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"Coming Soon" Rules Under MLS PIN

Friday, February 3, 2017   (0 Comments)
Posted by: Karen DeDonato
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"Coming Soon" Listings: Know Your Obligations Under MLS PIN Rules

 No doubt you've heard the buzz related to "coming soon" listings. A "coming soon" listing may mean different things to different people, but in general it applies to a property that will be coming to the market soon, but has yet to be entered into MLS PIN's database. It's important for you to know what the requirements are under the MLS PIN Rules and Regulations as it applies to listings of this nature.

When executing an exclusive listing agreement with a seller - regardless of possible language in the agreement indicating a future list date - you are required under MLS PIN's Rules to file that listing with MLS PIN within 24 business hours from the date the executed agreement is received by you. Filing happens in one of three ways:

  1. The property is entered into the Pinergy system

  2. A Non-MLS form is faxed/emailed to MLS PIN

  3. A Delayed Listing form is faxed/emailed to MLS PIN

Options 2 and 3 above are similar in that the property is not entered into MLS PIN's database. However, there are some important differences between a Non-MLS listing and a Delayed listing you should understand.

The first difference relates to the entering of the property into the database. A Delayed listing is intended to be entered into MLS PIN's database at some future point, whereas the Non-MLS property is not intended to be entered. (Note: a seller and broker can always agree to cancel the Non-MLS and enter the property into MLS PIN's database.)

The second difference relates to the marketing of the property. The MLS PIN Rules and Regulations PROHIBIT the marketing of Delayed Listings, while permitting the marketing of Non-MLS listings. "Marketing" of the property in this context generally means:

  • advertising the property on third party sites, such as Zillow, etc.

  • sharing the property on social media pages

  • sharing the property within private groups

  • placing a sign on the property

These are all forms of marketing permissible with a Non-MLS listing but prohibited with a Delayed listing. Therefore, if you have a property you plan on marketing before it is entered into MLS PIN's database, you should be filing a Non-MLS form.

If you have questions related to these topics or anything related to the Rules and Regulations, you can contact our Quality Assurance Department at 800-695-3000, option 6.

 

Related Articles:

Pocket Listings and Coming Soon: What REALTORS® Need to Know

Video: The Sidebar - Pocket Listings

NAR's Report & Conclusions of the Joint Work Group on Cooperation Issues

NAR's Window to the Law: Off-MLS Listings