Question: How long can an agent have a Coming Soon sign up before entering the property into the MLS? Isnt it an illegal pocket listing for a Coming Soon sign to be up for more than 48 hours?
Answer: Sarah Louppe Petcher: There are no regulations on how long a Coming Soon sign may or may not be posted. If a seller instructs the agent, in writing, to put up a Coming Soon sign on the property and hold off putting the property into the MLS for two weeks, there is no problem. There is a two-part test to determine whether something is an unethical pocket listing:
1. Has the seller instructed his or her agent, in writing, to begin marketing the property before entering it into the MLS, AND
2. Is the pre-marketing for the sole benefit of the seller, and not for the benefit of the agent?
If both of these questions are answered yes, then there is not an unethical pocket listing.
If you want to learn more about the right way to market properties before entering them into the MLS, attend the one-hour session on this subject at NVARs Legal Summit on June 5!