2018 News President's Report

President’s Message – March, 2018

This month I’d like to address the new “Coming Soon” status for listings on MLS. I’ve received several questions, some comments and some concerns about how to deal with this new status and how it helps us as REALTORS®. This is a status that allows a listing agent to list a house on MLS for up to, but not exceeding 30 days, before it can be shown. Hence the term “Coming Soon”. This cannot be extended beyond the 30 days.

Here are some common questions regarding this new MLS status:

Will there be any new fields that will need to be completed for a “Coming Soon” listing?
There is only one new field called “Expected Active Date” that will be required to complete a “Coming Soon” listing.

Are there any special requirements to the “Expected Active Date” fields?
Yes, the “Expected Active Date” must meet the following conditions:

  • It must be greater than the listing contract date.
  • It must be less than the expiration date.
  • It cannot be greater than 30 days beyond the listing contract date.
  • Days on market will be calculated from the “Expected Active Date”, not the listing contract date.
  • Once a “Coming Soon” listing is changed to active, the “Expected Active Date” cannot be modified.

Will “Coming Soon” listings have listing history recorded?
Yes, “Coming Soon” listings will be part of the listing’s history.

Can “Coming Soon” listings display in the public portal?
“Coming Soon” listings will be allowed on the client portal, but they will not be on RILiving.com or other outward facing portals.

So why are we introducing the “Coming Soon” listing status? Because, it offers more exposure to our clients’ listings, which could mean more offers and possibly a higher sales price. That adds value for the consumer when they work with a REALTOR®.

The answers to other frequently asked questions can be found on rirealtors.org and if you have any additional questions, please don’t hesitate to reach out.

All the best,
Joe

Joseph Luca
2018 President
RI Association of REALTORS®

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