Coronavirus is not the only factor that changed the real estate landscape in late Spring 2020… In May, a new national policy known as Clear Cooperation took effect. The goal of this change was to eliminate marketing of so-called Pocket Listings. Just as the name suggests, those are listings that agents keep hidden for whatever reason– sometimes for practical versus anti-competition purposes (which most people would agree is pretty frustrating!). This sweeping change was to encourage full exposure of properties to ALL potential buyers. Good news!
A related event came on board around that same time… Santa Barbara’s Multiple Listing System (MLS) created a new category for listings: Coming Soon.
With Pocket Listings now being a thing of the past (lest a hefty fine come into play), “Coming Soon” status suddenly became a very important tool in a home marketer’s toolbelt. By adding a property as Coming Soon in MLS, the home can be quietly (or semi-quietly) marketed ahead of full exposure. It’s kind of a middle ground that precedes full market exposure, and has no finite duration. In fact, “Coming Soon” could mean coming in 9 days, 9 months, or TBD months… Exciting, right?!
There are TWO really important things to keep in mind about this treasure trove of upcoming listings:
- IT EXISTS! (We can cross this one off since you’re reading this! 😄)
- Coming Soon listings can still fly under the radar since they do not, for the most part, syndicate to websites like Zillow, Realtor.com etc.
Thanks to the proliferation of information via the internet, for better or worse, many buyers do a lot of the legwork on their own… However, DIY-minded buyers would not see these ones coming unless their agent has them and their search/criteria firmly on the front burner. MLS subscribers are the ones with access to this information. Add this to the list of reasons to work with a dedicated agent while #realestating, especially if you’re looking in a highly competitive segment of the market– starter homes, as one example.
BOTTOM LINE: The absolute BEST thing to do when you’re searching for homes is make sure you are in sync with your trusted real estate professional! Coming Soon listings are another resource for us to pay close attention to, to keep our buyers on the inside track.
As pictured below, at time of writing there are 42 Coming Soon listings in Santa Barbara MLS… If you want a sneak peek at this information or to chat about ways to turbo charge your home search, get in touch today!