In the past, real estate brokers have often used the tag “Coming Soon,” as a way to advertise a listing in advance. “Soon” could mean a day — or a month.
This is no longer the case. A new rule approved by the National Association of Realtors (NAR) board of directors now requires brokers to place the home in an official MLS listing within one business day of any “Coming Soon” announcement. While the rule took effect January 1, implementation isn’t required until May 1.
Some real estate brokers see the “Coming Soon” tactic as useful in gauging and sparking interest in a property while sellers complete renovations and repairs, readying it for public listing. Others feel it has been abused by brokers hoping to privately locate a buyer among their own networks so that they might pocket both the selling and buying commission.
Realtors who approve of the new rule argue that it’s in the seller’s best interest to open a listing to all agents, rather than only to a small network of potential buyers. This gives property maximum exposure. Others who argue against the rule believe that it restricts marketing channels that might work in the seller’s favor.
The rule passed overwhelmingly: 729 to 70.
“Together we made sure that cooperation remains the heart of organized real estate,” noted NAR in a statement.