Coming Soon

Should I List My Property As a Coming Soon?

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.

PROS

  • 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)

CONS

  • 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:

  1. 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.
  2. Have enough photos to showcase what the property has to offer until your professional photos are ready.
  3. 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.
  4. Wait to respond to offers until the property has gone live and you have made it through the first weekend as an active listing.
  5. 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.

Related Posts

Beyond Traditional Agents: The Benefits of Flat-Fee MLS Listing

By listingspark | May 14, 2024

The traditional real estate model, with its high commission rates and turbulent processes, has been an immovable part of property buying and selling for decades. However, new alternatives have begun to challenge this status quo.…

Real Estate Software for Investors

How to Unlock Potential with Real Estate Software for Investors

By listingspark | April 22, 2024

In the fiercely competitive world of real estate investment, picking the right tools can be the difference between profit and losing money on a property. As digital innovation continues to reshape the landscape, a new…

Modern House Flipping Software

Modern House Flipping Software: 8 Innovative Tools You Need

By listingspark | April 17, 2024

House flipping isn’t just an opportunity for big real estate companies or home improvement television channels—it’s becoming a reliable source of income for Americans running a solo business or small real estate investment venture. While…

Home Image - ListingSpark

Get started with ListingSpark today