Massachusetts Law and Regulations does not specially address coming soon listings but do not appear to be illegal under our laws. Instead, follow these best practice tips to properly and effectively use coming soon listings.įirst, always confirm that your advertising is legal under state licensing laws and regulations. So, don’t risk lawsuits by dissatisfied clients or disciplinary action by your real estate commission or MLS due to your use of “coming soon”. (1) the advertising broker must have an active listing agreement in place (2) the advertising must be done in the name in which the broker does business and under the broker’s supervision (3) the advertising must be done with the property owner’s, or his or her authorized agent’s, knowledge and written consent and (4) the listing must in fact be “coming soon” and not currently being shown or marketed to a limited group. 40 lists four criteria for permissible “coming soon” advertising based on Nebraska’s advertising law. The Nebraska Real Estate Commission’s guidance document No.
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The Idaho Real Estate Commission emphasizes that marketing a property to only a limited pool of potential buyers for the purpose of, for example, pocketing more of the sales commission, violates state law because the professional is not acting in the client’s best interest.
The document recognizes that some coming soon listings are legitimate while others are “nefarious”, and the determination is fact specific. Most recently, the I daho Real Estate Commission issued Guidance #8.
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That’s why many MLSs have strict rules to ensure proper use of coming soon.Īs coming soon listings gain popularity, real estate commissions are taking notice and offering guidance on how to use them without breaking state law. Improper “coming soon” listings compromise that accuracy and undermine cooperation amongst real estate professionals.
They function at their best when information is complete. MLSs facilitate real estate transactions as a consolidated source of accurate property information and as a private offer of cooperation and compensation. Improper coming soon listings could also violate your MLS’s rules.
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State law and the Code also both require truth in advertising, while improper coming soon listings are misleading and inaccurate. For example, state law and the Code both require real estate professionals to act in the best interest of their clients, but improper coming soon listings serve the listing broker’s interest ahead of the client’s interest. Well, they violate state licensing laws and NAR’s Code of Ethics in a number of ways. But first, let’s talk about what makes them improper. Our best practice tips will help you avoid improper coming soon listings. On the other hand, improper coming soon listings violate state law, MLS rules, and NAR’s Code of Ethics because they are used to circumvent the MLS, to market the property to a select group of people, or to ensure a buyer uses the listing broker for the transaction. A legitimate “coming soon” complies with state law, MLS rules, and NAR’s Code of Ethics. They allow the owners more time to complete repairs, pack, or otherwise ready the property for showing or sale. “Coming soon” can be a legitimate advertising technique. Please watch the NAR Window to the Law: "Coming Soon" Listings Best Practices and/or read the below article.Ī “coming soon” listing is a listed or unlisted property that is not available for showing or sale until a later date. It is imperative for you to know the differences between legitimate and improper coming soon listings, and best practice tips for how you can use them in your business. We address this issue weekly on the GBAR Brokerage Counseling Hotline. "Coming Soon” signs and listings have been causing issues in our industry for some time now.
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