"Available Soon" signs
AVAILABLE SOON SIGNS
From time-to-time, RSC receives calls or emails from brokers who complain that “Available Soon” signs are unethical or misleading. Their arguments:
1. Is the property listed or not?
a. If it is listed, then why is it not in the PPMLS? Their buyer complains that the broker did not show them this available property, when in fact it never came up in a search.
b. If it is listed, but not in the MLS, then would they be "sign-crossing" if they approach the seller.
c. If it is listed, it is a violation of the Rules to withhold the listing for more than 72 hours unless it is an office exclusive.
2. This is a disservice to the Seller as the property is only exposed to drive-by buyers.
1. Broker goes to listing appointment and seller says they are not ready to list. The broker convinces the seller to put a sign on the property, thus deterring another broker from approaching the seller for the listing. In the meantime, the sign is generating calls, which can further convince the seller to go ahead and list the property with the broker.
2. The broker gets a listing, but seller is not ready to show property; often times in an estate sale there is too much stuff in the house and they don't want anyone going through the house. Broker secures the listing, but inserts a clause in the contract stating that the property won't be shown or submitted to the PPMLS for a period of time.
3. “Available Soon” signs often generate more calls than the regular “For Sale” sign; reverse psychology.
NAR has two sign policies which are incorporated into the PPMLS Rules:
Section 4.1. "For Sale or "For Lease" SIGNS - (with respect to PPMLS Participants) Only the "For Sale" signs or "For Lease" signs of the listing broker may be placed on the property during the time that the listing agreement is in force. (This does not address the situation where the property may not be listed.)
Section 4.2. "SOLD" or "LEASED" SIGNS - Prior to closing, only the "Sold" or "Leased" sign of the listing broker may be placed on the property, unless the listing broker authorizes the cooperating (selling/leasing) broker to post such a sign.
The RSC Board of Directors, with legal counsel, has concluded the following with respect to this practice:
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