A pre-MLS, or sometimes called a ‘coming soon’ listing, is usually advertised to certain agents for a period of time before being on the open market. A pre-MLS has been confused with a pocket listing, but a pocket listing will be promoted solely by word-of-mouth or through other private means, making it different from a pre-MLS. Information on these listings can be typically found through real estate groups, by chatting with someone in person, over a phone call, or by browsing their website.
A pre-MLS will help to create some interest in the property as it is marketed in the time before it is listed. It can also help by seeing what people would be interested in paying to buy the property, so the price range can be adjusted. A property may also sell faster if it is initially ‘coming soon’ versus being immediately in the market. It also keeps the property fresh. If the property is in the market for too long, it is less likely to be bought, but with a pre-MLS, it will more likely be bought sooner.
Like with most things, there are disadvantages that come with having a pre-MLS listing. Some buyers may be turned away if a ‘coming soon’ sign is put out too early. If potential buyers have to wait too long to view the property, they will likely turn elsewhere to buy the property.