Coming Soon listings aren’t required, but they can be a good idea to give you a leg up on the competition.
A ‘coming soon’ listing is a listing that is added to the MLS, or Multiple Listing Service, with a special tag so that buyers and Realtors know it is coming on the market in the near future. The listing includes limited photos, a description and a listing price to name a few features.
Listing on the MLS guarantees unparalleled exposure for each listing, because just about every buyer, seller, and Realtor are using the MLS to look for homes. When you put your home on the MLS, the world now knows your property is available for purchase. With the coming soon feature you can now market your home prior to having it shown if you are not ready for the full listing marketing push right away. It can be a great way to generate exposure and excitement for your home but there are drawbacks as well. Let’s talk about the pros and cons of a coming soon listing!
Pros:
- Initial Exposure – By letting everyone know your home is becoming available for purchase in the near future you may find just the right person who has been wanting your home for a long time. This person may have driven by and just loved your home, maybe a neighbor tells them about it, or possibly the buyer is targeting your specific community for a home as soon as it becomes available. A coming soon listing can get the word out prior to you being ready to show.
- Marketing Build-Up – With such a shortage of homes available on the market today building up a buzz around your home can be valuable. Being able to get the neighborhood talking and potential buyers anticipation maximized can help push multiple offers and a bidding war on your home.
- Limited Foot Traffic in the Home – By marking your home as coming soon buyers can be ready to view the home right when it becomes available. This can save you the inconvenience of having to show the home at random times.
- Gauging the Value of Your Home – If you have a unique home and are unsure about the value of your home placing the home as coming soon can help your Realtor to gauge interest. You can aim a little higher on price and see how many calls in inquiries your Realtor gets. If the phone is ringing off the hook then the price may be right on. If you hear nothing but crickets from this initial coming soon marketing it might be worthwhile to adjust the price a little lower to meet buyer expectations.
Cons:
- Limited Exposure – With the home not being shown during the coming soon phase it limits interest from buyers. Some buyers want to view a home right when it comes on the market so if the home cannot be shown a buyer may move on and not come back to the home once it is available. This can be described as “buyer’s malaise”. Buyers who are hunting for a home in your area and continually see the same homes on the market over and over each day will pass by your house when it does finally hit the market.
- Less Marketing – With limited photos and marketing the home is not being marketed with its best foot forward right from the get-go. A common thought among Realtors is that you want your home looking and showing its best right when it hits the market. That way buyers only see the best your home has to offer and not what it may look like prior to the home coming on the market.
- Early Decisions – When choosing to go with a coming soon listing you have to make decisions on your home earlier in the process. These decisions can range from updating certain parts of your home, deciding on a marketing strategy and choosing a price. Sometimes having the extra couple of weeks to choose on these items can benefit a sale.
A coming soon listing can be a great tool for the marketing of your home. Talking with a licensed Realtor can help distill the process and give you comfort in the decision to pursue it or not. Let’s have a conversation about the best way to get your home sold!