The new settlement between Northwest MLS and Compass is important for a very practical reason. NWMLS’s new First Look status gives agents and sellers more flexibility to begin building interest in a home while it is still being prepared for sale.
Homes are not always either “ready” or “not ready.” Sometimes a property is almost ready, but a few important details still need to come together.
Think about a home coming to market in early spring. It may still be too cold to open the pool, plant the flowers and make the yard look beautiful. But local agents already know the property. They know how great the pool looks in the summer and how much buyers will love the outdoor space. Why shouldn’t the listing agent begin making those agents aware of the opportunity?
Or maybe a home that has beautiful bones, a great floor plan and a wonderful location, but the paint colors and carpeting need to be updated or a new roof. That work may take a little time.
Then there is the luxury home with a beautiful kitchen renovation that was supposed to be finished weeks ago, but the contractor is running behind. Of course, that describes just about EVERY renovation.
In each of these cases, sellers should not have to choose between keeping the property completely quiet and putting it on the market before it is fully ready. Smart local agents know how to position the property and build interest before every last detail has been completed to take the property active.
More Flexibility Without Giving Up Cooperation
First Look provides a smart middle ground. The listing must be submitted to NWMLS and made available to all of its 30,000-plus brokers. That protects cooperation and prevents the creation of private networks that benefit only one brokerage or a select group of agents.
At the same time, the seller and agent can market the property for up to 21 days while getting it ready to become fully active. Sellers can decide whether to allow showings, open houses and offers. They can also choose whether the listing appears on IDX websites or is promoted in a more limited way during the First Look period.
Agents can use that time to build awareness, listen to feedback and test the price. If other agents believe the home is priced too high—or if buyers respond more positively than expected—the listing agent and seller can adjust their strategy before the full launch.
The time spent in First Look and any price changes will remain available to NWMLS brokers and their clients, but they will not be displayed publicly as days on market or price reductions. That gives sellers more flexibility without taking useful information away from real estate professionals.
This is how good agents ACTUALLY work. They do not simply enter a listing into the MLS and hope buyers find it. They talk with other agents, build interest, identify likely buyers and listen carefully to what the market is telling them. Then they use that information to improve the property’s price, presentation and marketing plan.
MRED Saw the Need 10 Years Ago
This approach is not new or untested. MRED, with input from their brokerages, pioneered the concept when it launched its Private Listing Network in 2016.
For more than 10 years, MRED’s PLN has helped agents promote homes that may be only a coat of paint, new carpeting or the right photographs away from being ready for the broader market. It also provides options for sellers who need more privacy or whose properties require a different marketing approach. They have continued to refine the concept to meet the changing needs of their customers.
Agents can use the PLN to test pricing, build interest, and arrange private showings when the seller allows them. A few homes may sell during that period, but the majority use it as a first step toward a stronger full-market launch.
Most importantly, the PLN is available to every MRED participant. It is not an off-MLS network owned by one brokerage. It gives agents flexibility while protecting equal access and cooperation across the marketplace.
MRED and now NWMLS among others deserve congratulations for recognizing that seller choice, flexible marketing, and broad broker cooperation can work together. First Look reflects the real-world challenges agents and sellers face when preparing a home for sale and gives them more practical ways to address them.
If you would like to hear more about why this type of status reflects the way agents actually work, check out a webinar I recorded a few weeks ago about the power of MRED’s PLN: Watch the webinar here.
If you need help better understanding why offering a First Look-type status is worth a second look, we’re here to help! Reach out below and we can talk.
