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    Coming Soon Listings: Do the Right Thing

    With limited inventory and a busy spring market, you may be tempted to drum up interest for your upcoming listing by posting it as “Coming Soon” prior to entering it into the MLS. But before you do, remember Coming Soon listings need to comply with TREND's Rules and Regulations. Here is a refresher on these listings, what TREND's Rules and Regulations say about them, and how they may impact the MLS and the greater real estate community.


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    What Are 'Coming Soon' Listings?

    These listings have lots of names: off-MLS listings, office exclusives, waivered, exempted or pocket listings. Whatever you call them, they are properties listed as For Sale with an MLS Participant , but the seller has requested that the listing is not to be entered into the MLS .


    So what do the TREND rules* say about these listings?

    “Coming Soon” listings are not prohibited by TREND. However, you must always follow TREND's Rules and Regulations.

    All listings for properties subject to an Exclusive Right to Sell or Exclusive Agency listing agreements, and located within TREND’s 14-county Primary Service Area, must be reported to TREND within three (3) business days by:
    1. Entering a listing into the MLS. Without an executed listing contract, listings are not eligible for MLS inclusion.
    2. OR
    3. Submitting a completed Waiver of Broker Cooperation form to TREND.If the seller does not wish to list in the MLS you must submit a Waiver of Broker Cooperation form signed by the Seller(s) within 3 business days of executing the listing contract. The waiver alerts TREND that a signed listing agreement is in place for the property, and confirms the seller is aware that withholding the listings from the MLS may adversely affect its exposure and their goal of getting the best price for their property.
    Only the seller—not the agent or broker—can decide to exclude a listing from the MLS. This is why the seller is required to sign the waiver

    For more information on listing requirements in TREND, click here.


    An Alternative to Coming Soon Listings

    A better alternative to Coming Soom listings is the use of the Active no Showings (A/N) status in which listings do not accrue Days on Market (DOM) for the first 21 days after entry. This may help meet the needs of agents looking to market their listings as “Coming Soon” while property improvements and other preparations are completed. These listings still require an executed listing contract prior to entry.


    Listings that Were Sold While Withheld from the MLS

    Often times Coming Soon listings are sold outside of TREND and are subsequently entered into the MLS and immediately updated to Pending or Settled.

    You should be aware that the listing firm may not enter listings which were subject to a listing agreement if the property goes under agreement or settles while exempted or waived from the MLS.

    Before taking listings that are to be withheld from the MLS, Members should advise their clients accordingly.


    Stay Compliant, Serve Your Clients

    If you opt to take a Coming Soon listing, remember these three things to avoid running into trouble:
    1. You are still required to comply with TREND’s listing entry rules.
    2. You have an obligation to act in the best interest of your clients.
    3. If you are advertising a property (outside of the MLS) without an executed contract you may run afoul of licensing law and/or the National Association of REALTORS® (NAR) policy.


    *Please note: This is information from the current TREND Rules and Regulations. A new set of rules and regulations will be available for Bright MLS.


    Rose-Marie Lucas • Listing Accuracy Supervisor

    Rose-Marie joined TREND in May 2001 as coordinator for the Industry Relations Department. She is currently the Listing Accuracy Supervisor, and is responsible for managing escalated compliance concerns and providing editorial contributions. Meet more TREND staff...


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    5 Comments
    1 - 5 of 5 Comments
    1
    TREND MLS
    6/8/2017 11:56 AM

    Gaye,

    If the property is located in any one of our Primary Service areas and exclusively listed with one of our Participating offices, the listing must be entered into TREND within three business days or a waiver filed indicating that the Seller does not wish the listing to be entered into the MLS.

    If there is no listing agreement in place or a waiver has been properly filed with TREND, the MLS is not in a position to offer any advice as to the advertisement of a property in any other venue. That would be a matter of state or License Law.

    Rose-Marie Lucas

    TREND MLS
    6/7/2017 1:36 PM

    Andre,

    If the property is exclusively listed with BHHS Fox & Roach, the listing must be entered into TREND within three business days or a waiver filed indicating that the Seller does not wish the listing to be entered into the MLS.

    If the property is not listed, TREND’s Rules & Regulations don’t apply. However, we’re not in a position to advise whether advertising a property without an executed contract is a violation of New Jersey Real Estate Commission’s Rules and License Law.

    We’ll follow-up directly with the listing agent to determine if the listing is subject to MLS Rules & Regulations and take the appropriate action if so.

    Thanks for bringing this to our attention.

    Rose-Marie Lucas

    Gaye Strac
    6/6/2017 10:24 PM

    I have seen a lot of posts on Facebook with coming soon and photos of a property is this allowed

    Andre Lapierre
    6/4/2017 7:24 PM

    https://www.facebook.com/KennethPomoRealtor/posts/1836506076671574

    Rose Marie. Please see the link above is this allowed.

    Realtorandrelapierre@gmail.com

    Pat Webster
    6/2/2017 5:08 PM

    Thanks Rose-Marie. This has been a hot topic at PAR Business Meetings and also with our office agents. Everybody has an opinion but you brought the boundaries into focus. Pat

    1 - 5 of 5 Comments
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