COMING SOON STATUS
The Monmouth Ocean Regional Multiple Listing Service (MORMLS) has added a Coming Soon status to its MLS. This is an exciting change for our MLS and its members, but we must ensure that the status and its rules are equitable to all MLS Participants and Subscribers.
When joining MORMLS, Broker Participants have committed to cooperating with all MLS members by sharing their listings in the MLS as well as compensating all cooperating MLS participants who bring ready, willing and able buyers to their listings.
MORMLS is committed to recognizing and responding to changing market conditions but must always respect the principals of cooperation and compensation that the MLS Participants have developed and rely on. We want each Participant to have an opportunity to take advantage of the benefits of MORMLS and expect each Participant to accept the responsibilities.
Our Coming Soon status allows all of our Participant and Subscriber members the ability to take advantage of pre-marketing exposure should their client wish
Proceedure for a new listing
When your seller signs the listing agreement with you and your broker, the seller now has 3 choices on how to proceed:
Active Status: The property is ready to be marketed in MORMLS and shown to prospective buyers immediately.
Coming Soon Status: Up to 7 calendar days before the property is ready for showings, the listing can be entered into MORMLS in the Coming Soon status within 1 (one) business day of commencement date. MLS Coming Soon Addendum must be executed by the Seller, the Listing Agent and the Broker. This addendum can be found in FlexMLS Menu under Daily Functions on the MLS Intranet.
NO SHOWINGS ARE ALLOWED DURING THIS COMING SOON PERIOD BY THE LISTING BROKERAGE OR ANY OTHER BROKERAGE!
Days on Market will not accrue while the listing is in Coming Soon status.
Office Exclusive (Exempted Listings): If the seller refuses to permit the listing to be disseminated by the MLS Service, the Participant may then use an Exclusive Right to Sell (Office Exclusive) Listing. A copy of the listing, along with the Office Exclusive Rider must be filed with the MLS Service and must be loaded into the system within (1) one business day after all necessary signatures have been obtained.
benefits of the coming soon listing
- Often times, sellers are not ready to show and sell their property when they sign the listing agreement. This new Coming Soon status gives them the time to get the property ready for showings while generating interest.
- Coming Soon listings can be viewed by all MLS members.. These members may have a buyer(s) waiting for the perfect property to hit the market.
- During the Coming Soon period, the listing agent can generate their brand recognition through the for sale sign, social media postings and other mass media marketing all while promoting the seller’s property.
Coming Soon Rules and Enforcement
Coming Soon is a “status” (ie: active, under contract, etc.), not a “category” (i.e.: residential, multifamily, etc.)
They are simply “active listings” that cannot be shown by anyone, not even the listing agency.
1) Coming Soon listings can be entered into the system with this status for up to 7 calendar days. Once the anticipated showing date is reached, the MLS system will automatically convert the listing to “active”. The participant/subscriber can reduce the coming soon period at any time, but can’t extend it for longer then 7 days.
2) Listings in the “Coming Soon” status will be in syndication and IDX feeds.
The Public Remarks MUST begin with:
This is a Coming Soon Listing and cannot be shown until __________ (insert date)
3) Listing Brokerages can advertise and market “Coming Soon” listings providing that their advertising prominently states that the property is a “Coming Soon” listing and can’t be shown until the date that was entered in the MLS.
4) The Listing brokerage is prohibited from showing a listing that is under the “Coming Soon” status. A fine of $1000 would be imposed on the broker and/or agent as determined by the MLS Committee.
5) Any subsequent violations will have a fine of $1000 to the broker and/or agent and will have to be addressed by the MLS Committee. Subject to escalation for repeat offenders up to $15,000.
6) Listings in the “Coming Soon” status can’t be reported under contract. They must be in “Active” status to be reported as “under contract”.
(Adopted June 2020)