The California Multiple Listing Service has come up with a variety of new options for how home sellers market their homes.
Last May, the CRMLS began offering “Coming Soon” listings, allowing sellers to share their home’s features before they’re ready for showings.
And in August, the listing service introduced another feature: the “Registered” status.
Usually, the Registered status is used after you’ve chosen your agent and decided all of the details regarding price and terms. You’re just not quite ready to get the photos taken and welcome buyers to come visit.
To qualify as a Registered listing, there must be a valid, fully executed listing agreement for the property, and the seller must agree that the property will not be actively marketed.
In addition, no commission can be publicly offered while a home is in Registered status, and showings are limited to clients of the listing broker. On the other hand, the clock measuring how many days a home is on the market doesn’t start while a home is in Registered status.
For home sellers, this is yet another way to get your intention to sell out to at least a small audience – the brokerage with whom your agent is associated.
Technically, your broker holds the California Department of Real Estate license of record and all Registered listings falling under that license can be shared among all the agents under his or her umbrella. This means that Registered listings can be promoted at brokerage office meetings and in closed social media groups limited to the brokers and their licensees.
Unlike Coming Soon status, there is no limit to the amount of time a listing can stay in Registered status. And unlike Coming Soon listings, Registered listings aren’t available to all CRMLS members.
In contrast, a Coming Soon listing is strictly barred from being shown to anybody, even with a signed Agency Disclosure. But a Registered listing can be shown to a client within the listing brokerage. And sellers can review, negotiate and even accept offers while in either Registered or Coming Soon status.
Of course, there’s a risk of not getting as much money if you accept an offer before switching to “Active” status, where your property gets exposed to the full MLS and it gets the widest possible promotion. But you may save on stress and get it sold faster, especially in a hot sellers’ market like we have now.
For buyers, if your agent is a part of a brokerage where Registered listing information is shared, you have the inside track on opportunities that are only available to a relatively small number of people.
For buyers’ agents, this means you need to stay current on the Registered listings within your brokerage. And if it’s not a current practice of your broker to share this information, I’d be asking them why? And can I get an update of our Registered listings as soon as the information is entered into CRMLS?
When you find a Registered listing that might fit the bill for one of your buyers, you have to have a signed Agency Disclosure with the brokerage, along with all the COVID-19 paperwork before you can show it.
When sellers are interviewing agents to list their house, they should make sure to discuss how registering their listing might fit into their timeframe and marketing scheme, and how it might be used to their advantage either on its own or in conjunction with the Coming Soon status.
Leslie Sargent Eskildsen is an agent with Realty One Group West. She can be reached at 949-678-3373 or firstname.lastname@example.org.
Originally Appeared Here