Recently a few MLS’s around Texas (specifically Austin and DFW) have started utilizing a Coming Soon status in the MLS for up to 14 days prior to going Active. Essentially, this is meant to be a movie trailer prior to the wide release. The intent is to have this be a “view only” listing. But things haven’t worked out exactly as planned. Some agents utilize the coming soon status as intended while others treat it like a free 2 weeks to show the property without burning any days on market. This can leave sellers, buyers and agents all confused about the status of the property.
So what is the best use of the coming soon status? There is no right answer or one size fits all choice. It’s mostly situational and property specific, but here is a pros and cons list to help you work through the decision making process.
- You get early exposure without burning any precious days on market.
- The house doesn’t need to be 100% show ready before you start to get eyes on the property.
- Demand is created before you push the listing live and there can be a line of showings on day 1
- Possibility for offers 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 first impression can be lacking if you market the coming soon without pro photos, staging and final punch list items complete
- Sellers could be pressured to show the property before it is ready, leavings buyers to walk away underwhelmed
- 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 eyes will be on the property, increasing the opportunity for a bidding war that drives up the price.
Here at ListingSpark, we have thousands of successful transactions under our belt. Taking in to account everything we have learned, we are confident the best use of a coming soon listing goes like this:
- Have your listing as a coming soon no longer than 5-7 days prior to going fully active. Longer can make the listing stale before it even goes active.
- Have enough photos to showcase what the property has to offer until your professional photos are ready.
- Avoid showings if possible and keep the demand high until the house is 100% show ready. You don’t want to be underwhelming when someone walks through.
- Wait to respond to offers until the property has gone live and you have made it through the first weekend as an active listing.
- If a buyer makes an offer you are considering prior to going live, they should be paying you a premium. They don’t want the competition, so make them pay for the opportunity.
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