Follow Up: Zillow's "Coming Soon" Feature
The National Association of Realtors (NAR) issued a warning on "coming soon" marketing, since the issue was raised by Zillow's new "coming soon" feature. NAR says brokers who do not act in the best interest of their clients by informing them of the limited nature of coming soon marketing could face liability. "Coming soon" marketing is another form of pocket listings, where a Realtor has either a verbal agreement with a homeowner to sell their property, or has a written agreement. The MLS I belong to, MFRMLS, is the 2nd largest in the country. MFRMLS rules require a listing to be input in the MLS within 48 hours of completing a written listing agreement. A "coming soon" listing could only be in effect with a true written agreement for 48 hours, using Zillow's "coming soon" feature. In my previous blog post, I outlined how "coming soon" listings have the potential for abuse. A Realtor could technically have a...