Coming Soon Advertising: Is It a Good Strategy? Yes or No?

By
Real Estate Agent with Century 21, The Real Estate Centre, 410-665-0200 Office 634480

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.

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Best Practices
Location:
Maryland Baltimore County Nottingham Perry Hall
Groups:
Zenith Realty
Tags:
coming soon

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Rainer
491,733
Dörte Engel
RE/MAX Leading Edge - Bowie, MD
ABC - Annapolis, Bowie, Crofton & rest of Maryland

Dear Ron,

Which way do you usually decide? 

Sep 23, 2018 11:49 AM #1
Rainer
394,521
Kathryn Sparks
Zenith Realty - Baltimore, MD

Ron,

Several questions arise for doing a Coming Soon like do you include photos of the outside, photos of the inside, the address, the price, a date for when it will be available, a sign at the property, . . . 

Sep 23, 2018 11:50 AM #2
Rainmaker
3,978,839
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Not legal in Mn without a valid listing agreement on file

Sep 23, 2018 11:50 AM #3
Rainer
375,801
Karen Krzniak
Zenith Realty - Towson, MD

Ron,

I agree that buyers can get frustrated by a house that they can not see.

Sep 23, 2018 11:55 AM #4
Rainmaker
4,905,070
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Ron Trzcinski, 410-935-5844 Coming Soon posts online and on facebook work well for us.... we have had quick sales because of coming soon and showings begin at the first open house.... no showings until that open house for anyone including us....

Sep 23, 2018 12:24 PM #5
Ambassador
2,811,095
Anna Banana Kruchten CRB, CRS 602-380-4886
Phoenix Property Shoppe - Phoenix, AZ
Arizona's Top Banana!

Ron we now have a status for coming soon but it's called Delayed. No pictures are needed and no showings either.  I'm on the fence with using it unless it's for specific areas and properties. Works for some,so much on others.

Sep 24, 2018 02:52 PM #6
Rainmaker
742,809
Rob D. Shepherd
Windermere/lane county - Florence, OR
Principal Broker GRI, SRES

It got kicked to the curb in my area.

Sep 24, 2018 05:06 PM #7
Ambassador
3,935,698
Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

I think it can work when done well, and of course with a contract in place. And we have to have an additional document signed by the seller for the MLS if the property is being withheld.  We do not have an MLS status for this type of property.

Sep 24, 2018 06:14 PM #8
Rainmaker
2,957,609
Scott Godzyk
Godzyk Real Estate Services - Manchester, NH
One of Manchester NH's Leading Agents

You only have 1 shot to be a new listing, if you put up signs and a buyer can not see it, you lose that big boost of a new listing. I get sellers who need time to get ready for showings, i sign them up, but wait with signs and mls. I do call my list of buyers though who may want a home like this and let them know a new listing is coming and we can see in a week.  

Sep 25, 2018 04:53 AM #9
Rainmaker
2,434,398
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

All is allowed but how does it prosper us? Trial & error wait for the bold! Richfuscious

Sep 25, 2018 06:51 AM #10
Rainmaker
156,093
John Henry
John Henry Masterworks Design International, Inc. - Orlando, FL
Residential Architect, Luxury Custom Home Design

Great advice for placing new product.  Thanks

Sep 25, 2018 07:17 AM #11
Rainmaker
237,435
Jerri McCombs
Hendersonville NC Relocation - Hendersonville, NC
Hendersonville NC Relocation

The jury is still out for us in NC. I see it work sometimes with a hot property that then drives multiple offers. But it doesn't always work, for the reasons Ron has written about. I would have to analize whether I would use it for a particular property, or just use the delayed marketing date, with the listing in place and not publish it until that date. It really depends on the home and the circumstances.

Sep 26, 2018 05:50 AM #12
Rainmaker
69,554
Elizabeth Y. Foulds
Long & Foster Real Estate - Saint Michaels, MD
Your St Michaels Realtor

I love it!   I use it when sellers getting ready and also awaiting my professional photographer.  I put a note in the General Remarks for realtors advising why it is coming soon.   In Maryland, one cannot show until it changes to Active however many agents still think they have a right to preview which they cannot.

Sep 26, 2018 07:13 AM #13
Ambassador
1,819,514
Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

I'm somewhat on the fence about it. You are so right, the time to make the BIG splash is when everything is dialed in - all photos, aerial tours, virtual tours - you get the idea. I can see it working for certain properties. Good discussion. D 

Sep 26, 2018 08:19 AM #14
Rainmaker
370,986
M.C. Dwyer
Century 21 Showcase REALTORs - Felton, CA
Santa Cruz Mountains Property Specialist

Ron Trzcinski, 410-935-5844 our MLS has this, and listing agents certainly put coming soon signs up.    I wonder if some agents that use it are trying to double end the transaction or get buyers.    Personally I agree wholeheartedly with Debb Janes EcoBroker and Bernie Stea JD #14.

Sep 26, 2018 10:28 AM #15
Rainmaker
178,183
Kevin Vitali
EXIT Realty- Massachusetts Short Sales & Residential Sales - Tewksbury, MA
Helping Massachusetts Home Buyers and Home Sellers

Coming soon.... not sure how I feel Ron Trzcinski, 410-935-5844 on one hand a great way to premarket a property.  But there are other ways of doing it that is less confusing.

What I find around here is it confuses the buyer.  They see a home but can't easily get the details.  And, worse if the coming soon is weeks out the excitement fades.

Given how hard it is for buyers, it just one more way to market homes that arent for sale, frustrating buyers.

 

Sep 27, 2018 05:50 AM #16
Rainmaker
1,521,083
Marte Cliff
Marte Cliff Copywriting - Priest River, ID
Your real estate writer

This is an interesting discussion. It isn't something that was ever done here when I was an agent, so I can't add my own experience.

Sep 27, 2018 12:14 PM #17
Rainmaker
178,772
Melissa Spittel
Coldwell Banker Residential Brokerage - Westminster, MD
"Achieving Results Together "

I love "coming soon" when listing, especially if the seller still needs to do a little preparation. The status allows me to pre-market the property. On the flip side, I have 2 buyers who just haven't found what they are looking for in this seller's market with low inventory. I look at the listings marked "coming soon" multiple times a week, to see if there is anything that those 2 buyers might be interested in. That way, when the property becomes active, I can get them in there to see it quickly, and before it goes under contract. Properties here are going under contract so quickly, and checking for those that are "coming soon" is a big help.

Oct 01, 2018 10:46 AM #20
Rainmaker
237,435
Jerri McCombs
Hendersonville NC Relocation - Hendersonville, NC
Hendersonville NC Relocation

I am in Western North Carolina and here agents use it a lot. It can build hype for a few days and then when it becomes active, if a nice hime, it can get multiple offers. I think it can work well for the right home, but not for all. I like that we have that option here. It also allows for getting a seller all signed up while allowing them to finish up some last minute projects. It has worked well here, and I have not seen any issues so far.

Feb 25, 2019 06:36 AM #22
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