How to Get the Jump on Homes Going ON the Market
Updated: Jul 12, 2021
Did you know that Real Estate Agents that are subscribers of the Arizona REALTOR® Multiple Listing Service (ARMLS) are only allowed to Advertise a property For Sale if it is in Active OR COMING SOON Status in the MLS? True Story! If it isn’t Active the only other way they can Pre-Market the property to the public is to place it in COMING SOON status in ARMLS.
They are not allowed to put it on Zillow for example as a Coming Soon or Pocket Listing. Once it is displayed publicly then it has to be placed within the MLS in 1 day. The Clear Cooperation Policy was partly put in place to stop the shenanigans of a few bad apples that hoard listings off market for themselves. It’s actually a disservice to the Seller because the REALTOR® is not exposing the property to the widest buyer pool possible. When you restrict access you have less potential buyers. Less potential buyers means, less offers and less offers means you’ll sell your home for less than you would on the open market.
COMING SOON Status can only be seen through the Arizona REALTOR® Multiple Listing Service (ARMLS). If you are a buyer searching for a property you’ll need to have a REALTOR® whom is a ARMLS subscriber send you these listings. For Example here are the listings available in COMING SOON Status between $300,000-$500,000. You’ll want to have your REALTOR® set up a search for you that includes properties in COMING SOON Status so you can see these as they come on the market.
The COMING SOON Status was designed to comply with the NAR Clear Cooperation Policy. Simply stated: if a property is marketed publicly, the MLS must be one of the Realtors marketing channels. Properties can be in COMING SOON Status for up to 30 Days.
The policy doesn't ban “Office exclusives”. It allows the listing broker to market a property among the brokers and licensees inside their own listing brokerage. But, if an office exclusive listing is displayed or advertised publicly, that listing must also be submitted to the MLS for cooperation. As stated previously though this practice in our opinion is a disservice to the Seller as it is not exposing your home to the entire market. It violates Economics 101: More demand creates lower supply, lower supply creates higher prices.
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