BIC TIP #1294: Coming Soon, No Showings

Stay tuned, it is coming soon. Plenty of sellers want to test the waters with Coming Soon status before the home officially hits the market. Stephen Long, your Notorious BIC, says that is fine, as long as you have the right paperwork in place: authorization in the listing agreement and the Coming Soon addendum.

Your MLS Sets the Rules

What you can and cannot do in Coming Soon status depends on your MLS. Rules differ from one MLS to another, so the first step is knowing what your MLS allows, including any limits on showings and how long a listing can sit in that status.

What is consistent is this: almost all MLSs have a Coming Soon addendum that must be completed in conjunction with the listing agreement.

Step One: The Listing Agreement

The listing agreement is where the seller authorizes Coming Soon marketing. Make sure that option is checked. If the seller has not authorized it in writing, you should not be marketing the property as Coming Soon, no matter how excited everyone is.

This is about consent. The seller decides how their property is marketed, and the listing agreement is where that decision lives.

Step Two: The Coming Soon Addendum

Next, have the seller complete the Coming Soon addendum as part of the listing agreement. The addendum exists so that everything has been disclosed to the seller, including the benefits, the pros, and the cons of using Coming Soon status.

Some sellers love the buzz it creates. Others may not realize the trade-offs, such as restrictions on showings while the listing is in that status. The addendum makes sure the seller understands what they are choosing.

The Practical Takeaway

Before you flip a listing to Coming Soon, check your MLS rules, confirm the listing agreement authorizes Coming Soon marketing, and get the Coming Soon addendum signed. With both pieces in place, you should be square. Without them, you are building buzz on a shaky foundation.