Coming Soon FAQs

Coming Soon FAQs

Q: When are Coming Soon policies going into effect at IRES?

A: April 9, 2020. A grace period from April through May gives everyone time to become familiar with the Coming Soon policies.

Q: Will there be a new Coming Soon: Status on the IRES system?

A: Yes. “Coming Soon” is a new listing status option. A listing may stay in the Coming Soon status for up to 7 days.

Q: What happens after the 7 day period for Coming Soon listings?

A: The listing will automatically become Active in the MLS in 7 days, unless the listing broker has changed the status to Active within the 7 day time-frame.  For your convenience, the listing broker will be reminded that the status will be changing to Active, similar to how listing expiration notices are currently displayed.  The status can be changed to Active anytime within the 7 day time-frame if the property is ready for showings.  If the listing is not ready to be Active after 7 days, the listing broker may change the status to Withdrawn.  (It may not be re-entered or changed back to Coming Soon.)   As soon as the property is ready to be shown, it can be changed to Active.

Q: Am I required to submit Coming Soon listings to the MLS?

A: Yes.  The new policy adopted by NAR requires the listing be submitted to the MLS within one business day of the property being publicly marketed.  (This will also go into effect in April.) According to NAR, “Public marketing includes, but is not limited to, flyers displayed in windows, yard signs, digital marketing on public facing websites, brokerage website displays (including IDX and VOW), digital communications marketing (email blasts), multi-brokerage listing sharing networks, and applications available to the general public.”

Q: Are showings allowed during the Coming Soon period?

A: No. Showings can be scheduled as soon as the listing is Active.

Q: Will Coming Soon listings be included in MySite for clients?

A: Yes, the new Coming Soon status will be available for MySite, if the status is selected.

Q: What are proper uses for Coming Soon?

A: The property may need some repairs, a fresh coat of paint, de-cluttering, photography (interior & exterior), and staging.   Brokers should refer to CP-44 from the Colorado Real Estate Commission regarding important license law matters related to Coming Soon.

Q: Will days on market (DOM) accumulate during the Coming Soon period?

A: No.  IRES will continue to track Listing History for entry dates, status and price, but DOM will not accrue while in the Coming Soon status.

Q: Can I display my Coming Soon listings on public websites?

A: Coming Soon listings will be included on ColoProperty.com© at your option (Y/N).  Other “Internet Display” options, including syndication, will be available as soon as the listing is Active.  Note that Coming Soon listings will not be available for IDX sites, but will be included when the status is Active.

Q: Are there fines for non-compliance with the new Coming Soon policy?

A: Yes. The 1st offense is a written warning, 2nd offense is $1500, 3rd offense is $2500.  Thereafter, the individual is subject to suspension from MLS services.

Q: Can office exclusive listings syndicate outside the MLS to other third party vendors?

A: No, office exclusives may not be publicly marketed, nor are they syndicated. Once the listing is Active in the MLS, it will be syndicated and actively marketed on platforms of the broker’s choosing.

Q: Will Coming Soon listings syndicate to Zillow, Realtor.com, RealScout, HomeSnap or others during that period?

A: No, Brokers will have the option of displaying Coming Soon on ColoProperty.com© and MySite. All other syndication and public display will occur once the listing is Active in the MLS.

Q: Can a broker market the property while Coming Soon, before Going Live on the MLS?

A: Yes, If the listing is in Coming Soon status on IRESis.com, photos, videos, virtual tours and more are available on the listing. The listing may be shared with anyone and any platform. The prohibited action is that showings may not occur prior to the Go Active date of a listing.

Q: Is it okay to promote an upcoming listing in-house during an office meeting or on a private Facebook group accessed by office members only?

A: Yes.  Since the listing is not being publicly marketed, it will not trigger the one business day rule.  Any marketing/promo outside of your office would trigger the rule.

Q: Is there a way to report a Coming Soon violation anonymously?  

A: This is answered in 2 parts: 

1) IRES does not reveal the person who reported any violation.  This also applies to Coming Soon.  

2) The difference with Coming Soon is that we will need some sort of proof if the infraction is going to be counted as a violation – a picture of the sign in the yard, a blast email received, copy of a listing brochure, etc.  This piece is not anonymous from the IRES perspective.    The fact that the fines are hefty (with no waiver provision) and repeated offenses point to MLS suspension, IRES needs to have violations documented.    We are hopeful that the grace period now through May will get everyone up to speed and violations will be minimal.  FYI, violations can be reported via Feedback, email or by phone.  If the latter, IRES will ask for documentation.

Q: What if a broker representing a buyer aggressively pursues seeing a Coming Soon listing, as in “My client flies out tomorrow and wants to see it today”?   

A: This is answered in 2 parts:

1) Does the Seller agree that the property is ready to be shown?  If Yes, then the listing status would change to Active (immediately) and the showing could proceed.  

2)  If No, then the listing broker could direct the buyer broker and interested party to photos, virtual tour, uploaded documents (floor plans, 3D tours, etc.), and schedule the showing as soon as the property is ready.   Once the listing is Active, the buyer broker could host a live tour if the client is still out of town.

 

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