COMING SOON POLICY
Coming Soon status indicates that the broker and the seller are preparing the property for sale and for marketing as Active status. This status is not intended to give the listing broker an advantage in finding a buyer for the property to the detriment of cooperating brokers or to circumvent the selling of the property on an open market. The intended use of this status is to provide a vehicle 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 status, the seller and the listing broker may not promote or advertise the property in any manner other than as “coming soon”. Properties in this status may not be shown. This status is for short term use preparatory to Active status, 10 days or less, and must have a listing agreement and seller(s) written authorization using the LAR Coming Soon Addendum.
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What is the purpose and benefit of Coming Soon?
A Coming Soon policy allows REALTORS® to inform the public about listings that will be available to show within the next 10 days, allowing all buyers the time and opportunity to receive information about the property and view it once it’s in Active status. It also allows sellers time to get their home prepared for an Active listing, plus generate interest.
What is the maximum number of days I can have a listing in the coming soon status before it is required to go live?
A maximum of 10 days. There is no minimum.
Will it go live automatically?
Yes. The listing will switch to an Active status once 10 days have passed.
Can I make it go live sooner than 10 days?
Yes. You can update the listing to Active status at any time.
Do I HAVE to use Coming Soon?
How can I market Coming Soon? Is social media allowed? Newspaper? Online?
You can market Coming Soon, but everything must be labeled “Coming Soon” (i.e.notation on a social media post, rider attached to a yard sign, etc.) or you will be in violation of the Coming Soon Policy and subject to the LAR MLS Fine Policy sanctions.
Will the listing be distributed to IDX or data feeds?
No, the listing remains in the MLS only. Listings in Coming Soon status are not syndicated to any external websites (i.e. LAR public search website, 3rd-party websites, etc.).
Do I have to put a Coming Soon rider on the For Sale sign? What happens if I don’t?
Yes. If not, you are in violation of the Coming Soon Policy and will be subject to the LAR MLS Fine Policy sanctions.
What if someone asks to see the house during the Coming Soon status?
You must tell them no. Properties listed in Coming Soon status in the MLS may not be shown. You may tell them when the property is expected to go into Active status. You may also advise them that they can place an offer with a Sight Unseen Addendum.
Can my seller decide to make the listing active during the 10-day Coming Soon status?
Yes, the listing may be moved to “Active” status at any time. Additionally, the status MUST be changed to Active status in the MLS prior to any showings.
What if someone wants to write an offer on the home, sight unseen?
That is acceptable, as long as a Sight Unseen Addendum is assigned.
What happens if I show the house while it’s in Coming Soon status?
You are in violation of the LAR MLS Fine policy, as it pertains to the Coming Soon Policy, and subject to sanctions as listed.
What fines are associated with Coming Soon?
The fine will be assessed under MLS Fine Policy #3 which states:
COMING SOON STATUS- In the MLS, the Coming Soon status indicates that the agent and the seller are preparing the property for sale, but is not ready for full marketing and showing. Listings in Coming Soon status may not be shown until the home becomes an active listing. While under the Coming Soon status, listings are displayed only on the MLS and Virginia MLS Cooperative Participants and Subscribers. Listings under this status are not included in IDX and RETS feeds. Listings may remain under Coming Soon status for a period of 10 days or less. A Listing Agreement and Coming Soon Addendum ratified by the property owner is required for all Listings entered under Coming Soon status. Failure to comply with any or all of the provisions set forth in this policy are subject to the following:
FINE AS FOLLOWS:
1st Offense- $1200
2nd Offense- $2400
How many photos need to be uploaded for a house in Coming Soon status?
At least one front-view photo of the home must be uploaded to the listing.
What kind of form needs to be filled out to have a Coming Soon?
A listing agreement and a Coming Soon Addendum should be filled out at the same time.
Should the Coming Soon Addendum and Listing Agreement have the same date?
The Coming Soon Addendum and the Listing Agreement must have the same date. “Coming Soon” is a status of a listing; therefore, the listing agreement must be dated for the date you plan to begin marketing the listing as “Coming Soon”.
As a reminder, to secure your listing agreement, you may have the listing agreement and Coming Soon Addendum ratified prior to the “Coming Soon” list date. But you cannot advertise or discuss the property until that list date has arrived. Coming Soon listings are exempt from Exclusive Listings.
Additionally, you must include an Expected On-Market Date when using the Coming Soon listing status (this date will be entered under #3A on the Coming Soon addendum). This is the date you expect your listing to be Active in the MLS system. This date cannot exceed 10 days from the listing ratification date. The listing will move to an Active status on the Expected On-Market Date. If the listing is not ready for an active status upon the expiration of the Coming Soon period, consider using the Temp/Withdrawn listing status.
Can you have an “Opt-Out of Internet” or an Exclusive Listing option with a Coming Soon listing?
No. The seller waives their right to these options if a Coming Soon addendum is desired.
If you put a sign in the yard with a Coming Soon rider in it, how long do you have to put it in the MLS under Coming Soon status?
One business day.