Check out this doubleheader episode! First, we’ll hear a conversation by two agents about the rules for “coming soon” listings. Next, we will learn more about helping your client understand insurance.

Coming Soon

hey chip

um hey listen I saw you got that listing

on main street can I show my client

see I know it’s still in coming soon

status but my buyers are really well

qualified and man they really want to see it can you

get me in?


Hey Kev no

I’m sorry the Bright MLS rules clearly

forbid showing well under the cummings

status my friend


Oh Whatever

listen there’s no harm in trying i mean

lots of agents have let me sneak into

coming soon why are you being so



Whoa did you know actually even you

asking me is a potential Bright MLS

violation to you it’s not okay to see a

listing in coming soon status

period I’m sorry those other agents were

acting a little bit unethical but I do

not bend the rules even for my friends


All right Mr. Ethics can you at least let

me know if you change the status to active

absolutely sure to do it happy to let you know whenever it

goes active and just before the date it’s listed


Cool so I want to make sure I see it the

minute it goes active

can I go ahead and schedule a showing now?

sure thing  it’s scheduled ready to go active on 11/1 so you can go

through showing time right now make an

appointment show it on 11/1.


Hey I just spoke to my client they

really want this house and they don’t

want to wait till 11/1

how about if I just send you an offer?

What do you think?


I love that, certainly, there’s no rule

absolutely no rule against submitting a

contract to a coming soon listing

I look forward to getting your offer and

showing it to my seller


Great I’m sending it now. Do you got it yet?


Great news Kevin, my sellers have got it

they’ve accepted your offer

please sign or return it and we then will be ratified


Sweet action that is great to hear. My

clients are going to be so happy

can I come see it now?


I’m sorry not just

yet it cannot be shown while

still in the coming soon status once we get

it ratified I’ll change the status to

pending in the MLS

and then it can be shown


Wow I’ve had

girlfriends left it less difficult than

you what is

the deal man


No no no no I’m just being

ethical I’m following the rules my friend

it’s important that we follow the same

set of rules with everyone

playing by the same rulebook there’s no

gray area with coming soon listings they

cannot be shown



Wow we learned a lot today about what

you can and can’t do with coming soon

properties for more information check out the

Bright MLS website

to find out all of the rules and

regulations regarding coming soon


Home Owner’s Insurance


Up next we have Richard Bibb with Goosehead Insurance

talking to us about what

you need to know about homeowners insurance



how are you today Richard


I’m doing great




So what are some of the things that

every realtor should know about

home insurance


well home insurance is

obviously required for every property

that’s sold and that they’re the key thing

realtor should be aware of is that

there’s incredible number of variables

that go into calculating the

premium for a home um and so some of the

things that i like to point out to

re-entrance that are important are

things like the age of the roof i mean

you probably don’t know this but

many insurance companies will not even

write an insurance policy

on a home if the roof is over uh older

than say 20 years so while there’s plenty of will

all i want so and the age of the roof is

a factor that every insurance company

wants to know

and the calculations into the premium so

that’s something that should be aware of

when you’re either

selling a property or representing a

buyer that’s buying


that’s awesome so you mentioned house

there are a bunch of different

insurance companies why is it vital that

customers shop among all the different



well insurance companies uh have all

have different appetites for the type of

risk that they like to ensure i mean

some people

only like you know only one insurer properties that say are in suburban neighborhoods and

they don’t like rural properties for

example some companies don’t like

properties that are near water

while there are others that will write

those so that because of so many

different types

of properties out there that their

different insurance companies are going

to be like that type of property and may not

like another type of property so the

only way to find out really is to go

shop among the different

different companies to find out who’s

going to have a good premium for the

particular property that you’re

involved in selling yeah and around

Fredericksburg of course we have all

those different types of

properties you got to King George it’s

like very rural developments


So downtown Fredericksburg has a lot

of historic homes

so what are some things that an agent or

a consumer might need to know about

insuring those


well the most common type of loss

settlement is

where you ensure the companies insure

the property for its replacement cost

which is

as the name implies it’s how much would

it cost to replace the cost that

replaced the house

in the event of a total loss with older


and historic homes

many times we do what’s called a

modified replacement cost or

where instead of replacing exactly as

it’s currently built obviously if it was

built in the 1850s it’s hard to

replicate exactly the constructive

methods and so forth

you may have to have insured to what’s

called a modified replacement cost where

essentially they

build it like it was but using modern

materials and modern

construction techniques and so those are

things that just come into play when

you’re dealing with

properties that are you know say 75 plus

years old or something


so what are some things that people need

to look out for that homeowners

insurance might not normally cover


yeah it’s important to understand you

know what’s covered under your

homeowner’s insurance and the list is

quite long but there’s also a couple of

very common things that the

insurance does not normal home

insurance does not cover

and that’s for damage from things uh

like earthquake

uh and damage from uh from flood uh

earthquake was something that

around this area people didn’t think

about much of until or 15 years ago so

when the event happened in mineral

and now uh you know there’s a disclaimer

that’s provided with every insurance

policy pointing out

to them that the standard policy does

not cover earthquake insurance

damage from earthquake um there are

endorsements available from practically

every insurer to cover earthquake damage

to certain extent

we point that out to the customer but

it’s important to realize that your

standard policy does not cover

things for earthquake also similarly

with flood

flood usually have to get a separate

flood policy either from the national

flood program

or there’s a number of private insurers

that offer flood insurance now

and usually at a much more competitive

rate and so it’s important

to you know when you’re when we’re

dealing with a customer particularly if

they’re in an area where they’re

near a river or

a body of water that’s subject to

flooding to make them aware of that and ensure it

properly secure the property with the flood

insurance in addition to the regular

homeowners insurance


awesome so that is awesome information i

feel like every agent is going to feel a

little bit more prepared now because

honestly insurance can seem so scary to

begin with

and then people are asking me questions

as you’re going

so um if an agent wants to refer you to

their client or insure

their stuff with you how can they get in

contact with you


well this is the thing

just to call me my

phone number is 571-349-9069

um you can reach me by email


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