NWMLS Announces "First Look"

I was shocked this week when the NWMLS made this announcement to all of its real estate broker members about a new status available to sellers in the NWMLS.

 

What is "FIRST LOOK?"

 

Other markets/states may call this "COMING SOON", in Washington they are calling it "First Look". These listings give sellers another option when it comes to launching their home. You can market your home for up to 21 days before it goes fully live and in the "Active" status. This will give you a little more breathing room to get everything just right without the public days on market clock starting.

 

How does it work?

 

• Your listing is visible to all 30,000 NWMLS brokers (no hidden listings)
• Up to 21 days of pre-launch marketing
• No public "days on market" penalty (however, NWMLS brokers can still see how long the home was in "first look" status and report to their buyer
• Seller decides if it is advertised during this time on the syndicate websites (Zillow, Homes.com, Redfin, etc.)
• Seller decides if they will allow showings during the "First Look" time period
• This is not a "pocket listing" the NWMLS still wants full transparency. Washington law requires public + broker access to homes during the "First Look" time period

 

Who should use "FIRST LOOK"?

 

• Perfect for homes that need more prep time - finishing paint, staging or landscaping? Build buzz now, launch strong later.
• Perfect for unique homes - allows the seller to build excitement, test the markets response, schedule private showings when there are limited comparable sales.

 

What is My take on "FIRST LOOK"?

 

Change is hard in any industry, and I’ll be honest, I’m still a little skeptical about this new status. Whenever there is a major change to the way we market homes, I think it’s important to see how it works in the real world before deciding whether it truly benefits sellers.

 

As we gain more experience with “First Look,” I’ll be paying close attention to how buyers respond, how quickly homes transition to Active, and whether this additional exposure ultimately helps or hurts a seller’s marketing strategy. My goal is to be able to give my sellers clear, real-world advice about when “First Look” makes sense and when it may be better to take a different approach.

 

I do see some potential benefits, and I’m sure there will be situations where “First Look” can be a useful marketing tool. At the same time, there are a few concerns that immediately come to mind.

 

My biggest concern is what happens once a home moves from “First Look” to Active. NWMLS agents can still see how long a property was marketed in “First Look” status. My fear is that this information could be shared with a buyer and unintentionally create the perception that the home has been sitting on the market longer than it actually has. Even more concerning, buyers who have already seen the home online during “First Look” may recognize it when it becomes Active and think, “I’ve already seen this house,” causing them to scroll right past it when it should be getting a fresh wave of attention.

 

Ultimately, I’m going to reserve judgment until we have some real data and experience to look at. As your broker, I want to understand both the advantages and the potential drawbacks so that when you’re ready to sell, I can recommend the marketing strategy that gives your home the best possible exposure, not simply follow a new process because it’s available.

As Always...