Do I choose Exclusive or Coming Soon as a Listing type?
Understand when to choose Exclusive versus Coming Soon when adding your listing to the Broker List® listings feed on Listed.
‘Exclusive’ versus ‘Coming Soon’
- Exclusive listings are not intended for the MLS®
- Coming Soon listings are intended for the MLS®
Definitions
- Coming Soon - intended for the MLS®
- Three days prior to going to MLS® Coming Soon listings can be publicly marketed to anyone.
- Anytime before the three day public marketing period begins the property can be marketed directly to REALTORS® from other brokerages/offices on a one-to-one basis.
- Coming Soon listings are, in effect, “Exclusive” during this period and can be shared in a direct, one-to-one communication, at any time, with another agent and this does not trigger the Policy.
- One-to-many communication is considered public marketing and will trigger the Policy.
- Exclusive - not intended to go to the MLS®
- An Exclusive listing cannot be publicly marketed or the Policy will be triggered and the listing must be placed on an MLS® within three days of the first instance of the public marketing.
- Exclusive listings can be marketed directly to REALTORS® from other brokerages/offices on a one-to-one basis and this does not trigger the Policy.
- One-to-many communication is considered public marketing and will trigger the Policy.
Common Misunderstandings regarding the 3 day rule…
Misunderstanding: Agents cannot share Exclusive or Coming Soon listings outside of the three-day public marketing period with an agent outside of their brokerage.
FACT
In fact, agents can share their listings outside of the three-day public marketing period but not in a one-to-many communication channel.
Exclusives listings
✅ can be shared in a direct, one-to-one communication between two REALTORS® at any time the property is listed exclusively for sale. Direct, one-to-one communication is not considered ‘public marketing’ under the Policy.
Coming Soon listings
✅ can be shared in a direct, one-to-one communication between two REALTORS® at any time the property is listed as Coming Soon to MLS® for sale because this is not considered ‘public marketing’ under the policy.
Compliance with the REALTOR® Cooperation Policy (”the Policy”)
- The three-day rule is often misunderstood by agents as not being able to share their Coming Soon listing with an agent from outside of their brokerage beyond a time frame greater than three days. This is not the case as long as it is a direct, one-to-one communication.
- Both Exclusive and Coming Soon listings can be shared with a cooperating REALTOR® at any time in a direct, one-to-one communication, because it is not considered ‘public marketing’, under the Policy.
- The ‘three days’ applies to any instance of ‘public marketing’. Adding a listing to a private chat channel, social media group, website, or bcc email, putting up a lawn sign, etc — are all instances of one-to-many communication that are considered public marketing and not allowed under the Policy.
Misunderstanding: Exclusive listings can be publicly marketed.
FACT
Exclusive listings cannot be publicly marketed. If an Exclusive listing is publicly marketed then it MUST be placed on an MLS® (within 3 days).
⚠️ Example: If an agent posts an Exclusive listing an a chat group this is considered ‘Public Marketing’ and will trigger the Policy. This means that the listing must be placed on the MLS® within three days, even if the Seller does not want it on the MLS®
- IMPORTANT→ Any property that is publicly marketed MUST go to the MLS®
REALTOR® Cooperation Policy FAQ
Key Elements of the REALTOR® Cooperation Policy
- “Basic Rule: “Where public marketing of a listing occurs, the listing must be placed on an MLS® System within the timeframe adopted by the board/association, which may be up to a maximum of three (3) days, unless an exemption applies.”
- “Public Marketing: Means any marketing to the public or anyone not directly affiliated with the listing brokerage/office, excluding one-to-one direct communication.”
- “One-to-One Direct Communication: Means the marketing of a property by the listing REALTOR® directly to REALTORS® from other brokerages/offices on a one-to-one basis, and is not considered public marketing under the policy. Note marketing on a one-to-many basis, involving access to a listing by more than one recipient (for example via an email blast or private social media group) will trigger the basic rule.”
- “Disclosure and Consent Requirements: REALTORS® must inform their seller clients of the benefits of marketing their listing on an MLS® System. If a seller decides to forego this option, the decision must be confirmed in writing to the REALTOR®, acknowledging they are declining the benefits of placing their listing on an MLS® System.”
Compliant sharing of Exclusive and Coming Soon listings on Listed
Compliant sharing of Exclusive and Coming Soon listings on Listed
- Agents can share their Exclusive and Coming Soon listings at any time, in a direct, one-to-one communication on Listed with colleagues outside of their brokerage.
- Listed automatically calculates the three day public marketing period for agent’s for Coming Soon listings. (There is no public marketing period for Exclusives).
- Agents receive an alert 24 hours prior to their Coming Soon listing entering its public marketing period. This presents the agent an opportunity to edit it or make changes, particularly if the price or comments need to be adjusted to suit a public audience versus an industry audience.
- Coming Soon listings have a gold banner for anyone to see and then they ‘disappear’ from public view for consumers and agents with whom the listing has not been shared in a direct, one-to-one communication
- Agents within the agents brokerage, and agents with whom the listings was shared, can see the listing and it’s current status. Everyone else will not see the listing or be aware of its existence.
STEPS
Choosing Exclusive or Coming Soon on Listed
- ‘Create Listing’ and choose a “Listing type”
- Exclusive or Coming Soon (this can be changed later, even after the listing is published on Listed but before its status changes ie. Sold, Expired, Gone to MLS®..) When you create a Broker List® listing, the first question asked will be to select a type between Coming Soon and Exclusive listings. The choice depends on your goal. Read the characteristics of Coming Soon and Exclusive listings below.
The main difference is that Exclusive listings will never be visible to clients regardless of their status (available, sold, expired, etc.); whereas Coming Soon listings have a public marketing period during which they can be seen by anyone (agents and clients) and after which they can only be seen by agents from the listing agent’s brokerage or agents with whom the listing has been sent directly to an agent, in a one-to-one communication, in Listed.
Examples
- The agent’s seller wants to list their property without making it publicly available on the MLS®. → Pick “Exclusive”
- The agent’s seller wants to list their property on the MLS® but it requires three weeks of work to get it properly prepared and wants you to be able to market it directly to agents and generate buzz by advertising it publicly as a property that will be coming to the MLS® → Pick “Coming Soon”
What happens to the listing after the public marketing period ends?
Clients can’t see Coming Soon listings before their public period begins or after it ends. Once the public marketing period has ended, the listing disappears from Listed and goes to the MLS®. Consumers who tapped the “star” ⭐️ on the Coming Soon listing will receive a “Property back on market” alert once listing is live on the MLS®.
Note: it is the agent’s responsibility to ensure their listing is posted to the MLS® after leaving it’s allowable public marketing period on Listed. Agents who don’t follow this procedure or who knowingly attempt to avoid following the rules of the REALTOR® Cooperation Policy will be removed from Listed’s Broker List® feature and risk being banned from Listed altogether.
Think of the agent’s opportunity to upload a Coming Soon listing as a fabulous pre-marketing benefit 🎉where agents can share it as soon as they have the listing paperwork signed and then, have it go out to the world with a beautiful gold banner, automatically, on Listed for the allowable public marketing period, before disappearing and being replaced by the agent’s MLS® listing.
Can I change it later?
Yes, as long as the status of your listing has not changed (ie. Expired, Sold, Terminated, Cancelled or Gone to MLS®).
- Agents will receive reminders before Exclusive listings expire and before Coming Soon listings enter their public marketing period or disappear from Listed and go live on the MLS®.
How do it share it with my client?
Agents can inform clients about Broker List® listings in some form or direct, one-to-one communication (this is expressly allowed by the Policy). Once a listing enters it’s public marketing period (for Coming Soon listings only) it can be easily shared with clients through Listed by tapping the ‘share’ icon from the listing (located just under the photos).
Characteristics of a Coming Soon listing
When selecting a listing type, you can see a brief description of its characteristics. Coming Soon listings are intended for the the MLS® and are treated as “Exclusive” until they enter their public marketing period.
Wondering how to create a Coming Soon listing? Tap: Learn how to create a Coming Soon listing
What’s the public marketing period?
The public marketing period refers to the time when a property is publicly pre-marketed before being listed on an MLS®. Listed automatically handles the calculation of the three-day marketing period for agents.
How long is it?
This period can last up to three days. The REALTOR® must place the listing on an MLS® within three days after the first instance of “public marketing” has occurred, unless an exemption applies.
Under the Policy, the main exemption states that the listing agent (co-listing agent, or admin) can share their listing, in a direct, one-to-one communication with agents inside or outside their brokerage and with a client. Listed makes it easy to share with colleagues. The best way to share with a client is to call and tell them about it or send them a screenshot.
How does it work on Listed?
Listed gives you peace of mind with full compliance. When you create a Coming Soon listing, we will show you a confirmation page with all the important dates. Listed automatically handles and adjusts the public marketing period when you edit the date for your listing to go to the MLS®.
How do I know if a listing is in its public marketing period?
Coming Soon listings will show a “Days to market” countdown instead of a “Days back” value on a listing row. When “Days to market” shows a value of 3, 2 or 1, it means that the listing is within its publicly marketing period. For more details, open the listing detail page of a Coming Soon and scroll down to the “Information” section where all important dates are displayed.
Visibility
For agents
- Agents from within the brokerage, the co-listing agent (if any) and the brokerage admin WILL see Coming Soon listings under “Brokerage listings” and on the Browse tab in Listed. → Learn how to find Broker List® listings
- Cooperating agents from other brokerages WILL NOT see a Coming Soon listing before it enters its public marketing period or after it goes to the MLS® UNLESS it was directly sent to them. → Learn how to send or share a Broker List® listing
- Everyone WILL see your Coming Soon listing during its public marketing period.
For clients
- Clients WILL NOT see a Coming Soon listing before it enters its public marketing period or after it goes to the MLS®.
- Clients (everyone) WILL see a Coming Soon listing during its public marketing period.
- Clients will be notified about Coming Soon listings entering their public marketing period when they match one of their Saved Searches, or, if they previously subscribed to listing updates for that particular property (by tapping the purple bell on the property details page). → Learn how to create Saved Searches for Broker List® listings
Characteristics of an Exclusive listing
When selecting a listing type, you can see a brief description of its characteristics. Exclusive listings are NOT intended for the the MLS® and will never be visible to clients.
Wondering how to create an Exclusive listing? Learn how to create an Exclusive listing
Visibility
For agents
- Agents from your brokerage, the co-listing agent (if any) and the brokerage admin WILL see your Exclusive listing under “Brokerage listings” and on the Browse tab. → Learn how to find Broker List® listings
- Cooperating agents from other brokerages WILL NOT see an Exclusive listing UNLESS it was directly sent or shared with them. → Learn how to send or share a Broker List® listing
For clients
- Clients WILL NEVER see an Exclusive listing or a Coming Soon listing that is not within it’s 3 day public marketing period, unless you tell them about it or share it outside of Listed.
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