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Listed Coming Soon Status

Information & Resources

In 2020 the IRMLS approved the adoption of a new Active Sub Status called, “Listed Coming Soon” (LCS).

Listing Coming Soon (LCS) Status

What You Need to Know

Window to the Law:

"Coming Soon" Best Practices & Off-MLS Listings

Learn how to assure that your “coming soon” listing complies with both the law and other applicable rules.

Download Transcript: PDF

 

Coming Soon” Listings Best Practices

 

NAR General Counsel Katie Johnson discusses the questions arising from this type of listing and explains why the NAR Code of Ethics makes this issue important to all REALTORS® and consumers.

 

Window to the Law:  Off-MLS Listings

 

 

 

LCS Status Documentation

Rules & Requirements

COMING SOON STATUS

MOST REQUESTED INFORMATION

1. Why was the Listed Coming Soon Status/Policy Adopted?

In 2020, the IRMLS Board adopted Clear Cooperation Policy. The goal behind CCP is to create a MLS system that includes ALL active listings in the marketplace. CCP Policy states a residential listing must be entered into the MLS within 1 business day of marketing the property.  The Listed Coming Soon (LCS) Status was added to create consistent entry and compliance rules for managing Listings with a delayed showing date. The LCS is available in All Property Classes.

2. Is the LCS Status only available for New Listings that have a Delayed Showing Date?

The Listing Agent will email the LCS Authorization Form to the Local MLS staff and enter the property into the LCS Status within 3 calendar days of signing.

3. What steps does an Agent follow after the Listing Contract & Authorization form is signed?

The Listing Agent will need to email the LCS Authorization Form to the Local MLS staff and enter the property into the LCS Status within 3 calendar days of signing.

4. Is the LCS Status Mandatory?

Yes.  Any Agent who has an executed listing contract with a delayed showing date will also need a signed Listed Coming Soon (LCS) Authorization form. The listing must be entered in the LCS status in the MLS within 3 calendar days after the Seller signature(s) have been obtained. All required fields and 1 main photo must be added.

5. How long can a new Listing be in the LCS Status?

21 days.  The “Start Showing Date” can be anywhere between 1 day and 21 days from the Input Date, but the max is 21 days.  The status will change to active on the Showing Start Date.

6. Is the LCS Status for New Listings Only?

Yes.  The Status is only available for new listings. Note; the status can only be used 1 time per listing.

7. What information will be required?

When entering a listing into the LCS status, all required fields must be entered and a minimum of 1 photo must be uploaded.

8. Is the LCS Status available in all Property Classes?

Yes.  The Status is available in all Classes; Residential, Investment, Lots and Land, Farms & Ranch, Residential Lease, Commercial and Commercial Lease.

9. Can the Start Showing Date be extended if the Seller needs more time?

Yes, IF the original Start Showing Date is less than 21 days.

However, if the original date is the full 21 days from Input, you will not be able to extend out the Start Showing Date.

10. Will the Listing Coming Soon Status show in the Market Monitor?

The LCS status will display under the NEW Category in the Market Monitor AND the listing will display again when the status changes to ACTIVE.

*Members should check their Market Monitor – “Days Back Default” should be 5 or greater to ensure all new listing entries and all status changes are flagged.

11. Will the Status change to Active Automatically?

Yes. Paragon will automatically change the Status from LCS to ACTIVE on the Start Showing Date (if the status is not already Active).  The Status can be manually changed to Active at any time.

12. What new fields have been added to Paragon?

One new field has been added – “Start Showing Date”.

One field will be renamed from “Listing Date” to “Contract Begins Date” after the LCS Status is selected.

*Note: The Status field will move to the top of the input screen. LCS Status must be selected before the “Contract Begins Date” & “Start Showing Date” display.

13. Will Days On Market display in the LCS Status?

Yes, but the DOM will not accrue. Listings in the LCS Status will display DOM, but once the status changes to “Active”, the DOM will reset to 0.

14. Will the LCS Status be available for saved searches, prospects, auto-notifications etc?

No.  Paragon will not allow users to save a search or any type of public notifications if the LCS Status is selected. An error will display in Paragon so the User will need to de-select the LCS Status under “ALL ACTIVE”.

Note: LCS is a sub status of Active and will automatically be included when a user selects “ALL ACTIVE”.

15. Will the LCS Status be available on public or IDX sites?

No.  The LCS status will only available for MLS members in the MLS System.

16. May IRMLS members share LCS listing information, including Start Showing Date, with their clients?

Yes.  Members may provide information about the property and the showing date to their buyers.

17. Can a listing go from LCS to Active back to LCS?

No.  The LCS Status can only be used one time per listing.

18. What if the Start Showing date exceeds 21 days?

If the Seller needs more than 21 days, the Agent will change the status from “Active Listed Coming Soon” to “Temp Off Market”. The status will be changed to Active when the listing is available to show.

19. What Status should be used if the Seller has to temporarily halt showings during the contract?

There may be times when the Seller has to restrict showings temporarily. In that case, the listing status should be changed to Temp Off Market. This will stop the DOM from accruing and move the property from public display.

20. How will Days on Market be handled in the Listed Coming Soon status?

Paragon will display DOM while the listing is in the LCS Status, but the DOM will reset to 0 when the status changes to Active. DOM = 0

21. Is Marketing allowed in the LCS Status?

The LCS Status rules do not allow marketing. If marketing is done by anyone, the status must be changed to ACTIVE within one (1) business day or the MLS will issue the fines.

  1. No Open Houses or Broker Tours while the property is in the LCS status.  *Holding an Open House/Broker Tour will require a status change to Active.
  2. No posting on Social Media by Agent/Office/Seller(s).  *Any social media posting will require a change to the ACTIVE status within one (1) business day
  3. No Real Estate sign may be placed on the property while the property is in the LCS status.  *Placing any type of sign (For Sale/For Lease) etc. on the property will require a status change to Active.
22. What happens if the Seller wants a real estate sign in the yard but doesn’t want Showings?

The Seller Authorization Form includes the Status requirements. If the Seller wants a real estate sign or any other marketing, the agent would have one (1) business day to place the listing into an Active Status.

23. What if the Seller doesn’t want to sign the LCS Authorization Form?

The Seller is NOT required to sign the LCS authorization form unless they want a delayed showing date. If the Seller chooses not to sign the form, the listing must be entered as active within one (1) business day or three (3) calendar days depending on the marketing of the property. The Seller has the option of keeping the listing off the MLS by signing the Office Exclusive Form.

*Note: the MLS can no longer accept “MLS waivers” forms or the use of Further Conditions to waive or delay entry of a listing into the MLS.

*Office Exclusive Form is available in the ZipForms Library – Seller Authorization is available in MLS Docs Listed Coming Soon & will be available in the IRMLS ZipForm Library soon.

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