“Coming Soon” has become a common term of art in the industry, even if it started as an MLS status definition. There is no legal definition of “Coming Soon” outside of the MLS. The MLS status does not permit showings, but a property can be marketed as “Coming Soon” outside the MLS without violating ethical and contractual obligations. The method for doing so, however, is fairly narrow. If a property is in “Coming Soon” status, the following requirements must be met:

a. No agreement of sale is currently in effect.

b. This listing has not yet been on the market but will be on the market soon.

c. A listing agreement has been executed but the property cannot be shown.

d. Listings are limited to 21 days in the coming soon status, except for new construction/condo conversions/major renovations for which there is no occupancy (e.g. no active certificate of occupancy) and no showing, in which case the property may remain in coming soon status until the earlier of (a) the first date the property may be shown: or (b) 21 days after a certificate of occupancy or similar permit is obtained.

e. When a listing’s status is reported as Coming Soon, the showing appointment prohibition is deemed to apply to all Subscribers, including those affiliated with the listing broker. If a listing with a showing prohibition may be shown by at least one licensee affiliated with the listing office or listing company, the Coming Soon status may not be applied to the listing. (MLS Appendix B – Status Definitions).

Additionally, it is important to remember that within one business day of publicly marketing the property, the Participant must submit the listing to Bright MLS.  “Public Marketing” includes, but is not limited, to “flyers displayed in windows, yard signs, digital marketing on public facing websites, brokerage website displays (including IDX and VOW), digital communications marketing (email blasts), multi-brokerage listing sharing networks, and applications available to the general public.

According to Article 1, Realtors® “pledge themselves to protect and promote the interests of their client. This obligation to the client is primary ….” Generally, the seller is best served by marketing the property to as many potential buyers as possible. However, a seller may have personal reasons for wanting to limit broad marketing until a certain date. The seller might be traveling, expecting company or undertaking renovations. Perhaps the listing agreement was signed during a slow time of year, and they want to build interest in the property until market activity picks up. In a seller- friendly market, sellers could still receive multiple competitive offers without having the property in the MLS. Sellers are entitled to make an informed judgment as to how they market the property.

While it is ultimately up to Realtors® serving on the Professional Standards panels to determine COE violations, the question is whether the “Coming Soon” advertisement is for the sole benefit of the seller and not the listing broker. This can be difficult to prove by clear, strong and convincing evidence. Some examples of putting the brokerage’s interests before the clients may include, but are not limited to, only allowing showings to unrepresented buyers or buyers represented by the listing brokerage.

It is possible to violate the COE through “Pocket Listings,” but it is also possible to advertise “Coming Soon” listings and allow showings (if not in the MLS) in an ethical way. The key questions are: 1) has the seller given informed consent through written instructions to the listing broker; and 2) is the listing broker acting in the sole interest of the seller?