“Coming Soon!” on MLS (New Acronym: “CSN”)

Is That “For Sale” Home Days Away From Market? Or Decades??

[Editor’s Note: The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire Hathaway (“Berkshire”), or any other entity referenced. Edina Realty is a subsidiary of Berkshire.]

Perishable food must display an expiration date.

To take advantage of MLS brand new listing status, “Coming Soon,” “For Sale” homes must have an “Availability Date” — and that date must be within 3 weeks.

Other key features of the new MLS status (abbreviation: “CSN”), which officially launched November 14:

–Coming Soon” properties can’t be shown — doing so is a $1,000 fine.
–At least one photo must accompany the Coming Soon listing within 2 business days.
–All other MLS fields — including the payout commission being offered to the Buyer’s agent — must be completed.
–Only “one bite at the apple”: listing agents can remove a property from “CSN” status, but can’t subsequently re-list it that way.

Rationale

My sense is that there are two goals behind “Coming Soon”:  1) capture on MLS an increasing amount of off-market, pre-list activity that, frankly, had grown a bit out of control the last several years; and 2) impose some standardization on exactly what “Coming Soon” means.

So, even though “Coming Soon” properties weren’t supposed to be shown before, either, my Realtor’s sense is that adherence to that rule was, shall we say, “inconsistent.”

The usual scenario: a listing agent casting about for an unrepresented Buyer.

Too, while some listing agents properly limited “Coming Soon” exposure to a few weeks or less, others kept their listings in limbo seemingly for months (see, “attracting unrepresented Buyers”).

Will “Coming Soon” on MLS catch on?

Stay tuned.

As of this afternoon, there were only 23 Twin Cities properties listed as “Coming Soon” (vs. over 12,000 listed “For Sale”).



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