentioned a few times since CRMLS has implemented this feature, but what does everyone think about it? I had some time driving home from appts yesterday to think about it, and I think the "coming soon" feature is VERY misleading. We've all been to the sales where the sale is an "office exclusive" or they shop it around to other agents in the area before it gets listed in the MLS. When it does go in to MLS it's tagged as 0 DOM with the comment "sold before processing," or something similar to it. This has been a practice for years and has always slightly skewed the numbers, but not on a large enough scale to impact the "urgency" of getting an offer submitted and make buyers think that a house is on the market for 3-4 days. I think the "coming soon" feature is being used enough to really drive the DOM down as it becomes more common practice and utilized MLS feature.

The few issues I see with it are that it adds even more stress on buyers that may have been submitting offers for months on dozens of properties. They feel like the are slowly getting priced out of the bigger homes that they need, or out of the areas they'd like to move to. The more homes that get lucrative offers during the "coming soon" phase lowers the average or median DOM that agents like to make their buyers aware of (I have a lot of Realtor friends on social media that like to break down the numbers every month to their following and they always point out how the DOM in 2021 is half or even a quarter of what it was last year). I'm in LA county and a good percentage of homes in my area (30-40%) utilize a "coming soon" period. I know there are lots of other factors playing in to the crazy price increases and bidding wars going on, but I can't help but think that the perception of a house being "active" less than a week may be pushing people to increase bids or impulse decisions instead of walking away or waiting for the next opportunity.

They should do away with "coming soon" feature, and require agents to put accurate information in their listings instead of putting the burden on the "buyer to verify." (AKA the appraiser) My understanding is "coming soon" was intended to garner interest as the home was being prepared for showings, but I think it is being used more frequently to keep the DOM low.

It's called not on Zillow yet listing. Forget the Days on the Market, it doesn't exist with coming soon. Prior to this, they would just take it off for the weekend and could start the dom again anyway. I am so sick of gimmicks, upselling, etc... It takes nothing to sell a house because the high income earners are leaving cities.