What Is The Purpose Of A Coming Soon Listing Sign Rider?

It might have worked to get some interest up front but "nine months" seems a little excessive. My first thought is that is is a new listing but obviously that isn't the case any longer.

Hi Kathleen, I do think a " coming soon" sign here in San Diego county would a direct violation of our MLS. I can see all sorts of reasons why it is not a good idea even if it were OK, thankfully it isn't.

Good morning Kathleen. I don't believe I have every seen a "coming soon" sign in CT. The first time I had ever heard the term was on AR. Thanks for sharing the topic.

Yes, a month does sound a bit excessive.  Sound like this is more for the agent to get sign exposure.

To be honest, I'm not sure I've ever seen one in my area.  I'll have to pay more attention.

Well I have never used them until this week and will be putting one up on my house. The listing is going to be signed and specified no showings until several daysform now. The purpose is to create anticipation and not beat anyone out of an opportunity. All agents will be treated fairly and the seller (me) knows the reasons and will not show it early.

Hi Kathleen - You're right that it's most likely aimed at getting that agent a double-side, and it does harm the seller. The state commission here just required that, if agents do it, they document for the buyer the negative consequences - a good move in the right direction.

Kathleen, if placed just a week or two before it hits MLS, a "coming soon" sign can generate phone calls and a lot of interest from the nosy neighbors.  So, for the agent, potential new buyers or sellers. But, if there is no actual contract, there is nothing stopping aggressive buyers from knocking on the door and trying to buy direct, cutting the agent out.  Here, we have only 48 hours to put a new listing into MLS.  So, if there's no signed contract, the agent is as risk of being cut out of the transaction completely. 

I hate Coming Soon riders.  They really are an attempt to get both sides.  I've got one on my street now that I was excited about at first, then after a few days of no listing, I am just aggravated.

I also dislike them. Either list it or don't but don't tell me that it is coming soon.

Kathleen I can see someone putting a coming soon sign for a few days or a week, but not a month.  I think you opinion of this Agent trying to double end the deal is a correct one in this case.

I think the main purpose is an attempt for the listing agent to get both sides of the transaction, and the secondary purpose is to "work' the neighborhood for future listings.  I am not a fan.  

First let me state that I write into my listing agreement that I will not represent the buyer if I represent the seller (no double end for me). But, I have 3 clients right now where the Coming Soon makes sense. 

1. A home with no comps. We've got a 10 days until the painting, cleaning and staging is done. The Coming Soon will help us gauge interest at our proposed price point for this busy street location. If none, we will get an appraisal before pricing on the MLS. 

2. A home where the sellers don't think they'll get the price they want (and I do), so they've been reluctant to finish the prep and put it on the market. Those inquiries will be evidence that it it worth their effort and expense to proceed.

3. An income property that has had 3 appraisals, none of which are at the seller's desired price for a re-fi. Again, comps are hard to come by. But a nearby property just went pending at a terrific price point. With tenants in place, he can't prep or show just yet and is reluctant to give tenants notice if a sale isn't certain. Gauging demand will give him confidence to move forward, or extend leases.

In cases 1 & 2, I have signed listing agreements with waivers from the clients to be off MLS until a certain date. In the third, he will sign a listing agreement once the pending property closes and we have a solid comp to support pricing.

I notice this post is over a year old now and a lot has changed in that year (and beyond). 

Like it or not, "Coming Soon" listings are here to stay. MRIS, a huge MLS system, is (and probably has by now) rolling out their version of MLS Coming Soon listings.

I think they're thought the practice through and came up with the best solution for Realtors along with buyers and sellers. 

I use it to my advantage. My buyers are getting the house ready. Painting and staging is still going on. I know there are buyers out there looking, and I want to 1) create a ready-set-go attitude, but also 2) pre-market it, so I can catch more buyers. Connecting with buyers prior to having it on the MLS, gives me a way to show more property to more people.  It makes me look like I have an inside track. BTW, I am not a First Tem agent, but I know the company has their own inside list of coming soon properties the agents all distribute to one another. 

Kathleen, you've written another great post loaded with some good information. We always enjoy what you have to say.

Hi Kathleen Daniels, another well written post worthy of a comment.  We always seem to enjoy what you write about!

Our MLS has a document that the seller sign stating that they agree to withhold the listing from the MLS fo X number of days. That doc must be filed at the board within 24-48 housr of signing a listing or the agent is out of compliance.

Kathleen Daniels  I couldn't agree with you more in the vast majority of cases the "Coming Soon" sign is misused by agents to detriment of their clients (by preventing as many people as possible from seeing the property). 

However when used correctly it becomes an extremely powerful marketing tool. One that can multiply the number of interested buyers, creating anticipation and excitement for the property.

I've found that the method I've developed works best in a Seller's Market (but of course that's true of most marketing) but this method when adjusted slightly will produce remarkable results in a buyer's market as well.

It's fairly easy for me to tell which agent's are using the Coming Soon sign for their benefit and which are using it to improve the results for the Sellers.

That being said a MONTH of Coming Soon would at least be a Pink if not a Red Flag to me, that's too long and would seem to be focused on creating Sign Calls for the agent. 

Our local listing agreements in Northern Virginia allow for a property to be withheld from the MLS or included in it depending on the seller's preference. 

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