REALTOR® Colleagues and Consumers alike have had questions and comments since the RI Statewide Multiple Listing Service (MLS) introduced the “Coming Soon” status on the MLS. First of all, for the Consumer, a “Coming Soon” status is nt an Active Listing, it is considered to be “Off Market”; which means the house CANNOT be shown by the Listing Agent. This is probably fine if you are not ready to show your house because you need to de-clutter, make repairs, or take care of other “last minute” items…as long as it is completed in less than 30 days, because the listing will automatically switch to Active and will have to be shown to Buyers. A Coming Soon listing is NOT an opportunity for the Listing Agent to show the home to Buyers without other REALTORS® haveing the opportunity for their Buyers to see the house. If the Listing Agent attempts to do this, he or she is doing the Seller a disservice because other Buyers will not have an opportunity to make a potentially higher offer on the house. If this happens to you, or someone you know, call the local Board of REALTORS® because it is a violation of MLS rules and the REALTOR® Code of Ethics.
The REALTOR® Code of Ethics is the demarcation line between individuals buying and selling their own real estate, licensees selling the real estate of others (who are required to only abide by the law,) and REALTORS®. We are held to a higher standard of conduct. We “police” our members for the protection of the consumers and other members.
REALTORS® demand a higher level of business conduct and professionalism from our members, and we are always striving to provide better service for the consumer. Full time REALTORS® treat the job as the profession it is by continually taking classes and attending webinars in addition to the required Continuing Education classes mandated by the state licensing body.
If you are interested in a Coming Soon listing feel free to give ma a call at 401-580-9797.
Much has been written, spoken, debated, and lamented, about the lack of housing inventory in states from the Northeast, to the Midwest, to the West Coast. There are myriad reasons and explanations for why, and most of them are probably accurate to some degree. Many may even help alleviate the pressure on the market to stem the reduction in housing sales. However, most of these ideas would take time. While the Free Market is efficient in the long run… it is not necessarily so in the short run. It certainly is not responding quickly to the needs of first time home buyers in the market today.
When I was installed as President of the Rhode Island Association of REALTORS, I called upon my colleagues to Engage, and Inspire others to Engage, in order to remain relevant and productive in our current and ever-changing economy. Now is the time for us to Engage. Politically Engage . This is also the time we should Inspire others, including consumers, to Engage. We must inform our legislators and municipal officials that our economy needs to be unbridled by the regulatory restraints that are preventing First Time Home Buyers from participating in the American Dream of Home Ownership. We have witnessed our national economy quickly rebound, with consecutive fiscal quarters of 3%+ growth, after the federal government eliminated numerous regulations which were restricting economic activity. Why can that not be done at the state and municipal level so that builders can build houses that lower income families can afford? Why should “the little guy”, who is too frequently an immigrant, not be able to buy a home because there is nothing available, or nothing is affordable? This should be not be acceptable in the United States of America. We must Engage with our legislators and municipal officials, to convince them that it is essential and vital that those at the lower income levels not be precluded from participating in the American Dream of Home Ownership.
As Architects of The American Dream, REALTORS® protect Private Property Rights. The National Association of REALTORS® is against any obstacles to home ownership:
Unnecessary fees to buy a home,
Restrictive regulations/policies that infringe on the home-buying process,
Restrictive underwriting policies that may “freeze out” some from buying a home,
Increasing regulations and fees for consumers to retain ownership,
Anything else that may infringe or impede on the home sale process.
REALTORS® need to Engage, and lead the way for consumers to Engage, with the political process. Why shouldn’t everyone that qualifies for a mortgage be able to buy a home? Why shouldn’t they participate in the American Dream of Home Ownership? REALTORS® can make it happen so we should make it a reality. If you want to Engage but don’t know how, email me at JosephLuca@remax.net.