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Interesting. I wonder if maybe some realtors don't bother signing an MLS participation agreement anymore. Is it an optional thing? Or maybe it's not a rule here. Although it seems like a smart rule. Wouldn't be surprised if the MLS makes it a rule if this starts happening too many times.
There are many MLS systems, with varying rules.
And, many firms require associated agents to be MLS members.
There is a lot of manipulation of data to create marketable DOM numbers, whether agents are members or not.
The current out of balance situation strongly favoring sellers in many markets encourages those who hold the inventory to play games, and the MLS compliance folks struggle to keep up with the gamers.
I guess it’s just another marketing tactic like when a business puts up a coming soon banner . It builds some anticipation for the opening and keeps it in peoples mind .
“Starbucks coming soon “ etc
Yeah, if people were still working on the house it would make sense. In this case, though, it's more like Starbucks puts up a "Coming Soon" sign, then opens it's doors, and starts serving customers a month before it's supposed to open.
It does make me wonder if the MLS will be obsolete in another few years. It doesn't seem like people have a use for it anymore. Or maybe this is just something that happens when housing inventory is tight?
I don’t see the MLS going away anytime soon . When inventory is tight like now in many markets though it does make sense there is less need to list .
I definitely see that a lot of people wouldn’t want their home opened up to the public .
This is why some people will sometimes just sell directly to an investor especially if the home needs a lot of work and they don’t have the money to fix and it’s too overwhelming. Or they just really need the money quick and can’t wait for a regular closing with a buyer with a regular loan that could easily end up being a couple months or more .
In commercial real estate there isn’t an MLS , closest would be Loopnet but commercial is a lot more niche of course and people specialize in certain types of commercial property . I often hear brokers will only list their stuff on loopnet after they’ve passed it around to their buyers .
Could definitely see the desire to remain discreet when selling a commercial property or business though.
You don’t want to have a for sale sign up on the building or virtual for sale sign when still conducting business.
In our area, as part of our MLS participation agreement, we are not allowed to to market properties at all unless they are on the MLS. No "coming soon" no pocket listings… And that rule is enforced pretty strictly.
Just a reminder once again that there is not just one MLS, or one set of rules... they vary widely!
Now that I think about it, I don't believe I ever saw any marketing for these homes. No ads, no flyers. They do put signs up in front of the homes, but with the "Coming Soon" sign on top. So maybe that's what the local MLS requires.
This is a suburban area about an hour outside DC. It's getting tighter but is nowhere near as tight as LA or Seattle. There are houses that last a month, sometimes even longer, but they are usually houses that aren't "first choice" homes.
Yeah it’s funny when I bought my home as a foreclosure in 2010 it had been sitting for months and months .
Then last year the same house lasted in market about a week .
Stuff does still sit on the market but it’s usuallt priced wrong . Even a house needing a lot of work will sell quick if it’s priced right .
At some point there will be a downturn so much now is being bought on speculation of prices going higher which they might but it never lasts forever .
Have a relative that bought a home in the late 90s for around $300,000 and now the home is valued at about $1.5 million .
The thing that pushes prices up too is people coming from cities like NYC or from other countries buying up property . It’s become a real international destination for investment here more so than when I was younger .
Now that I think about it, I don't believe I ever saw any marketing for these homes. No ads, no flyers. They do put signs up in front of the homes, but with the "Coming Soon" sign on top. So maybe that's what the local MLS requires.
The sign in front of the home is better marketing for the agent and brokerage than ads or flyers .
I’d be surprised if the MLS require a coming soon sign . I think that’s more just a marketing tactic
I have seen that on some signs in L.A but not super common .
Friends bought a home outside of Asheville last year.
Home after home they were interested in was listed as pending the minute it hit the MLS.
She finally built a fire under her real estate agent to call around and let other agencies know that she had a buyer looking for such and such a house.
One day they got a call that one was coming on the market soon. They looked and got an offer in before it hit the MLS.
I was an investment real estate broker from 1972 until I retired. I bought and sold a lot of homes for rentals for my clients. I rarely bought a home for investors that was in the MLS.
Example. A small builder and a broker that owned the land for a 13 unit housing tract came to me for help. They had to have at least 6 sales, to get construction money. They offered me a price for the homes that made sense for investors to buy them. They had not gone on the MLS yet, as they needed construction money before starting building.
I sold out all 13 in 2 1/2 hours on the telephone. Every call sold a home. On buyer bought 5, and others bought 2 to 3 depending on how much cash for down payments they had available that day. In addition someone needing an immediate sale had listed with me that same morning at an investor price to avoid repossession. I also sold that home to one of the investors buy some from the tract. Fourteen homes sold, and not one hit the multiple listing service prior to them being sold.
Example. A man came to me on Friday morning with a problem. His problem was the home was being repossessed by the VA on Monday. I made an offer to give him some cash, and buy the home assuming the VA loan. I called the VA and as they knew me from previous transactions, and told them I was buying the home, and told them to send me the assumption papers which would be automatic. I told them to leave the buyers information off, as I would fill it in as I always did. They thanked me for saving them the trouble of the repossession, and sent me the papers that arrived on Monday. The seller got a lease agreement so they did not even have to move. The sellers left the office, and he moved some things from the back seat to the trunk of car, and took a few extra minutes in my parking lot. I had sold that home on the phone to an investor before he got out of the parking lot. Got a title commitment on Friday afternoon (I sold enough property I was on their priority list and got 2 hour service. Got the assumption papers on Monday morning. And closed that afternoon to the new owner. That home did not get on the MLS until after it was sold.
I was known as the one broker that could close fast on sales at a slightly reduced price. I had many similar transactions where a seller needed a quick sale and would sell at my price (no commission) acting as a principal not an agent.
There were not many brokers/agents that could take single family homes off someones hands, closing the sale and give them their sales proceeds within 72 hours of bringing the property to me. And I could resell those properties and close within that 72 hour time frame. None of those sales ever reached the MLS before being sold.
There are many reasons, that homes get sold before they enter the MLS. My examples are just one of the reasons.
Interesting. I wonder if maybe some realtors don't bother signing an MLS participation agreement anymore. Is it an optional thing? Or maybe it's not a rule here. Although it seems like a smart rule. Wouldn't be surprised if the MLS makes it a rule if this starts happening too many times.
I don't consider MLS participation optional, no. For starters our brokerage requires it. MLS system also manages the supra key box system so we could not do our job without it. Not the way it all works today!
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