“Coming Soon-No Show” listing status is here!

 Debbie_09 By Debbie Wey

Vice President, MLS Administration

A new listing status is now available in Matrix! CarolinaMLS implemented “Coming Soon-No Show” status Jan. 9, 2017. 2016 CarolinaMLS President Maren Brisson-Kuester discusses this new listing status here:

These are the important points you need to know:

  • Listings under Coming Soon-No Show status are not “pocket listings.” All CarolinaMLS subscribers can view them.
  • Properties under Coming Soon-No Show status are not to be shown. Use Coming Soon-No Show status when you have a signed listing agreement for a property that needs some minor updates (small repairs, new paint, flooring, etc.) before it is ready to be shown.
  • The “Listing Contract Date” field in Matrix is now renamed “Marketing Date.” The listing agent will input the Marketing Date (as it is known in North Carolina) or the beginning of the term of the listing (for South Carolina). The listing will automatically convert to Active status on the Marketing Date. The Marketing Date can be no later than 21 days from the date the listing is submitted to the MLS under Coming Soon-No Show status. If the property is ready earlier than anticipated, you can change the status for your listing in Matrix.
  • Since these listings are not yet ready to be shown, they are NOT syndicated to public-facing real estate websites. Listings under the Coming Soon-No Show status are accessible to CarolinaMLS subscribers only. Listings in Coming Soon-No Show status must receive seller approval. Use the CarolinaMLS Coming Soon-No Show seller authorization form.
  • The listing doesn’t begin accruing Days on Market (DOM) until it moves to Active status.
  • Appointments can be made in advance with ShowingTime for the first day of showings. ShowingTime staff has offered this guidance for listing agents:
    • If the listing is activated before the date specified, the listing agent can send an announcement to the agents with pre-scheduled appointments.
    • If the Marketing Date gets extended and the listing remains in Coming Soon-No Show status, the listing agent must cancel and reschedule all showing appointments before the new Marketing Date. ShowingTime will not “auto-cancel” the pre-scheduled appointments. There is a $1,000 fine to the listing agent for allowing a showing while the listing is on Coming Soon-No Show status.
    • Listing agents who wish to withhold showing instructions in confirmation emails until showings start can make this statement in the showing instructions field: “On the day of your showing, check your ShowingTime app for access instructions or call ShowingTime.”
  • If an unforeseen circumstance occurs and your listing cannot become Active as scheduled, change the status to Temporarily off Market to prevent it from becoming an Active listing.
  • A listing cannot be changed to Coming Soon-No Show status after it has been listed under any other listing status. You’ll have to wait until 90 days have passed before you can re-list the property under the Coming Soon-No Show status.

Questions? Visit www.carolinarealtors.com/coming-soon for more information and resources, and you can read the specific MLS rule changes that occurred with the implementation of Coming Soon-No Show status.

33 thoughts on ““Coming Soon-No Show” listing status is here!

  1. Hey Debbie,
    Our agent puts a home in Coming Soon, to go active in two weeks, as it needed paint and carpet. An investor, s
    sight unseen, brings a full price cash offer, close in two weeks.
    How do the brokers properly handle a situation like this?

  2. Word of warning of an issue I just experienced with the “Coming Soon” status… I entered a CS listing on February
    8th, showings to begin on February 24th. There was no “Active” inventory in the neighborhood- just two UCS /
    UCNS, with VERY few “sold comps”, because this home was in a new community with mostly “to-be-built” sales,
    and limited spec sales (this home is less than a year and a half old). So we had very limited comps to use to build
    value. In the meantime, one of the two UCS / UCNS listings closed, significantly bringing up the value of the “solds”.
    The second one will be closing the same day as my new listing, and it also will be many thousands of dollars
    higher. This created a higher value now for my upcoming listing, so we adjusted the list price up by $5000
    accordingly. Here’s the problem- wile the listing dies not “accrue” DOM, the lower price still shows in the computer-
    though it was not yet input as an active listing. No one addressed the issue that the CS “List Price” would be shown
    in the history, just as if it were an active listing and was increased or decreased. The problem is, Agents will see the
    new listing and pull the history, and could now bring my seller lower offers, rationalizing that “they were willing to
    sell it $5000 lower when they put it into the system”. So, I emailed the Carolina Help desk, because I don’t
    remember seeing anything stating that any change in the list price would show up in the listing history, just as if it
    were an “Active” listing with a price change. I am wondering, did I miss this? Our MLS said that they would not take
    out the CS history. So, this brings up a serious question- if the listing time is longer than “normal”, due to the CS
    status, and things can potentially change (as in the above scenario) during a longer time between inputting as CS
    and making the listing Active, are we then potentially doing our clients a disservice to list as CS? I am not sure that
    any of you are aware of this situation happening. If you change the listing price during the “lag time” when the
    listing is listed as “CS”, it still shows up as a price increase or decrease for that listing, although that listing was not
    even “Active” yet. So, be aware. If you must, list it higher and you can always bring it down. Otherwise, an increase
    will show up in the history and on the main face of the MLS, which may lead a BA to present a lower offer to your
    seller, based on the price BEFORE THE LISTING WAS ACTIVE AND AVAILABLE FOR OFFERS. I think that this needs
    to be changed if we are going to have CS status- because things can change over a longer time frame, and if
    comps close that adjust value in the meantime, sellers could be penalized for listing it correctly the first time, and
    needing it to change it due to market conditions changing (like closings in the same neighborhood that are
    pending). Since we only have the DDP end date, and not the “closing date” showing on our MLS pages, this could
    create huge problems going forward as comps in between the CS time and closing can change, and it can hurt the
    sellers if they then adjust upwards due to market demand. I knew that the “list price” will be shown during the CS
    time periosd, but I did not know that if you adjusted it during that CS period that it will be still shown on the listing’s
    history, as if it were a change to the Active listing’s list price. Now, this may have been discussed, and I may have
    missed it, but I want all of you to be aware of this, so you can take the steps necessary in advance so this doesn’t
    affect your listing negatively.

  3. @Scott. 1) The Coming Soon-No Show status form is located under the “CMLS Forms” link on the Resources page
    in Matrix. 2) You cannot promote the listing that is in Coming Soon-No Show status anywhere on the Internet
    (including Social Media.) You can promote the listing, but only as Coming Soon, with a sign rider or in printed
    material.

  4. Two questions:

    1 – Where do we locate the CMLS form that needs to be signed by sellers, if they would like the “coming soon” status?
    2 – Are we allowed to promote these listings in places other than the CMLS, during the “coming soon” status?

  5. Debbie, what are the restrictions on photo’s for the Coming Soon Listings? I am currently seeing NO pictures after
    the listing has been in the MLS for more than 24/hrs, I am also seeing only front pictures, as well as up to 24
    photo’s. What are the rules for pictures? Thank you!

  6. I want to schedule a showing on a coming soon home for the day that it comes on the market. I’m not seeing
    anywhere to do this in the MLS. Please advise.

  7. @Shelly, CarolinaMLS does allow the seller to withhold a listing as long as it is seller directed. CarolinaMLS must be
    notified within two business days of the Effective Date or Marketing Date (whichever one rules in the contract) that
    the listing is being withheld.

    @Britt, photos are not required for Coming Soon-No Show status listings.

  8. Are pocket listings still allowed after this new status is implemented? In other words, can they choose to complete
    the “withhold from MLS” form (send it to you within 48 hours) and continue to quietly market it AND show it before it
    goes into MLS if they choose? For example… a seller wants to get some feedback on price and condition before it
    gets launched to the public. They would like a few quiet showings. With the forms I noted above, can we still do this?

  9. @Debbie Wey I appreciate your quick response. I would respectfully have to disagree with the theory you presented.
    You’re basically saying people are doing it on other sites anyway so lets allow it on the MLS and therefore we’ll be
    able to better enforce these restrictions. It is going to only perpetuate the issue you’re trying to solve for. There’s a
    lack of inventory and buyer agents are doing anything to get their clients homes. By putting them on the MLS it’s
    actually exposing agents even more.

    What’s stopping an agent from getting an offer during a coming soon phase and listing the property for an hour and
    then having the seller accept the offer? It’s scenarios like this happen and everyone gets angry and the commission
    comes down on the agents. Well the agent is looking after the best interest of their client in this scenario…both
    buyer and seller. We are creating a large gray area for really no reason. I’m not sure what the benefit is. I’m really not
    trying to be negative I just know how this will play out and want to bring it to everyone’s attention prior to this going
    live.

    Happy Holidays
    Anthony

  10. @Anthony Moore — The new Coming Soon-No Show status is not a required status, so you (or your sellers building
    on in-fill lots) can choose not to list a property on Coming Soon-No Show status if you don’t want to. The purpose of
    Coming Soon-No Show status is to provide a way for these properties to be listed in the MLS instead of being
    advertised outside of the MLS on Facebook or in other places that aren’t fully exposed to real estate brokers. Much
    of the activity you are describing with blind offers and buyer agents begging for an advanced showing is happening
    now, even without Coming Soon-No Show status being in place. Implementing a status with rules will help to create
    order and normalcy where there has been none.

  11. As someone who builds and lists new construction in infill lots this is going to cause a lot of trouble. Buyers agents
    are going to beg us to preview listings even if they’re not complete. What’s the point of listing something as coming
    soon if you’re handcuffed as to what you can and can’t do. The reality is these homes will be shown and sold prior to
    everyone getting a fair shot. It’s not a good move.

    Furthermore, it will also cause buyers to want to wait until something is available vs. going after the current inventory
    listed. Listing agents also will be fielding “blind” offers from buyers agents prior to listing that they will have to
    present to their seller…what happens if the seller decides to accept? All the other agents are going to be up in arms
    and reporting the listing agent. Their buyers will also think they didn’t do a good enough job because it was sold prior
    to listing etc. I seriously think this should be re-thought. All this because agents have coming soon signs in the
    ground…I’m not sure it’s much of a solution. In many ways it will exacerbate the issue. Hopefully I’m wrong but if any
    of these issues have been thought through please give me some feedback. Thank you

  12. Debbie – are there limitations on the types of marketing that can be done for Coming Soon No Show Listings?
    I understand agents can put the COMING SOON rider on their signs, but what about email marketing to the public,
    agent to agent email marketing, or running print ads (assuming we would note with the Coming Soon status). Thank
    you.

  13. @Ian Corfield, the CarolinaMLS Board of Directors considered implementing a fine for the buyer agent as well, but
    felt that it is ultimately the listing agent’s responsibility to ensure compliance with the rule prohibiting showings.

  14. Debbie, you mentioned above that listing agents can be assessed a $1000 fine for showing a coming soon listing
    before marketing date. While I agree that is fair, and a deterrent, what deterrent exists for buyer agents? If a listing
    agent is prepared to break the rules then the buyer agent, in my opinion, is also complicit in breaking those same
    rules. Thoughts?

  15. @Michelle Daniels, Coming Soon-No Show status hasn’t been implemented yet. It should be implemented in late
    December.
    @Larry Nooe, if the listing is being marketed (and a coming soon sign is marketing) then the listing needs to be in
    the MLS. Once Coming Soon-No Show status is implemented, you’ll be able to list the property under that status.
    Right now, and until Coming Soon-No Show status is implemented, you can either list the property on Active
    status and indicate that no showings are allowed, or if the listing is being withheld from the MLS with the written
    instructions of the seller, you must notify CMLS within 48 hours (excluding holidays and weekends).

  16. I’m already seeing Coming Soon signs posted in yards and can not get any info on the property and have my buyers
    making inquiries? Where is the coming soon info posted in the CMLS?

  17. During the Coming Soon-No Show status is it ok to put the sign out during this time with a “Coming Soon” sign a
    attached to our original sign?
    .

  18. Beth, it is possible that there could be a change to the form but we don’t know for sure. We have a representative of
    CarolinaMLS on the NCAR Forms Committee who is bringing our new status and rules to their attention for
    consideration. That is one reason why we have implemented our local “Coming Soon-No Show” status form so the
    seller signs off on understanding that the listing will not be available for showing and will not be advertised on the
    internet.

  19. That is good news, but raises a question. Will there now be a change to the NC Standard Listing agreement?
    Particularly in reference to paragraph 10(b) – Marketing Authorization?

  20. Steve, the List Price will be shown.
    Mike, “Coming Soon” status listings will not be included in “Auto Emails” so they won’t appear on the Client Portal in
    that way. However, Coming Soon listings can be emailed individually, so any that are emailed individually to a client
    should appear on the Client Portal.

  21. 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 a $1,000 fine is assessed to the listing agent.

  22. It looks like the point is still being missed that “Coming Soon No Show” means there are NO showings…that means
    no agents are allowed in the property until it’s active.

  23. Thank you for implementing this way of marketing. Would you also consider adding the projected date of closing to
    MLS? This way we can plan our listing of new property and scheduling of appraisals.

  24. Yes Josh it just may create a flurry of offers, but is that a bad thing?? Our job as Listing Agents is to get the Highest Price possible for the Seller, and multiple offers can and usually does accomplish that goal! As agents, we should never complain about the possibility of extra work we may have to put in to accomplish success on behalf of our sellers. After all, we are getting paid pretty well for the work we do! So go ahead phone…..Ring off the Hook!!!

  25. I like how this is a move forward that greatly increases the value of MLS membership and commutation skills with our clients. However, there needs to be awareness that this will create multiple offer situations on homes that have not been viewed , or shown privately. So listing agents who employ this technique, get used to your phone ringing off the hook!

Comments are closed.