Wondering what “coming soon” is all about? I’m sure as you’ve browsed online or driven around looking for properties, that you’ve seen the “Coming Soon” listings or signs.
Let’s get down to the nitty gritty truth. “Coming Soon” is doing the seller a huge disservice and here’s why:
Limited Market Exposure: Often times ‘coming soon’ listings are marketed to a specific group; some great examples are the listing agent’s real estate group or brokerage only, or marketing to a set of investors. Instead of being listed and shown to any interested buyers, your pool of buyers is limited to wherever the agent is “pre-marketing” the listing to. If this is the seller’s goal for one reason or another, then a “coming soon” may be right for certain sellers, but for the majority of sellers, it’s not.
Fewer Offers: Because the property has been first marketed to an exclusive group of buyers, it stands to follow that you’re going to get fewer offers from this smaller group. The seller is very likely not getting what would have been a bigger range of offers with a variety of favorable terms to choose from.
Higher Risk of Dual Agency: Sellers risk having the agent or brokerage working both ends of the transaction. This means the agent or brokerage represents both the selling and buying sides of the transaction. If you have a good relationship with and trust your agent to act ethically on everyone’s behalf in this situation, that’s absolutely your choice- however, the circumstances that brought about the situation in the first place leave a lot of questions to be asked regarding conflict of interest and intent.
Loss of Interest: Stale listings are a real thing! When uploaded to MLS or property search websites, potential buyers may see a coming soon listing with little to no photos and no showings allowed, but without knowing when it will officially list, what are they odds they’re going to wait for the property to come on the market officially? What are the odds they’re going to come back and look for that property when it does list and it’s already old news? The day a property appears in listing searches is when it’s going to get the most attention- you want it to be market ready, including fully photographed and accessible for interested buyers to view. When listed as “coming soon” but restricted to certain buyers, people may be seeing the property but not have access to view and make a decision. Imagine two weeks later when it’s accessible because the “coming soon” tactic didn’t get it under contract- how many buyers have already seen and discounted this listing? Now it’s stale. There’s a good chance it’s going to take longer to sell and go for less than desired.
In short, there are several reasons to not do a “Coming Soon” listing. Unless you have a very specific reason to do so, don’t let your agent talk you into this sales tactic. For most sellers, it’s not the best choice.
Rachel is a licensed REALTOR® with Top Idaho Real Estate serving clients in Boise, Meridian, Nampa, Caldwell, Kuna, Star, Middleton, Eagle and surrounding areas.