Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
See, that would get the agent a fine in our local MLS.
Coming Soon = NO Showings by agent or owner.
We're in a different state so maybe the rules are different. In any case, I'm not a realtor so I wouldn't know either way.
We showed the property to interested parties during the option period as well and had a backup offer.
I don't feel like what we did (or our realtor did) was unethical, but we trusted him to give us guidance there because he knows what is and isn't allowed under state law. We don't.
We're in a different state so maybe the rules are different. In any case, I'm not a realtor so I wouldn't know either way.
We showed the property to interested parties during the option period as well and had a backup offer.
I don't feel like what we did (or our realtor did) was unethical, but we trusted him to give us guidance there because he knows what is and isn't allowed under state law. We don't.
"Ethics" are an agreement between parties as to appropriate behaviors.
Yes, Texas, or your location, may have different agreements from where I am in NC. I signed a document when I joined the MLS agreeing to abide by the MLS rules. If I don't, my behavior may be considered unethical.
With hundreds of REALTOR-owned MLSs in the country, in hundreds of various jurisdictions, it is a step forward by NAR to try to standardize the expectations of consumers in those MLSs.
In third party MLSs, they can establish their own rules and ethical expectations, as long as they comply with the local and state governmental requirements.
"Ethics" are an agreement between parties as to appropriate behaviors.
Yes, Texas, or your location, may have different agreements from where I am in NC. I signed a document when I joined the MLS agreeing to abide by the MLS rules. If I don't, my behavior may be considered unethical.
With hundreds of REALTOR-owned MLSs in the country, in hundreds of various jurisdictions, it is a step forward by NAR to try to standardize the expectations of consumers in those MLSs.
In third party MLSs, they can establish their own rules and ethical expectations, as long as they comply with the local and state governmental requirements.
Like I said, we're not realtors...and I don't think what we did was unethical. It's not like these people saw the "coming soon" sign and knocked on the door. They knew we were moving even before the sign went up. The neighbors told them. It's not like it was a secret that we were going to sell our house; the U-Haul trucks coming and going were a pretty obvious clue.
It's a shady, down-low tactic that some agents use to double-end listings or to pick up buyers (or both). It is not in the best interests of the seller - because if the agent makes a back-room deal before the listing has had exposure to the market, then the seller is not getting the benefit of having the property exposed to the open market.
That is the reason MLS rules forbid it - and that is the only reason I can think of.
"Coming Soon" shady signs benefit the agent.
I have never seen a sign that didn't have the agent's name and number on it. Think about how many future buyers (for other properties) they are collecting with those phone calls.
Last edited by nobodysbusiness; 10-24-2019 at 11:47 AM..
All I can tell you is that it sure did work for us in our neighborhood. Mainly BECAUSE of the "coming soon" sign, the day the listing went active, we had three showings and an offer within two hours, and were under contract within three hours.
WOOOHOOO!!!!!
Oh and we had zero showings prior to the listing going active. And the buyer's agent isn't from our agent's office.
All I can tell you is that it sure did work for us in our neighborhood. Mainly BECAUSE of the "coming soon" sign, the day the listing went active, we had three showings and an offer within two hours, and were under contract within three hours.
WOOOHOOO!!!!!
Oh and we had zero showings prior to the listing going active. And the buyer's agent isn't from our agent's office.
I worked with a lender who had a tip on how to get sales leads.
I said, "That's pretty crappy."
He said, "I know. But it works."
I try to aim a bit higher than "It's crappy. But it works."
It's a shady, down-low tactic that some agents use to double-end listings or to pick up buyers (or both). It is not in the best interests of the seller - because if the agent makes a back-room deal before the listing has had exposure to the market, then the seller is not getting the benefit of having the property exposed to the open market.
That is the reason MLS rules forbid it - and that is the only reason I can think of.
"Coming Soon" shady signs benefit the agent.
I have never seen a sign that didn't have the agent's name and number on it. Think about how many future buyers (for other properties) they are collecting with those phone calls.
Not exactly.
Yes, crooked agents would Throw Momma From The Train for a nickel or two. That includes a willingness to lie, to break MLS rules, etc.
But, a properly executed, and widely publicized Coming Soon listing with a set date for showings to begin can serve many people besides the agent.
We have rules.
NAR seeks to standardize the rules, as consumers and state and Federal regulators are eyeballing Coming Soon gambits.
Those points are foundational to the thread.
Under those proposed rules, and currently in many MLSs, your REALTOR would be in violation for putting a sign in the yard, for you showing with the house not being on MLS.
Even though you found it profitable.
We have rules.
NAR seeks to standardize the rules, as consumers and state and Federal regulators are eyeballing Coming Soon gambits.
Those points are foundational to the thread.
Under those proposed rules, and currently in many MLSs, your REALTOR would be in violation for putting a sign in the yard, for you showing with the house not being on MLS.
Even though you found it profitable.
1) My realtor's name and brokerage info was not on the sign.
2) I didn't show the house. That being said, it was MY HOUSE (and still is for a coupla more weeks) and I believe that prior to having any sort of listing agreement in place, I could sell it, show it, whatever. I just chose not to do so.
3) I'm fine with NAR seeking to standardize the rules. I don't see anything unethical in the way the Coming Soon sign in my yard was displayed, or with any part of the process as it played out in our MLS, and I hope that if and when the rules are standardized by the NAR they will take this particular process into consideration and hopefully they will not find it unethical in any way. I certainly didn't and still can't see how it could have been unethical.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
