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In 2020 the IRMLS approved the adoption of a new Active Sub Status called, “Listed Coming Soon” (LCS).
LCS Status Documentation
Rules & Requirements
COMING SOON STATUS
MOST REQUESTED INFORMATION
- 1. Why was the Listed Coming Soon policy Adopted?
In 2020, the IRMLS Board adopted NAR’s Clear Cooperation Policy (CCP) to help ensure ALL residential properties are entered into the MLS and available to all MLS members. CCP is required by NAR and states residential listings must be entered into the MLS within 1 business day of marketing the property. After the CCP was adopted, IRMLS added the Listed Coming Soon Status to offer a consistent process for handling listings with a delayed showing date. The LCS Status is used when the Seller signs a listing agreement but is not ready to begin showing the property. Public marketing is now allowed in the LCS Status. The Listed Coming Soon Status is a Sub-Status of Active and is available in All Property Classes.
- 2. Is the Listed Coming Soon Status Required?
Yes, if a Seller is willing to sign a Listing Agreement but wants to delay showings until a later date. In that case, the Seller will sign a listing contract and the Listed Coming Soon Authorization form. Once signed, the LCS authorization form must be emailed to the board office.
Note: Agents cannot use Remarks to notify agents of delayed showings.
- 3. Is the LCS Status available only for New Listings with a Delayed Showing Date?
Yes, the LCS status is available only for NEW listings with a delayed showing date. The Seller(s) must sign a listing contract and a Listed Coming Soon Authorization Form. The Listed Coming Soon Authorization Form includes the LCS rules and “Start Showing Date”.
*The Start Showing Date can be a max of 21 days from Input date but can also be less than 21 days. LCS Status is available in all Property Classes.
- 4. What happens after the Listing Contract & Authorization Form are signed?
The agent will have 1 business day after marketing the property to enter the listing into the MLS. The LCS Authorization Form must be emailed to board office. If the agent does not market the property, the agent has 3 calendar days to enter the property into the MLS. The LCS Authorization form must be sent to the MLS.
- 5. Are Showings Prohibited for Listed Coming Soon Properties?
Yes, Showings, Open House and Broker Tours are all prohibited for properties in the LCS Status. The LCS status will automatically change to the ACTIVE Status on the Start Showing date. The Start Showing Date can be between 1 and 21 days from Input date.
- 6. Can Agents Use Remarks to Notify Agents of a Delayed Showing Date?
No, agents must enter the property into the LCS Status and cannot use Public or Agent Remarks to notify members of a delayed showing.
- 7. Where can the Start Showing Date be Found?
The MLS System will automatically add the Start Showing Date to the first line of public remarks. The date will be removed from Remarks when the Status changes to Active and will be updated if the Start Showing Date is updated.
- 8. What information is required for Listed Coming Soon properties?
All required fields must be completed and a minimum of 1 photo must be uploaded. Remember; virtual tours will not be created unless a minimum of 3 photos are uploaded.
- 9. 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.
- 10. 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. No, if the original SSD date is 21 days. If the Seller needs more than 21 days, the listing must be put in the “Temp Off Market” status. DOM will not accrue until the status changes to Active.
- 11. What happens if the Seller exceeds the 21 days?
The LCS status must be changed to Temp Off Market. DOM will STOP.
- 12. Will the LCS Status automatically change to Active?
Yes, Paragon will automatically change the Status from LCS to ACTIVE on the Start Showing Date *if the status is not all-ready Active. The Status can be manually changed to Active at any time.
- 13. Were any new fields added for the LCS Status?
“Start Showing Date” and “Contract date” were added. The Start Showing Date determines when the status will change to active. The Contract Date is a placeholder for Listing Date. When a LCS listing status changes to Active; the Start Showing Date will update the List Date field and the Contract date field will be eliminated. LCS Status must be selected before “Contract Begins Date” & “Start Showing Date” display.
- 14. Will Days On Market count in the LCS Status?
Yes, DOM will display and accrue in the Listed Coming Soon Status. Days on Market will continue to calculate when the Status changes to Active. DOM Will NOT reset when changing to the Active Status.
- 15. Will the LCS Status be available for saved searches, prospects, auto-notifications etc?
Yes, the LCS Status is available for use in all Paragon functions including Auto Notifications and other public facing services.
- 16. Will properties in the LCS Status be available on Public websites?
Yes, Listed Coming Soon properties are included in the RETS data and will be available to syndicators and IDX vendors. Vendors must also include the Start Showing Date on their websites.
- 17. Is it ok for members to share the LCS listing information, including Start Showing Date, with their clients?
Yes, members may provide information about the property, including the start showing date, to their buyers.
- 18. Can a listing go from LCS to Active back to LCS?
No, the LCS Status can only be used 1 time per listing.
- 19. What MLS rules must be followed when a Seller accepts a Sight Unseen offer?
Indiana License Law requires agents to present all offers. The Seller may accept a Sight Unseen offer at any time. If the Seller removes the property from the market, the agent should change the LCS Status to Pending. If the Seller wants to accept back-up offers, the agent should place the listing in Contingent Accepting Back-ups after the Start Showing Date expires. Once accepted, the Agent can update Remarks. Note; The MLS may request a copy of the signed purchase agreement.
- 20. 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. DOM will stop counting in the Temp Off Market Status.
- 21. What is a Seller wants to “stop showings” during the term of the contract?
In some cases, Sellers may have good reason to temporarily stop showings. 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.
- 22. Will the Listed Coming Soon Status display on the Market Monitor as New?
Yes, Listings entered into the LCS Status will display as New on the Market Monitor based on the Input Date.
- 23. Is Marketing allowed in the LCS Status?
Yes, marketing is allowed with the following rules:
- Once the agent markets the property, they have 1 business day to enter the listing into the MLS as a Listed Coming Soon (or Active) Status. The MLS will issue automatic fines if this is not done.
- Showings, Open Houses and Tours are not allowed while in the LCS Status
- An agent can market when the Showings/Open Houses/Tours will begin
- Holding a Showing/Open House/Tour will require an immediate status change to Active
- 24. What if the Seller wants a real estate sign in the yard but doesn’t want Showings?
The Listing Agent can place a sign in the yard. The agent would have one (1) business day to place the listing into the Listed Coming Soon Status.
- 25. 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 after signing the listing contract. If the Seller chooses not to sign the form, the listing must be entered as Active within 1 business day or 3 calendar days depending on marketing of the property. The Seller may keep the listing out of the MLS 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 MLS Docs/ZipForms/DotLoop Libraries..
- 26. What is the difference between Clear Cooperation Policy (CCP) and Listed Coming Soon (LCS)?
Clear Cooperation Policy states a residential listing must be entered in the MLS within 1 business day after marketing the property. Listed Coming Soon Status is available for delayed showing listings across all property classes.
- 27. Will KBOR fine members who violate this policy?
Yes, KBOR is responsible for managing rule compliance. The IRMLS rules include a fine for violations of CCP. Violations of LSC Rules fall under the Local MLS compliance.
- 28. What rules are on the LCS Authorization Form?
The Seller Authorization Form includes the LCS Status rules and can be found in MLS Docs – Listed Coming Soon Folder & ZipForms and DotLoop IRMLS library.
- 29. What does the MLS require when a Seller accepts an Offer while the listing is in the Listed Coming Soon Status?
The Listing Brokerage/Agent must submit a copy of the executed purchase agreement and Sight Unseen Addendum to the MLS office immediately.
- 30. Public Remarks and Start Showing Date:
Paragon automatically displays the Start Showing Date on the first line of remarks. Paragon will delete the Start Showing Date when the status changes to Active. Agents will be in violation of the rules if the Start Showing Date Label and date are removed.
- 31. Is the “Future Showings” Option in Showing Time Required?
Yes, Agents who disable the “future showing” option in ShowingTime are in violation of the LCS policy.