A Teeny Tiny Bit of Potential "Relief" in Triangle RE (house, buyers)

[TarHeelNick]

"Coming Soon" status is getting a slight update in now allowing showings to be scheduled while in "Coming Soon" status...beginning on the future "showings expected to begin" date.

Pre-Schedule showings during Coming Soon
Beginning Wednesday, April 21, Agents will be able to pre-schedule showings on listings while they are in the Coming Soon status. All time slots will be automatically be blocked until the beginning of the date showings are expected to begin as entered on the listing.

We have received many requests for this functionality and are excited to make it possible finally. This change will allow agents and buyers who see a Coming Soon listing to schedule a showing without continually monitoring the listing for when it goes Active. This will also give the seller a clear indication of the property's interest before accepting an offer submitted sight unseen during the Coming Soon period.

IMPORTANT: If the date showings are expected to begin is postponed, it is the listing agent’s responsibility to cancel any scheduled showings.

If you or anyone you know has been in the market to buy a house in the Triangle in the past few months; you've probably heard about listings being entered as "Coming Soon" and then getting multiple offers site-unseen and going under contract before anyone can even schedule a showing. It's probably the worst trend to come out of these intense market conditions. This slight change from TMLS will hopefully alleviate that a bit.

[MikeJaquish]

I think this helps with transparency, particularly for sellers.
Instead of me saying, "Dang, but we are getting a ton of interest," we can quantify that interest with appointment requests on ShowingTime.

A great offer during Coming Soon will likely still win the day for a buyer who offers sight unseen. And, seeing a property booked for the first 2 or 3 days will spur buyers to continue to do so.
And...... How many listing agents will fail to notify 20 buyers agents that the Active date is postponed, so people will be knocking on the door or even entering? Fun for All!

But, yes, good email from TMLS this morning!

[TarHeelNick]

Originally Posted by MikeJaquish

I think this helps with transparency, particularly for sellers.
Instead of me saying, "Dang, but we are getting a ton of interest," we can quantify that interest with appointment requests on ShowingTime.

A great offer during Coming Soon will likely still win the day for a buyer who offers sight unseen.

But, yes, good email from TMLS this morning!

For sure.

I think this step will hopefully lead to more agents and sellers utilizing CS status as it was intended.

I hope this put's an end to the "here's a picture from the County Tax website and maybe we'll have showings 3 weeks from now and maybe I'll add more later if I need to" listings though.

[MikeJaquish]

Originally Posted by TarHeelNick

For sure.

I think this step will hopefully lead to more agents and sellers utilizing CS status as it was intended.

I hope this put's an end to the "here's a picture from the County Tax website and maybe we'll have showings 3 weeks from now and maybe I'll add more later if I need to" listings though.

Have you noticed a rash of upside down or sideways photos recently?
When they make it to IDX and my clients send them to me LOLing, you just know that everyone is seeing that stuff.

OTOH, people are revved up enough, they are overlooking bad or no photos, looking at listings for properties from 3,4,5 years ago, and writing offers based on the archived photos.
I know of properties I would buy without photos of the interior, on a drive by. Location, location, location.

[TarHeelNick]

Originally Posted by MikeJaquish

Have you noticed a rash of upside down or sideways photos recently?
When they make it to IDX and my clients send them to me LOLing, you just know that everyone is seeing that stuff.

OTOH, people are revved up enough, they are overlooking bad or no photos, looking at listings for properties from 3,4,5 years ago, and writing offers based on the archived photos.
I know of properties I would buy without photos of the interior, on a drive by. Location, location, location.

Yep. It feels like a race to the bottom in integrity/professionalism out there at times.

I have personally offered on properties doing just that and still not "won". I don't doubt it gets the house sold; it's just sad that doing the bare minimum with the confidence that the seller will still be happy and get their house sold is becoming more acceptable.

[HatchChile]

Hey Nick -- are MLS rules state-specific? After reading your post, I remembered that Coming Soon was banned in CO back in 2019. I thought NAR rules would apply nationwide, but I guess not.



Here is what I was able to dig up. DP is behind the pay wall, but I don't think anyone here is checking them multiple times a week, so should be accessible for those accessing it for the first time: https://www.denverpost.com/2019/11/1...cket-listings/

[TarHeelNick]

Originally Posted by HatchChile

Hey Nick -- are MLS rules state-specific? After reading your post, I remembered that Coming Soon was banned in CO back in 2019. I thought NAR rules would apply nationwide, but I guess not.



Here is what I was able to dig up. DP is behind the pay wall, but I don't think anyone here is checking them multiple times a week, so should be accessible for those accessing it for the first time: https://www.denverpost.com/2019/11/1...cket-listings/

MLS rules are region and "association" specific.

This decision/change came from the Triangle MLS so only applies to listings within the Triangle MLS.

[HatchChile]

Originally Posted by TarHeelNick

MLS rules are region and "association" specific.

This decision/change came from the Triangle MLS so only applies to listings within the Triangle MLS.

Good to know. Thank you!

[MikeJaquish]

REALTOR-owned MLSs follow NAR rules and guidelines.
So, if NAR gives guidance regarding Coming Soon, REALTOR-owned MLSs are smart to comply.

I didn't see any evidence in the morning email announcement that the policy change was in response to any NAR guidelines.

[TarHeelNick]

Originally Posted by MikeJaquish

REALTOR-owned MLSs follow NAR rules and guidelines.
So, if NAR gives guidance regarding Coming Soon, REALTOR-owned MLSs are smart to comply.

I didn't see any evidence in the morning email announcement that the policy change was in response to any NAR guidelines.

Not yet at least.....who knows.