In simple terms, the multiple listing service is the hub where real estate professionals share their listings. From there, listing data has syndicated out to the various real estate websites. Recently, our local MLS (NWMLS) introduced a new option, and it’s important for Buyers and Sellers to understand how it may impact the home sale process. “First Look” is a listing status that gives Sellers the option to use a phased marketing approach before their home is listed as “Active” (which used to be the default status). The First Look period can last up to 21 days. During this time period, Sellers choose whether to allow showings, open houses and broker opens, accept offers, and in some cases, whether or not to display their home on public real estate websites.
What has really changed: time spent in First Look will not appear publicly as “Days on Market,” although NWMLS member brokers (that’s us!) will be able to see it. Any price changes made during First Look will not appear publicly once the listing becomes Active – but will also be visible to NWMLS member brokers.
Buyers need to understand that not all properties will be visible on their favorite real estate site the minute they hit the market – but these homes are, in fact, for sale. That means that your favorite agent (hopefully me!) needs to have a fresh search set up for you that will catch ALL of the homes listed for sale. If you’ve been casually searching or just thinking about a move in the future, let’s talk so you don’t miss an opportunity.
Here’s what Sellers need to know: in our experience, maximum exposure to both brokers and the public generally results in the highest return – and it maintains an open and fair marketplace, fair housing standards and fosters transparency. Sellers should also know that Washington State recently passed a law to ensure Buyers have access to available listings and protection against private listings networks.You can read more about that here.
And while we do not typically recommend limited marketing for our listings, Sellers who are concerned about security or need more time to prepare their home for showings, do have some new options within the First Look status (provided they are also compliant with SB 6091).
Ultimately our primary work is unchanged: we’re here to market well prepared homes to their next owners, while deepening our relationships with our clients and the communities we serve. We pride ourselves on the intention we bring to the home sale process, and look forward to answering questions you have about these changes.
