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Tuesday, June 19, 2018
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Realcomp’s Position on “Coming Soon” Listings

 

 

In recent months, a great deal of discussion has occurred regarding listings appearing on third party portals but are not in the MLS. These are often classified as “coming soon” by the listing agent. We receive calls every day from agents that see listings on other sites that are not available in the MLS. When contacted, we always follow through to verify whether we have received the required information from the listing agent.

Both the National Association of REALTORS® and Michigan Realtors® have distributed videos over the last several months that explain some of the legal issues surrounding properties that are listed by a REALTOR® and not entered into the MLS. Two of these videos can be found here: Window to the Law: “Coming Soon” Listings Best Practices and Letter of the Law: “Coming Soon” Revisited.

What is Realcomp’s position on this subject? Five (5) important points to remember:

1) Any property that is listed with a Realcomp REALTOR® must be submitted to Realcomp for publication within 48-hours of obtaining all necessary signatures.

2) All listings in the Realcomp MLS must be available for showings.

3) If a seller chooses to not have their property published in the MLS, the listing information must still be submitted to Realcomp (via fax or email) within the 48-hour requirement.

4) Additionally, the "do not publish" listing must be accompanied by a written statement signed by the seller that clearly states they do not want their listing published in the MLS and the reason why.

5) Failure to submit this required information to Realcomp will result in fines and/or sanctions.

Please be aware that any failure to submit the proper paperwork to Realcomp, within 48 hours as required by our MLS Rules and Regulations, will result in the following fines:
  • First Occurrence
  • $37.50
  • Second Occurrence
  • $75.00
  • Third Occurrence
  • $150.00
  • Fourth Occurrence
  • $500.00

    Also, the fourth occurrence will result in a requirement that the listing agent appear before the MLS User Committee to offer an explanation for the continued violation of the rule and may result in a suspension of services. The broker of record will be copied on any fines that are assessed and all related communications. 

    When a listing is being marketed outside the MLS as "Coming Soon", as the name implies, it should not be shown to anyone (equally). Marketing a property to only a limited pool of potential buyers may violate state laws and may not be deemed to be working in the best interest of the seller.

    The National Association of REALTORS highlights the following points in their video slides:

     

    Want to know if a "Coming Soon" listing has been reported to Realcomp per the guidelines covered above? Send our Customer Care Support Department an email with the address of the property and ask us to investigate. We are happy to do this for you. And, if there is no current contract on the property, it is "fair listing game" for you to pursue.

    We do need the assistance of all MLS Subscribers in adhering to Realcomp's MLS rules, regulations, and policies to make the MLS marketplace fair for everyone involved and to help us provide the best possible services to you (and for your clients).

    If you have any questions about this, please contact our Customer Care Support Department at support@realcomp.com or (866) 553-3430. Thank you for your support of Realcomp and your help in these important matters.


    Last Modified: Wednesday, June 6, 2018

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