Connecting The Dots: Coming Soon Status & Clear Cooperation
The launch of the new REcolorado Matrix has been a great success. On behalf of the REcolorado team, I want to thank you for all of your positive comments about the new system.
Our Customer Care team has been delighted to speak with so many of you about the changes and enhancements you’re seeing. We’ve also enjoyed answering your questions and listening to your suggestions. Last week alone, we received approximately 3,000 phone calls. It has been great to connect.
Many of the calls coming in have included questions about the new Coming Soon status that was released with the new REcolorado Matrix and how it corresponds with NAR’s Clear Cooperation policy. Let me connect the dots for you, as there is a bit of confusion about these initiatives.
REcolorado Coming Soon Status
I’ll start by giving you a quick overview of the new “Coming Soon” status.
Listings in REcolorado Matrix can now be entered into the system as Coming Soon, which currently makes the listing visible exclusively to your office. Listings entered as Coming Soon must be entered into REcolorado Matrix within three days of a listing agreement being signed. REcolorado Matrix is set up to allow listings to remain in a Coming Soon status for seven days. After seven days, the listing will automatically move to Active status.
NAR MLS Clear Cooperation Policy
Now for what is being referred to as NAR’s Coming Soon policy. MLS Statement 8.0 Clear Cooperation policy was approved by NAR late last year. In summary, the policy requires listings to be entered into the MLS within one business day of marketing a property to the public. NAR-chartered MLSs, including REcolorado, are required to have rules for local implementation in place for the application of this policy by May 1, 2020.
What’s Next
REcolorado’s Rules and Regulations Committee, along with the REcolorado Board of Directors, have determined the local application of the NAR policy, and, per our policy, REcolorado’s shareholders have been notified.
Information and materials will be provided to REcolorado customers, as well as to the REALTOR® boards served by REcolorado, ahead of our May 1, 2020 implementation of the policy.
For now, I want to share some highlights from the policy so you’ll know what to expect on May 1:
- Listings in Coming Soon status will be available to all REcolorado subscribers, not as office exclusive
- At the point any public marketing takes place for a listing, it must be entered into REcolorado Matrix either as an Active or Coming Soon listing within one business day
- If a listing is in a Coming Soon status and there is a yard sign, it must have a coming soon rider
- Listings in Coming Soon status will not be available for syndication or IDX
- Listings in Coming Soon status will not accrue Days in MLS
Marketing
Last, I’d like to give you some information about what it means to market a listing . Marketing includes but is not limited to; distributing flyers, yard signs, digital communications such as email blasts, multi-brokerage listing sharing networks, applications available to the general public, and digital marketing on public-facing websites including IDX, VOW, and syndication portals. A listing must be entered into the MLS system, REcolorado Matrix, within one business day after any one of these public marketing activities takes place.
I have the pleasure of serving as the REcolorado liaison for our Rules and Regulations Committee, which is comprised of 23 of your peers from throughout the state. I’ll be happy to share any updates to rules related to Coming Soon listings as they are available.
I have noticed Compass real estate putting properties into Zillow and realtor.com as coming soon but they are not entering them into the MLS as coming soon.
I can only assume this is to try to sell the property by the listing agent before making it available in the MLS.
One such property has been on Zillow for 2 weeks as coming soon.
Is this an acceptable practice?
Hi KC, thank you for your question. All brokers, effective May 1, will have one (1) business day after marketing a property to enter it in Coming Soon or Active status in REcolorado Matrix. Displaying a listing on Zillow or Realtor.com would be considered marketing. You are welcome to send an email to compliance@REcolorado.com if you have questions about a specific property.
I, and I’ve seen many other real estate agents, put a sign in the yard after the pictures are taken. Usually you see a, “Coming Soon” rider (I always put one on). Let’s say the pictures are on a Tuesday. The pictures return on Thursday and I make the home Active that evening. Am I in violation of this policy? I’m not going live until the pictures are there. I know some are at the whim of when the sign company puts the sign in the yard, that may even be sooner than anticipated. No meaningful marketing has occurred, but a sign is in the yard. What does this mean?
Or, if I put a sign in the yard Tuesday, then put it in the MLS as ‘coming soon’ on Wednesday, then when I make it active on Thursday – we’re all good? Seems silly to me, but I guess rules are rules. Just want to see what is legit here and how to play fairly. An office I used to be in let us go for a week (generally saw 5 days) before we were concerned. That’s gone away as I read these rules?
Honestly, I do like it tight, because some companies really took advantage of this and it wasn’t helpful to the seller, but they didn’t know. This just seems a little too tight.
Thank you,
Andy
Hi Andy, thank you for your comments. Please reference our infographic on Clear Cooperation and Coming Soon Status to help answer your questions. With Clear Cooperation, the listing needs to be in Coming Soon or Active Status within one (1) business day of marketing the property. However, if you are not marketing the property, this does not apply to you.