Is NWMLS’ First Look the template for MLS coming soon policies? 

On Friday, subscribers of Northwest MLS (NWMLS), will be able to utilize a new listing status known as “First Look.” The status, which is the result of a settlement between Compass and NWMLS ending their antitrust battle, allows sellers to publicly market homes before they enter active status while keeping those properties available to NWMLS members. The creation of a coming soon status is quite the aberration for the broker-owned MLS, which previously did not allow for coming soon or office exclusive listings. “Northwest MLS has really been a bright light in the MLS policy space, even before this lawsuit,” Russ Cofano, a co-founder of Alloy Advisors, said. “Having been a lawyer, I’ve negotiated plenty of settlements and a good settlement is one where both parties feel like they gave up a little too much. I believe both parties would say they gave up too much with this settlement, but that it is still a good settlement.” Despite possibly giving up more than they would have liked, in an emailed statement, NWMLS called the settlement a “victory for open competition, consumer protection and the integrity of the regional housing market,” claiming that as a result of the settlement ther...