I’m going to share with you my experience why Agents do a Coming soon listing and what it should mean to buyers looking at one. The main benefit of a ‘coming soon‘ listing is for the listing agent. By not letting everyone see the home/property the agent is trying be the one to sell the property. Not many other agents will know about the property, so it really decreases the amount of other Agents that will see it and have a chance to buy it for their client.
Is a Coming Soon listing fare to all?
People ask me this all the time is using a “coming soon” fare or not it’s more about how does it help or hurt their client when they use it. The truth is and the real reason it should be used is if the property is not ready to be listed yet. Maybe it’s still being lived in and need repair. Although that’s not why some agents do it. Some agents use the coming soon as needed while others use it like a free 2 weeks to show the property without it being noticed as how many days it’s been listed on the MLS. This can leave sellers, buyers and agents all confused about the status of the property.
Can someone still look at it and put a offer in?
The answer is yes! So please don’t let a Coming soon listing fool you. If your an Agent and you have a client that is interested in the property then jump on it. Lots of realtors and others looking for a home get intimidated by the coming soon listings but they are considered available and you still have all the outs as you would with any offer that is accepted. That’s all from a buyers stand point. Hopefully the listing agent will still work with all buyers and soon go live on the MLS and taking the coming soon off. The listing agent has rule to follow as to how long he can say it’s coming soon and how he or she can advertise it.
How coming soon became popular again.
A lot of you maybe familiar with Covid 19? Well, strangely Coming soon CAME back around April 2019. Coming Soon was always apart of the home listing business but it was used differently or more correctly back in the day. So what is the best use of the coming soon status now? There is no right answer or one size fits all. It’s mostly situational and property and client specific, but here are some pros and cons to help you see the difference.
The good and the bad of Coming Soon listing
A lot of you may be familiar with Covid 19? Well, strangely Coming soon CAME back around April 2019. Coming Soon was always apart of the home listing business but it was used differently or more correctly back in the day. So what is the best use of the coming soon status now? There is no right answer or one size fits all. It’s mostly situational and property and client-specific, but here are some pros and cons to help you see the difference.
The Good for Listing agents
- You get early exposure without using any days on market.
- The house/property doesn’t need to be 100% show ready before you let others know about it for sale.
- Creating demand before your listing goes live and that can create a nice buzz around the property.
- Others can see the listing before the listing is even active (this can go both ways and is as much of a con as it is a pro depending on the outcome)
The bad of Coming Soon
- The first impression, marketing the coming soon without good photos, and stating of the home overall.
- Sellers could be pressured to show the property before it is ready, leaving buyers to wonder.
- Buyers and their agents can be more aggressive with offers, pushing you to make a decision as a coming soon so it doesn’t go live. The negative implications of this are potentially losing out on multiple offers. Once the listing goes live, more people will be looking at the property, increasing the opportunity for a bidding war that drives up the price.
My conclusion on using Coming Soon listings and what buyers think
If I’m the listing agent and I do a coming soon and a buyer makes an offer you are considering before going live, they should be paying you a premium. They don’t want the competition, so make them pay for the opportunity. That’s just me and my opinion. If you are truly doing this for your client’s interest and wanting the most for your client then you need to make your client the most money you can for their property. If your working with a buyer and you see a coming soon then like I said before you need to jump on it. Don’t worry if it’s ready or not. Drive-by it, look at old pictures online, and do all the research you need to so you can put in an offer that makes you and the seller happy and you will have a strong chance of getting the offer even in a tough real estate market like we are in now. Email me anytime or call me a direct or live chat if you have any questions regarding a Coming soon listing you have interest in buying or your thinking about selling. Stay safe. 602 299-1743 [email protected]