Coming Soon Advertising: Is It a Good Strategy? Yes or No?
Some people want to list their house, but not yet. Maybe they still need to clean it out, or maybe they are doing some last minute repairs, or whatever.
They call a real estate agent to talk about listing the home in preparation for when they are ready to put it on the market.
Of course, the real estate agent does not want to miss the opportunity to list the house, simply because the owners are not yet ready, so they make suggestions, one of which might be to advertise it as "Coming Soon".
By using a coming soon advertising campaign, the agent can start to build hype and excitement about the house. A data base of buyers could start to build up such that when the home is ready to be put on the market that it sells immediately.
Alternatively, although there are, also, some "coming soon" buyers, most buyers when they are ready to buy are ready to buy now. If they hear about a house that interests them, then they want to see it and they want to see it now. Buyers rule out many houses when they are searching for a variety of reasons, such as the price was too high, the pictures did not do a good job of depicting the home, it needed updates, and so on. When a buyer rules out a house, they may remember the picture of the front of the house and remember that it was a house that they already ruled out, but since they look at so many houses, they may forget the actual reason for ruling it out. For instance, if a buyer rules out a house because the price is too high, but then sees the house pop up again when they are searching, perhaps because the price was dropped, they may still go right past it, because they know that for some reason or another they already ruled it out.
If a house is listed as "Coming Soon", a buyer, who wants things to happen now, gets frustrated that they can not see the house now and starts to remember the house that for some reason or another was one that they had to pass on. The coming soon reason for not seeing the house gets mixed up in a blur of many reasons, such as price, bad pictures, a need for updates, and so on for passing on a house.
The most critical time for selling a house is in the first one to three weeks. This is a time when the house should be priced appropriately and should be looking its best. After this time, the number of showings can significantly drop off, which can then lead to a home staying on the market for much longer than would otherwise be desired. Does a "Coming Soon" status actually cut into this critical marketing period or does it help to increase the activity during this period?
Coming soon advertising: Is it a good or a bad strategy? Or perhaps the answer is all in how you conduct this marketing strategy.