“Coming Soon” culture? Is this current fad of REALTOR® MLS Members Eroding the Credibility, Equity Value, and Integrity of Our Multiple Listing Service?

You see it more and more.  Real Estate Signs blaring “COMING SOON!!!”  “COMING SOON” riders hung on signs for weeks.  And the big day never arrives.  The home never “Comes.”  It just “Goes,” as in Under Contract.   A listing goes to Contingent status, under contract, in Zero (0) Days On Market.

“Wink, wink.  MLS rules say I cannot show it to you while it says ‘Coming Soon.’  But, for you….”  When you drive past a Coming Soon sign in a hot Cary neighborhood and see folks going up the sidewalk to the house from a car with a REALTOR® sticker on the tailgate, you just know that “Coming Soon” means “Came Ahead of Schedule.”

REALTOR® members of the Triangle MLS agree to post all listings to the MLS, unless the seller wants it “Withheld.”

This convention of membership does a few things:

  • It assures sharing and cooperation between brokers, as they have agreed.
  • It helps assure that the sellers’ properties are exposed to the market, to garner the seller more chances of receiving the highest possible offer with the best possible terms.  This is a fiduciary responsibility of the listing agent.
  • It supports OUR MLS as the “Go To Resource” for legitimate real estate listings, data, and history.

And we are seeing those points undermined by a marketing fad.  The issue has become pervasive enough that the NC Real Estate Commission had to weigh in on “Coming Soon!” in the latest Real Estate Bulletin.  Sometimes folks ought to read the Articles before gleefully leafing back to the Punishment Porn to “Tut Tut” about whoever got their wrists slapped for DWI.

Why do agents post “Coming Soon?”

  • To build market interest for a quick sale?  Heck, we are in a hot market.  If the house is right and priced right, just going “Active” on the MLS is enough to generate enough traffic to get it sold in a week.  It is happening all over the place in Cary, Apex, Raleigh, Morrisville, Holly Springs, etc.
  • To get phone calls and milk buyer clients from the listing?   We might be getting a little closer there.  “Sorry.  That one isn’t ready.  Are you working with a buyers’ agent?”

How does that serve the owner of the listing, to divert a buyer by prematurely putting up a sign?
Well, that hotbed of buyer leads may go under contract in a few days.  When it is Contingent or Pending, the sign calls may decline or cease altogether  and it serves the agent well to keep a sign up for as long as possible to get sign calls and buyer leads…

Whoops!  Just wait a second on that second point.
Since when is the purpose of a listing agreement with a fiduciary role supposed to serve the listing agent?   I think “Never.”  Tell me I am wrong.

Something Brand New in my No Hassle Property Search: Seeing “Pending” Listings!

This update was just installed by the good folks at IDX Broker. IDX Broker is my vendor for my No Hassle Property Search, and they do a great job.

A couple of weeks ago, the Triangle MLS announced that listings in “Pending” status would be released to our IDX vendors. This means that visitors to this site can see “Pending” listings, or even search specifically for “Pending” listings in my Advanced No Hassle Property Search.

You can see a property’s MLS status when you look at the Details.
At the bottom of the right column, you will see “Property Status.”  That will be followed by either “Active,” “Contingent,” or “Pending.”

It has been confusing for a buyer to see properties “disappear” from search results, when we know the sale hasn’t closed yet.

Formerly, TMLS withheld Pending listings from IDX because those are homes that cannot be shown to buyers. That is the meaning of the “Pending” status. But, for the sake of transparency and clarity, the TMLS board recently decided to allow those listings to be displayed.
I think it is a little nifty benefit for people trying to search for homes.

Read More on “Pending” vs. “Contingent.”

Yahoo rejects MLS emails as SPAM!

It’s a little bit of a nuisance.  My automatic MLS property search emails that go out every morning are anticipated by several of my motivated Buyers in Cary, NC.

And as of last week, Yahoo! is refusing to deliver them to folks who use Yahoo! email.  Seems too many Yahoo! clients have called agents’ MLS emails SPAM, and Yahoo! has blacklisted the Triangle MLS server.

Our good folks at the TMLS tell me they have contacted Yahoo! looking for help.  And they have received no response.  So now, as well as trying to help nice folks find housing, I’m also promoting Hotmail, Gmail, or other providers.  Not exactly the business niche I seek, selling email services…

Of course, folks can also use my site to search for homes, and set it to alert them to new listings.  That would be:  www.MikeJaquish.com

But I would be just as delighted if the TMLS folks could make peace with Yahoo!  That would give me a great blog to write!