There’s a whole group of houses out there that often go unnoticed. And, I would argue that they’re some of the best houses on the market… However, their almost pleading “Keep Showing” status is usually ignored.
What is a “Keep Showing” listing you ask…? Well, at least in our MLS system – there are two types of “Keep Showing” statuses. There’s what I will call “the real one” – the one where it’s actually worth your time as an agent (or as a buyer) to make an appointment to see the house. That’s what happens when a house goes under contract but the buyers also have a house to sell…. It’s the result of a contingent contract. And – contingent contracts (usually ) come with what is rather un-affectionately known as a “Kickout Clause”. “Kickout Clauses” may sound violent and unfriendly, but in actuality – they’re a seller – and a buyer’s best friend. (Not the original buyer… but the eventual buyer.)
The other type of “Keep Showing” status is often utilized until inspections are done and any repairs are agreed upon – or until the buyers’ lender provides loan commitment. These houses (although they pretend to still want to be shown) are usually not worth visiting – they’re under contract – and something bad has to happen for it to really be available to a different buyer. (And, a lot of times, the sellers don’t want additional showings…after all - they’re ‘under contract’ already.)
But “Keep Showing” houses with “Kickout Clauses” are beautiful things.
Contingent contracts aren’t the standard – they probably don’t even occur as often as you’d guess. Just for a quick example. In Madison County (IL) there are currently 709 “Active” listings priced between $150,000-$300,000. But, there are only 20 “Keep Showing” houses that have Kickout Clauses. Look how easy it was to narrow down an outing or two… The other 18 “Keep Showing” properties probably really ought to be listed as “Pending.”
So, why should you as a Realtor want to show “Keep Showing” properties that have a Kickout Clause??? The same reason that buyers should be begging to see them…. Because they’re some of the best houses out there!
They’re proven winners. At least one other buyer has been through and decided it trumps the competition. If you enjoy driving all over town, wasting time and gas – then by all means – tour the hundreds of active listings (with new houses coming on the market every day). Or, you can schedule one or two outings to view “prime” listings that other buyers have scouted out and identified for you.
And – what better vote of confidence for a buyer than to purchase something that’s in demand?
Don’t forget about resale… Buyers – do you really want to buy a house that’s been on the market 600 days? If no one wants to buy it now, what makes you think someone will want it later? When it’s time for you to sell 3, 5, 15 years down the road, don’t you want to have the house that everyone wants?
So why would I want to share my house-hunting secret? Because one of my listings is a “real” “Keep Showing” property with a real Kickout Clause. And – in my opinion (and I see a lot of houses) it’s one of the best out there.
215 Powell Street in Troy, IL (see below) currently has a contingent contract in place. We’ll all be happy if the buyers are able to sell their house – that’s why the sellers accepted the contingent contract in the first place… but if another buyer were to come along…. Well we’d all be happy about that, too.
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