RENO, NV – The Northern Nevada Regional Multiple Listing Service’s new Coming Soon status is becoming widely used since its launch in late April 2020, with more than 300 listings starting in the status before being converted to New.
With a fifth of all listings being initiated in the new Coming Soon status, it is easy to understand just how much the Northern Nevada REALTOR® population needed a pre-marketing mechanism for their listings.
Agents and their sellers have expressed the benefits of having a prep period for their listings during which Days on Market do not accrue.
“I use it on every listing as the homes are usually not ready to be shown but it secures the listing and allows for clean-up, repairs, pre-inspections, photos, etc. to get done,” said Kimberly Larkin-Ritter, Broker with Berkshire Hathaway HomeServices Drysdale Properties in Reno.
“I would say that the ‘Coming Soon’ function of NNRMLS is a great avenue to allow sellers to prep their properties and not accrue days on market,” Chase International Broker Eric Crosby said. “Agents love this function, because it also creates a buzz for upcoming properties.”
Increased visibility for inventory also stokes buyer interest, even before the listings are ready to be shown. This, in turn, can lead to more offers once the listing is converted to a New/Active listing, according to Larkin-Ritter.
“This is a huge advantage for the seller and buyer. It creates interest in advance of the home being ready and allows all buyers looking for something similar to get notified at the same time. All my Coming Soon properties received multiple offers and the home was in contract [within] a few days [of converting to New],” Larkin-Ritter said.
“The NNRMLS staff and Board of Trustees worked hard to bring this Coming Soon status to our members by looking at the best practices of many other MLSs and tailoring the policy to the needs of our members and our marketplace,” NNRMLS Board of Trustees President and REALTOR® with Dickson Realty, Amy Shocket, said. “Not only does the Coming Soon status benefit our members, it brings listings that might have been unseen by consumers previously into the marketplace.”
Statistics tracked by NNRMLS show that approximately 20 percent of all new listings in NNRMLS from April 29, to June 16, 2020 started in the Coming Soon status, nearly 20 percent of those listings were converted to New before their available for showing date. Since launch, the Coming Soon status has allowed a large increase in listing visibility for agents and their clients over the same month last year. Note; before late April 2020 the old waiver system was used and those listings were not shared in the MLS system during their prep periods.
Serving the Reno/Sparks, Carson City, Fernley, Fallon, Yerington, Minden, Gardnerville and South Lake Tahoe areas, the Northern Nevada Regional Multiple Listing Service is a member organization dedicated to building on the fundamental MLS principles of Cooperation to create an efficient and successful marketplace for its Members and their Clients.
NNRMLS strives to provide its Members with the most effective and user-friendly MLS system. It is an industry leader, offering innovative tools and meaningful business solutions for member Brokers, Agents, and Appraisers. NNRMLS supports its Members as the Trusted Source of Real Estate Expertise. NNRMLS continually improves and expands its services to members to ensure consumers have access to the information necessary to make informed Real Estate decisions.
Andrew Cristancho Director of Marketing at Northern Nevada Regional Multiple Listing Service