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 exclude other agents so the listing agent or firm can sell in dual agency, and grab the entire commission?
- 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 the second and third points.
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.