One of my favorite techniques for marketing a property is to put a "Coming Soon" sign in front of the property a few weeks prior to the listing.  This works best on REOs or short sales in high traffic areas. Coming Soon This is a property that is coming, but for one reason or another it isn't quite ready to list yet. 

It's important that you obtain permission from the owner / bank / lender (in writing) before doing so, but it gives the traveling public a chance to see what's about to be listed before it hits the market.

I currently have a great REO coming on the market in about two weeks that I just did this with.  I seriously doubt it will last 24 hours on the market because I have a dozen people already lined up to place an offer on it.  Only two potential clients have seen it inside, and that is only because I was there when they dropped by.

Make sure your state board allows you to place a sign prior to list, but its a great attention getter.  It also keeps the sharks at bay who grab up all of the best REO deals before anyone else can get involved.  I had one investor offer me an extra $10,000 outside of closing to make sure he gets the property as soon as it lists.  Sorry, can't do it.  It has to be listed 5 days before a contract can be accepted, but you're welcome to get in line. 

The last time I did this, I had a client leave a message at my office before I arrived there after placing the sign.  He ultimately bought it for full price.  It's a great way to build expectation within the community.  Try it if your board and seller permit.

 

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********************************************************************************

Mike Cooper, Real Estate Broker, Winchester, VAGive me a call for all your real estate needs, and let's make something amazing happen. 

Mike Cooper @ Cornerstone Business Group, Inc., 888-722-6029

 

Real Estate Sales and Property Management         

 

(Disclaimer:  All grammatical mistakes, punctuation breakdowns and misspellings are purely for your amusement and entertainment.   Feel free to cackle.)                                                                                                

 
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60 Comments on Sometimes, the best marketing is cheap or free

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SEP
25
336,173 Points 23 Featured Posts Outside Blog Called Shot Master

What a great idea.  We have all gated developments here but I applaud you for your creative approach to getting things sold in a hurry.
8:17am • #42
306,123 Points 6 Featured Posts

Great strategy!  You have always such creative ideas, whether it is your blogs or cool ideas like this!
8:55am • #43
552,556 Points 9 Featured Posts Outside Blog Called Shot Master

Mike:

Many agents are using coming soon signs, especially if the home is in an area in great demand.  I use coming soon occasionally. 

10:17am • #44
514,840 Points 26 Featured Posts Outside Blog Called Shot Master

Mike, the "coming soon" thing sounds like a pretty good idea. I'll check into being allowed to use it or not. Good job passing up the $10k
10:48am • #45
4 Featured Posts Outside Blog Attended Rain Camp

Very good post. I like this idea.
10:51am • #46
563,956 Points 151 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Richie, the one thing it does for local buyers is that it gives everyone a fair shot at a property.  Nobody gets first dibbs on an REO property with me.  I will certainly make people aware of what's coming, but they have to stand in line like everyone.

Excellent, Harry.  I need to do that.

I can have the info, I just can't show it to anyone until it's actually listed.  The REOs I work with have an agreement to work together, and then they have a listing agreement.  We do the first agreement to give me the right to take control of the property, re-key it and start the trashout and clean up.  When that's done and the BPOs are in they give me a price and a listing agreement.  On the most recent one, two people did drop by while was in the process of getting the house re-keyed and cleaned up. 

Sure, Rhonda.  Check with your state board and the owners first. 

C & D, I've never had one last 24 hours.  Most get multiple contracts because people have been waiting.

Thank you, Jennifer. 

They work for me, Evelyn. 

10:54am • #47

When working with sellers (and not banks), it is also a good idea to get an inspection during this time so you and your client go into the transaction knowing the exact condition of the home.  Good idea with the coming soon sign!
10:54am • #48
363,171 Points 27 Featured Posts Attended Rain Camp Called Shot Master

Mike... What a cool idea! Anticipation is 90% of realization (as the saying goes).
11:31am • #49
563,956 Points 151 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Thanks, Eric.  I guess I was supposed to bury my values and grab the cash.  Just couldn't do it.  Everyone needs to get a shot at it. 

Thanks, Deb.

That's a great idea, SIG.
11:42am • #50
491,792 Points 12 Featured Posts Attended Rain Camp Called Shot Master

Mike, I use "Coming Soon" signs and they attract a lot of attention and phone calls.
1:37pm • #51
350,196 Points 8 Featured Posts Outside Blog Called Shot Master

Sounds like a great way to build up enthusiasm. I'm glad it's working so well for you.
3:11pm • #52
1,363,755 Points 42 Featured Posts Outside Blog Attended Rain Camp Called Shot Master
Mike - There's nothing like a sense of anticipation. Just think of Christmas morning with kids.
3:49pm • #53
563,956 Points 151 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Absolutely, Sharon.  A simple way to get the public ready for a great deal.

So far so good, Jill.  I doubt this house will last 24 hours.

That's so true, Christine. 

6:23pm • #54
SEP
26
150,853 Points Outside Blog

Haven't seen any "coming soon" signs in my area, that's an interesting idea, especially if it's free marketing.  
10:30am • #55
SEP
29
483,353 Points 9 Featured Posts Outside Blog Called Shot Master

WHAT A GREAT IDEA! I don't sell REOs but it is a great idea for any home which will be soon on the market!
7:09am • #56
2 Featured Posts Outside Blog Hit Router

I'm calling my printer now.   It will help get the help of the neighbors involved too as they love to call and be nosey.  Thanks for sharing.   Shanna
7:43am • #57
4 Featured Posts Called Shot Master

Mike, I love this idea. Works great for private sellers, too, just make sure the listing agreement is signed, one can put a note in there "Seller does not wish to be in MLS until xx-xx-xx", let's say until after the daughter's wedding is done and over with. But that is a great idea!
8:20am • #58
231,624 Points 4 Featured Posts Outside Blog Called Shot Master

Hi Mike - great idea if you have the lead time to do it - sure your REO will be gone in hours! Regards Dave
8:30am • #59
1,470,517 Points 27 Featured Posts Outside Blog Called Shot Master

Thanks for sharing your promotional ideas.  In Maryland, the real estate commission now specifically prohibits coming soon advertisements and promotions.  


Have an outstanding weekend and be certain to have your camera in hand to capture the special moments.
8:56am • #60
563,956 Points 151 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Thanks for all of your comments.  I loaded the property onto the MLS this past Wednesday.  I'll be receiving my first contract today. 
10:23am • #61

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