Coming Soon Listings

listing mls seller showings Apr 03, 2019

Let’s talk coming soon listings…

I am sure many of you have seen “coming soon” signs in and around your neighborhoods. The idea of a coming soon listing certainly isn’t a new idea. In fact, our team started marketing listings as “coming soon” long before it was even a thing. It has always been part of our unique marketing plan. We have an entire strategic marketing plan designed around this. However what one agent views as coming soon may be entirely different from how another agent or company does. It’s important that the sellersare aware of how ‘coming soon’ may affect their sale so they can make an informed decision about how their home is marketed.So how exactly does a coming soon listing help a seller and a buyer? Well let’s dig a little deeper into that.

A listing marketed as “coming soon” is just that. It is to bring awareness to the buyers that this home will be on the market shortly, typically within 21 days. It builds curiosity, excitement, and a need to be the first to see the home before it hits the market. It can also drive up the price of the home as the demand builds. This can be a great tactic for a seller to list their home as “coming soon” as they are getting repairs done or staging the home to get it ready for showings. Technically speaking when a home is listed as coming soon it means that no one is allowed to show the home until it is listed as an active listing.

Some agents and companies will list a home as coming soon and not put it in the multiple listing service (MLS) but still allow showings. In order to do so they must have written permission from the seller that this is how they want their home marketed. It’s important for a seller to fully understand the pros and cons to marketing their home in this way. Remember this is different than a “coming soon” listing. Some companies and agents will refer to this as a “pocket listing”. I genuinely believe it does a disservice to many sellers who have not thought through the ramifications of doing soand here’s why.

  1. Limited Exposure – If you had a choice to list your home in an office where only 100 agents would see it or put it on the MLS where 1,000’s of agents and buyers would see it which would you choose? The MLS of course because you would have greater exposure and the possibility of getting more than your asking price. The MLS is the place to list your home and is used by the vast majority of real estate agents and their clients. It is difficult to understand why any seller would choose to forgo the MLS. For most who do so, chances are they have no idea what is happening or what they are missing out on.
  2. Fewer Offers - While it can be fast and convenient to sell to the first person that inquires about your home that may not always be in the best interest of the seller. Some seller’s want that and that is ok however when a listing doesn’t go on the MLS, the number of people seeing it is drastically reduced therefore creating fewer offers. This is why so many for sale by owners fail to sell because they have limited exposure to a much greater buyer pool. Multiple offers, more often than not mean more money in the sellers pocket; wouldn’t you rather have four offers than one when selling your home in a hot market?

There are however some great benefits to a seller to market their home as “coming soon” if done correctly. Now remember, marketing your home as coming soon means that your home is placed in the MLS for everyone to see but showings are not allowed until a certain date. That is one of the differences than the scenarios we just mentioned above. This is why it's crucial that you understand exactly what is the strategy the agent you choose is planning to use to help you get the best price and terms for your property. They should be able to explain it to you in a clear and concise way that makes sense and details the pro's and con's of the plan being laid out. I am happy to discuss our strategic marketing plan and how we use the “coming soon” tactics to get our listings sold for the most amount of money in the least amount of time.  

 

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