Fewer people will know the home is for sale.I also think that if you are going to advertise this way, you should fully disclose the impact of waiving the benefits of listing on a Board’s MLS® System. So that begs the question: is the pocket listing arrangement done solely for the benefit and in the best interests of the seller or is it done in the best interests of the listing agent? If it’s the latter, Mr. As an agent, you owe your client seller a duty of undivided care, loyalty and honesty.
Ultimately, I think the greatest danger of this type of marketing is the risk the listing agent takes of violating his or her fiduciary duties to the seller. But the real question is whether this type of activity violates your Board rules. Cutting off other members is totally antithetical to what the MLS® System is all about. I have long held the view that if there are no showings allowed, the listing should not be on the Board’s MLS® System. I’ve also heard of people signing an MLS® listing agreement, posting the listing on the Board’s MLS® System and not allowing showings for a period of time, during which you put out “Coming Soon” advertising. I’d stay away from this kind of arrangement. Whether it’s written or oral, it may very well put you at odds with your regulator.
#COMING SOON SIGN CODE#
Certainly, the REALTOR® Code requires all agreements of this nature to be in writing. What exactly is this beast? Is it a “listing agreement?” We’re not sure. People also appear be using it as a type of “marketing” arrangement where the broker has some form of unwritten or limited agreement to “pre-market” or sell the owner’s property prior to executing a listing agreement. So if, in the meantime, you are advertising it as “Coming Soon,” you should rephrase that to “Coming REAL Soon.” And if that’s the case, what’s the point of going through this at all? If you’ve signed a standard MLS® listing contract, you are required by Board Rules to submit it to the Board within a short period of time. But the question is: what is the deal between the listing agent and the seller in these “Coming Soon” situations? We are used to formal “exclusive listing” contracts. The term generally refers to some kind of arrangement with the seller whereby the listing is kept off the Board’s MLS® System. Pocket listings themselves are nothing new. “What does all this mean? How is this being documented? Are these listing agents entering into written contracts that allow this or are they operating under some kind of oral contract? What do these contracts say? Does this violate Board MLS® Rules?”Īnd my answer is the same answer that I give to most legal questions: “I have no idea.” As best I can figure, these are really just another form of exclusive or “pocket” listings. I get asked a lot of questions about these “Coming Soon” signs. To be clear, not only do I not endorse it, I don’t really even understand it (I know, I’m shocked too)! And, because Allison’s column focused on trademark use and not the “Coming Soon” trend itself, some folks think we somehow endorse this … errr … whatever it is. The purpose of Allison’s post was to make it clear that you can’t use MLS® as a noun on these signs. and has since seeped over the border to Canada: real estate people using For Sale signs with banners of proud proclamations like “Coming Soon.” Some of the signs say horrible things like “Coming Soon to MLS®” which, as you all know, is a trademark infringement and causes those of us charged with protecting the marks to reach medically unacceptable stress levels. Not long ago, Allison McLure, our fiery-haired trademark guru, wrote a blog on a recent trend that began in the U.S.
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