Since Hurricane Ian the Ellis Team has generated lots of listing calls that have created coming soon listings opportunities. The issue however is many of these homes are not easily sellable due to insurance claims, hurricane damage, or other reasons.
Coming Soon Listings Opportunities and MLS Clear Cooperation Policy
MLS rules state that when a property is marketed publicly the property must be submitted to the MLS within 1 business day for cooperation with other MLS participants. The thinking here is that it is in the seller’s best interest to gather as much exposure as possible for the sale. Some Realtors in the past would hold back listings and attempt to sell the property themselves and keep both ends of the commission. In the business we call this double-dipping.
What if the property is not ready for sale? What if the seller does not want their property listed in MLS? There are provisions for that. Most people do not realize that when a Realtor takes a listing and advertises it publicly on social media, newspaper, or other forms the property must be able to show within a reasonable amount of time. If a property cannot be shown, a Realtor is supposed to mark the listing withdrawn. The listing can be returned to active status once the property is available to be shown again. There are some new exceptions to this rule after the hurricane, but that is the gist of the rule.
Brokers Can Contact Their Database
Brokers can contact their database of buyers regarding coming soon listings opportunities without marketing a property publicly. In doing so the Clear Cooperation Rule is not invoked. Once a broker advertises or posts a specific property in an online post, newspaper ad, blog article, or anywhere else meant for the public it is considered public advertising and should be in the MLS. However, we have several sellers that would like to sell but do not want their homes listed publicly.
Some have hurricane claims in and are leaving the state once the home is sellable. They do not want their employer to know they will be leaving at some future unknown date. They would sell their home today though under the right circumstances.
Others are going through a divorce, while still others have health or family issues. There are many reasons why a seller wouldn’t want the public knowing about their sale today. Down the road, maybe, but not today.
Hidden Inventory Buyer Database
The Ellis Team is creating a hidden inventory buyer database for just these types of cases. We can reach out when a potential seller matches a buyer’s needs. These types of listings will not be marketed to the public yet because the seller doesn’t want it marketed, or the home is simply not ready. You will never see us publicly market a property in violation of the Clear Cooperation Policy as we believe in its goal. We do however have several opportunities where we can reach out to our private database and help both parties.
For instance, a seller may agree to a showing to a buyer if the public doesn’t find out. If the buyer doesn’t purchase it, the employer or neighbors are not tipped off the seller was even contemplating a sale.
Some sellers don’t want to go through the hassle of getting their home ready and showing dozens of times, especially if there is damage or extenuating circumstances that may make sale precarious. Therefore, they ask us if we have buyers that might be interested without going through the process.
The truth is we receive lots of calls and emails from buyers looking for off market properties. We have never created a database just for these types of buyers. Today that changes. Whatever your motivation, we are creating a private opportunity database.
Signup to be Notified
Go to www.topagent.com to fill out an easy form. Tell us your name, phone number, and email address along with your preferences. We will contact you when we have off-market opportunities we believe might work for your situation.
Good luck and Happy House Hunting!