There are two relatively new practices which I admit that I don't fully understand.
Real estate yard signs have been cropping up with riders that say "Coming Soon." I'm not sure what stage of the listing process those Coming Soon houses are in, but no one can find them in the MLS.
So I suppose my question is, Are they really full-fledged listings that the agent and the seller have agreed will have a period of downtime to give the listing agent a head start on selling it without worry the sale will be a co-op?
Or are they, for an example, waiting for the painter and the carpet layer to get the place in ship shape before interested people can see it?
Last week I caught several calls on one such "listing." It bore our office's sign. Nowhere was there any information for me to pass on to the caller.
I just wonder how building interest that can't be satisfied is productive.
And then there are what we've called Hip Pocket Listings for as long as I've been around.
They used to be not a formal listing at all, but a gentleman's agreement between the seller and the agent: "I don't want my house on the market, but if you find someone who is willing to pay X, bring them by and I'll sell it."
Apparently the definition has been broadened. I get a number of emails every week that have been sent in mass numbers to probably most of the some 15,000 agents who are members of our REALTOR association.
What differentiates those Hip Pocket Listings from regular MLS listings other than that the agent apparently has an agreement that they will not appear there?
I assume that somewhere the seller and the agent have a formal listing agreement, otherwise why would a potential co-op agent be willing to hope his representation of a buyer would pan out? And to not have one, at least in this state, used to be a violation of the law. Maybe it isn't anymore. I need to check.
Nevertheless, as for me, I'm not sure either the Coming Soon or the Hip Pocket Listing are viable enough for me to seriously entertain. Perhaps other agents find themselves feeling the same way.
Keller Williams Dallas Premier