IRES MLSCOMING SOON POLICYORIENTATION TO NEW LISTING STATUS

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• NAR CLEAR COOPERATION POLICY 8.0

• WHY WAS THIS POLICY CREATED?

• IRES IMPLEMENTATION

• HOW DOES THIS IMPACT OFFICE EXCLUSIVES?

• EXAMPLES OF PUBLIC MARKETING

• SHOWINGS AND OPEN HOUSES

• COMPLIANCE

COMING SOON: IS IT FOR YOU AND YOUR SELLERS?

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Within one (1) business day of marketing a property to the public, the listing broker must submit the listing to the MLS for cooperation with other MLS participants. Public marketing includes, but is not limited to:

• flyers displayed in windows

• yard signs

• digital marketing on public facing websites

• digital communications marketing (email blasts)

• multi-brokerage listing sharing networks

• and applications available to the general public.

NAR’S CLEAR COOPERATION POLICY 8.0

POLICY ORIGINSOne of the foundations of the MLS is cooperation. This policy complements that.

If you market your property to the public in any manner, it must also be submitted to the MLS so that other brokers have access, which benefits the Seller and the

industry. It also serves Buyers looking for properties. No one wants to miss potential properties that match their needs.

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PAST USE OF COMING SOON• Private FB groups and broker

“clubs”

• Internal company policies

• Fracturing the market and inventory

• CMA reports are compromised

• 40% of the inventory in the Bay Area of CA was not on the MLS

• Brokers in the area had to search 4 databases for all of the inventory. (expensive, time consuming, inefficient!)

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HOW IS IRES IMPLEMENTING THIS POLICY?

IRES MLS created a new Coming Soon

status. This status, used when creating a

listing, can be seen anywhere listings are

displayed in IRESis.com, MySite

and ColoProperty.com®

• Residential Detached

• Attached Dwelling

• Income Properties

Exempt: commercial properties, rental properties, and new construction developments with multiple properties such as housing tracts or entire apartment complexes.

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APPLICABLE LISTING TYPES

Before showings occur the property may need: • Repairs • Fresh coat of paint• Decluttering• Photography (interior & exterior)• Staging

Brokers should refer to CP-44 from the Colorado Real Estate Commission regarding important license law matters related to Coming Soon.

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GREAT REASONS TO USE THE COMING SOON STATUS

Calculating Days on Market “DOM”

Regular Listings

Start on date from Section 3.7 or when all signatures on contract.

Coming Soon Listings

Start on “Go Active” date.

DOM does not calculate when the listing is in Coming Soon status.

Go Active Date = The date the listing is automatically or manually changed to Active in the MLS system.

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1. Coming Soon listing added to MLS

2. Broker is reminded on the Start Screen that the listing is going active soon

3. Broker may change status manually to Active any time or Withdrawn

4. Listing automatically Goes Active in the MLS on the 8th calendar day

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TIMELINE OF A COMING SOON LISTING

If withdrawn, public marketing must stop at that

time. It may not be re-entered or changed back to

Coming Soon. However, it can be activated when

ready.

Only market to and host showings within their office

Requires Listing Waiver Form

Open houses prohibited

Marketing on public websites prohibited

Will not appear in searches, syndications or on

ColoProperty.com©

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OFFICE EXCLUSIVES -vs- COMING SOON

Able to publicly market

No forms needed

Showings only when Active in MLS

Open Houses only when Active on MLS

Appears on ColoProperty.com© and in automated searches like Mysite

Syndicated outside MLS only when Active on MLS but you may manually

share on 3rd party platforms

Office Exclusive Coming Soon Listing

WHAT IS CONSIDERED PUBLICLY MARKETING A LISTING?

PUBLIC MARKETING

Flyers

Yard signs

Digital marketing on public facing websites

Brokerage websites (including IDX and VOW)

E-mail blasts

Multi-brokerage listing sharing networks

and applications available to the general public (Zillow, Homesnap,

Redfin etc.)

PUBLIC MARKETING TRIGGERS NEW PROCESS

If listing is publicly marketed:

Must add to MLS within

1 BUSINESS DAY Active or Coming Soon

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Showings & Open Houses

Showings prohibited until Active

Feel free to schedule future showings and open houses while Coming Soon Status

Remember: They must take place after the listing Goes Active in the MLS.

Coming Soon listings are eligible to go directly to Active, Pending, Sold, or Withdrawn statuses.

NOTE: Listings cannot revert back to a Coming Soon status.

Use caution when withdrawing or manually activating Coming Soon listings. They cannot be Coming Soon again with the same office and same agent for 30 days.

MANUALLY ACTIVATING A LISTING

After Grace PeriodNon-Compliance Results In:

1st offense: written warning

2nd offense: $1500 with completion of re-education course

3rd offense: $2500 with completion of re-education course

Thereafter, the individual is subjectto suspension from MLS service, additional fines and required education

Grace Period (April-May)

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WWW. IRESIS.COM

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