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To start off the month of February 2021 we are bringing updates to the Coming Soon Listing status including an updated form, changes to our Policies, Rules and Regulations, a new showing violation reporting webpage and new listing procedures within Paragon MLS.  Welcome to the Coming Soon February 2021 Updates blog post!

What is a Coming Soon Listing and What is the Intended Purpose?

The NNRMLS Coming Soon status is for listings that are NOT ready to show. As an example, a Seller would like to list their home but would like to replace the carpets and have the interior painted prior to having potential buyers view the property. The Listing Agent can secure a listing agreement and enter the listing as Coming Soon in the MLS for up to 21 days, to accommodate the Seller’s wishes to have the property prepared with new carpet and fresh paint before showings begin. Click here for the official NNRMLS Listing Information Webpage, where we define all of our listings statuses.

The Coming Soon status is intended to provide an option for Listing Agents and their Sellers to do what is described above; to begin to market a listing while the property is being prepared for showings. In order for the status to work as intended in our market, it must be used properly by both listing and selling agents. Using the status incorrectly misrepresents the showing availability and thus does a disservice to the public, your fellow real estate professionals and the market. Incorrectly representing the showing availability of a Coming Soon listing also harms the reputation of NNRMLS and its data accuracy. We rely on the professionalism of our broker and agent members to enable us to continue to provide Coming Soon as an MLS listing status.

Following is a collection of updates to the NNRMLS Coming Soon status that are now in effect. These updates are a result of the hard work of the NNRMLS Trustees, Leadership, Staff, collaboration with our Shareholders; RSAR and SNR, and were ultimately informed by feedback from NNRMLS membership.

Updated Coming Soon Form:

Perhaps the most tangible manifestation of all the Coming Soon changes is the updated Coming Soon Authorization Form. The form was live in TransactionDesk as of February 1, 2021. While the form looks similar to the older version, the main change exists in the shaded box called “Coming Soon Guidelines” that shows in the middle of the form, (see the image below for an example of this area of the form); it is this area of the form where the updated policies and procedures needed to maintain a Coming Soon listing are summarized.

Coming Soon Guidelines

NOTE: Please remember to check your TransactionDesk Templates to make sure the new Coming Soon form has been added. Here’s a blog on how to determine if template forms are out of date.

Updated Coming Soon Policies and Procedures/FINES:

A new citation type; the “Coming Soon Showing Violation,” has been implemented and results in an automatic $1,000 fine levied for showing a property in the Coming Soon status.

Who would incur these fines and for what action?

  • The following list details the circumstances where an agent showing a Coming Soon listing would incur an automatic $1000 fine:
    • The Listing Agent who shows their own Coming Soon listing would incur an automatic $1,000 fine
    • The Buyers Agent who shows a Coming Soon listing without the Listing Agent’s permission would incur an automatic $1,000 fine
    • Both Listing Agent and Buyers Agent would each incur an automatic $1,000 fine when the Buyers Agent has shown a Coming Soon listing with the Listing Agent’s permission
      • NOTE: If the Listing Agent and the Buyers Agent is the same person only one $1,000 fine would be assessed for showing their own Coming Soon listing
      • Pro-Tip: The above citation type is outlined in full detail on Page 6, Section 8, of the NNRMLS Policy Manual.

Updated Coming Soon Policies and Procedures/LISTING PROCEDURES:

  • During listing edit in Paragon MLS Listing Agents will not be allowed to select “New” or “Active” statuses on their Coming Soon listings.
    • In order to change a Coming Soon listing to New, and thereby make it available to show, the Listing Agent’s choices include:
        • Wait for the original Available for Showing Date and the listing will automatically change to New on that date
        • Change the original Available for Showing Date to a date closer to the present. For example, if the Available for Showing Date is changed to the present date then the listing will change to New on that date.
      • NOTE: You CANNOT save a Coming Soon listing as NEW if you delete the Coming Soon Status. To Change a Coming Soon listing to NEW you must change the Available for Showing Date, which will trigger the status change. If you delete the Coming Soon Status you will have to CLOSE YOUR BROWSER AND START AGAIN.

     

  • Updated NNRMLS Policy also dictates that if the Available for Showing Date is changed the listing agent is required to attach a Status Change Form, signed by the seller, to the Associated Documents section of the listing. An error message will show in Paragon and prevent the listing from being saved until the signed form is attached.

Updated Coming Soon Policies and Procedures/REPORTING A COMING SOON SHOWING VIOLATION:

Please feel free to contact us at compliance@nnrmls.com with questions! For training opportunities, visit our Tech Help page and look for the “Visit the Tech Bar” button.

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