One of the new and popular (and somewhat controversial) trends in today's real estate is the promoting of properties before they are ready to officially hit the market. This "coming soon" idea comes in many forms. Good idea? Bad idea?
Real estate is not; nor will it ever be "one-size fits all". I think in a great many cases; the "coming soon" marketing is an excellent tool for sellers to have have their agents utilize. As I tell clients; it is like the sale papers you get a week before the 'Black Friday' sales after Thanksgiving. It is all about HYPE.
A sellers cancer is "days on the market". Real estate experts know that for every day on the market; the odds of getting TOP dollar; decrease. The longer a house is on the market; the less it will typically sell for. No one pays full price for last seasons clothes; they won't pay full price for last months homes either.
The coming soon marketing; cheats this system by getting more eyes on it and getting on the home buyer's radar BEFORE the days on market number start ticking away.
There are also some ways in which this good idea of coming soon; can turn out to be not the best for the seller. Sellers should be cautious when:
- Your agent wants to only market to his office or his own buyers.
- Accepting an offer before hitting the main-stream market. In most cases; I suggest giving it at least a weekend.
- Only having the agent use "word of mouth".
The right way to do it; includes; a "Coming Soon" sign. Social Media; Agent networking (outside of their own office) and there are also features coming to some on-line search sites.
Again; while not ideal for all; in many cases; having a "coming soon" campaign; followed by listing to the general public; is a great marketing idea.