I am putting together a listing agreement. I had a few questions. How long can we be under coming soon? Coming soon is allowed for up to 30 days. See notes below.
If we are coming soon can we have a sign on the property or do we have to wait until it goes live on the MLS? Yes you are allowed to have a sign during coming soon since it is listed in ARMLS.
If it is coming soon do I start the listing agreement while it's listed as coming soon in the MLS or after we put it on the market? The listing starts right away, you would state on page 6 of the ER something like "Seller authorizes coming soon status for X days after which it will automatically revert to an ACTIVE status in the MLS." NOTE: The start/stop dates on page one of the ER Listing agreement include the coming soon time period, so if you sign a 6 month listing and have coming soon for 30 days, you will then have 5 months left after it changes from coming soon to ACTIVE in ARMLS.
Must-know facts about Coming Soon status listings:
· Showings are allowed
· A property may only be in Coming Soon status for 30 days (before only 14 days)
· The Listing/Co-Listing Agent can change the price and On-Market date
· Available to all MLS subscribers via searches and hot sheets
· Coming Soon listings are not syndicated
· Coming Soon listings must have a Listing Agreement
· Cooperation/compensation is required
· Front exterior photo is not required
· Coming Soon listings will automatically be placed in Active status on the 31st day
· Coming Soon listings can be manually changed to Active earlier
· A property may only be in Coming Soon status for 30 of every 45 calendar days
· Days on Market (DOM) does not accumulate. DOM will start the first day the listing is Active.
BONUS: Coming soon status satisfies the clear cooperation submission requirement
ARMLS Link: https://armls.com/introducing-delayed-status