Coming soon real estate code#

What might be a sellerвЂ™s motivation to have a sign in the front yard of a property that is not listed in the MLS? WouldnвЂ™t any seller want to receive full, broad exposure to all brokers/buyers in the marketplace? Yes, but on the other hand, there are certainly legitimate reasons for a seller to limit a propertyвЂ™s exposure for some indefinite period of time.ДЄs all of you know, some properties simply are not ready to be formally thrown on the market. Apart from that, a sellerвЂ™s options related to the sale/lease of their property are wide openвЂ¦ including when/if to list their property on the MLS now, вЂњsoon,вЂќ or never. Obviously, a seller (or REALTORВ®) cannot discriminate against a member of a protected class in the sale/marketing of any residential property. Most of you have heard me say that a seller can do pretty much anything it wants when it comes to the sale and marketing of their property with one exception: Fair Housing.

Coming soon real estate code#

It is a violation of license law and would certainly subject a REALTORВ® to discipline with the Colorado Real Estate Commission, Code of Ethics complaints, and potentially civil liability to a seller. The bottom line is that вЂњComing SoonвЂќ designations on a property will never be appropriate if the motivation for the designation has anything to do with the REALTORвЂ™SВ® self-interest to double-end a deal or for any other reason. Moreover, if the listing REALTORВ® is acting in the capacity of sellers agent, they would also be in violation of their fiduciary duty to a seller to вЂњpromote the interests of the sellerвЂ¦with the utmost good faith, loyalty, and fidelity.вЂќ The fiduciary duty is the highest duty known in the law and, if offered to a seller as their agent, you owe a higher duty to your seller regarding the property than anyone else on EarthвЂ¦ including yourself. A seller who is otherwise ready to openly market their home would likely not be receiving вЂњreasonable skill and careвЂќ from a broker who is looking to limit exposure for their own purposes of вЂњdouble-endingвЂќ a deal. You see, whether acting as a transaction broker or agent on behalf of a seller, Colorado license law requires that broker exercises вЂњreasonable skill and careвЂќ in the transaction. If the possibility of вЂњdouble-endingвЂќ a transaction is the driving motivation for the use of a вЂњComing SoonвЂќ sign, it is very likely that the REALTORВ® is in violation of Colorado license law. In some cases, what does that mean for REALTORSВ®? The possibility of вЂњdouble-endingвЂќ a transaction and receiving a higher fee, of course! As such, a well-placed вЂњComing SoonвЂќ sign in front of a property is likely to elicit inquires (sign calls) directly from buyers. In the current high velocity, low inventory market, REALTORSВ® understand that buyers are eager and ready to pounce on any new listing that hits the market. It all depends on the motivation behind a propertyвЂ™s Coming Soon designation. My definitive answer to REALTORSВ® when asked if вЂњComing SoonвЂќ listings are allowed is: вЂ¦.wait for itвЂ¦ drumroll please: MAYBE! How is that for a perfect lawyerвЂ™s response? Unfortunately, the answer to the question is not necessarily black and white.

And the constant refrain I hear from REALTORSВ®: вЂњArenвЂ™t вЂComing SoonвЂ™ listings ?!?!?!вЂќ Pick your adjective, Colorado REALTORSВ® representing buyers donвЂ™t like them one little bit! Regardless of the market cycle, transaction velocity or geographic location, I hear frequently from our members about the вЂњComing SoonвЂќ rider occasionally (often?) seen on broker signs in a sellerвЂ™s front yard. I am convinced that вЂњComing SoonвЂќ listings will forever be a source of REALTORВ® frustration and confusion in the State of Colorado. Committees, Advisory Groups & Task Forces.Colorado Association of REALTORS Foundation.Colorado REALTOR Covid-19 Information Portal.