Topic: Back compat PS3

Just recently purchased a backwards compatible PS3 model, but it seems to be doing something odd: the console itself runs fine, plays PS2 games perfectly. But whenever I turn it off by selecting “turn off console” it’ll turn off, beep 3 times and the light will keep flashing red. Can’t turn it on with the controller until I flip the switch on the back off then back on. When the red light is flashing it still lets me turn it back on from the power button on the front of the console. Just wondering if anyone had had anything like this, and if it is something that may lead to a more serious problem.