Urgency Without A Gun To The Buyer's Head | Coming Soon & Open House

By
Services for Real Estate Pros with RE/MAX Executive Realty 104763
https://activerain.com/droplet/5jHN

 

 

 

After reading Scott Godzyk’s well deserved featured post, I want to share my thoughts on the topic of the “Coming Soon” listing. We are listing agents, and that’s our focus in real estate. I market for listings.

All of our listings do not qualify for a “coming soon” rider on the For Sale Post. We do not submit the listing into MLS until it’s active.

The purpose of OUR listing having a “coming soon” rider is to alert buyers and their buyer agents to begin their due diligence, if the property is appealing. We never exceed 7 days of coming soon, and more often than not, only 4 or 5 days.

That time frame allows buyers and their agents to visit the town hall; secure a copy of the tax bill; visit the water/sewer dept; drive around the neighborhood and speak with neighbors. The neighbors will all know the property will be on the market soon, because we do have a for sale sign in front. 

On the flip side of “coming soon” listings, one needs to stand firm with not allowing showings. We have had agents deliver offers with no contingencies. Our sellers never accept an offer until every inch of the property has been seen by the buyer and the buyer’s agent.

For us, the “coming soon” period of “marketing” is to the advantage of the buyer agents who are ready to jump on the listing. Everyone has the same time period for collecting information.

I market on my Facebook Personal and Business pages; our team website; and ActiveRain. If anyone locally is searching for a home that’s similar to the subject property, they’ll see it or hear about it from someone.

Of course, all “coming soon” listings are priced properly, or I won’t go through the steps of marketing the listing as “coming soon.”  Once we submit the property into MLS, we want to give buyers and buyer agents who were not aware of the “coming soo” status time to do their research.

The listing is submitted on a Friday and showing begin at the Open House Event on Sunday. That gives EVERYONE one business day and one additional day before the Open House.

Timing is important. Again, our sole purpose is to market the listing properly and secure the best price with terms and conditions that are reasonable to the seller. No one has a gun to his/her head. Everyone has ample time to properly prepare to make an offer at the Open House.

No one is allowed in the home until the beginning of the Open House; no offers are accepted unless the buyer sees the property; and no other games are played.

We sell most of our listings in this manner.  Agents in the town trust us, and there has never been a reason for anyone to question our ethics.

Everything we do is focused on the best methods of representing the seller. It’s all about the seller, and if all agents kept THAT thought in mind, there would never be an issue with “coming soon” and/or showings beginning at the open house.

Sellers like that type of marketing and appreciate the fact that we offer it. Buyer agents appreciate the addition timeframe to prepare their buyer and secure the pertinent information so the buyer can read it and digest it.

There’s always an urgency, but we attempt to relieve as much pressure as possible.

Posted by

       

Barbara Todaro

Marketing Agent for The Todaro Team

308 W. Central St...suite E

Franklin, MA 02038

508-918-9148

Exclusive Marketing Agent for The Todaro Team

 

             Copyright © 2009 - 2019 Barbara Todaro

                               All Rights Reserved



 

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Marte Cliff 06/24/2019 09:20 PM
Topic:
Real Estate Sales and Marketing
Groups:
The Art Of Marketing You
Bartender, Make it a Double
Old Farts Club

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Rainmaker
4,913,037
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Myrl Jeffcoat you should give it a test run... price it to sell; get the agreement signed; coming soon rider on a for sale post 4 or 5 days prior to entering it in MLS.... submit it in MLS on a Friday.....write in the MLS listing that showings begin on Sunday... 

not only will you have multiple offers, but you'll have buyers come in who just started looking and want to work with you.... you'll have other sellers come in and ask you if you'll provide the coming soon sign and the open house if they list with you.... 

it's truly a productive way of doing business....no one suffers from it....everyone benefits.... and it's a little extra work and thought that required of the listing agents and the marketing person...

and thanks for the feature in the Old Farts Club group.....

Jun 16, 2019 02:59 PM #8
Ambassador
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Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

Hi BarbaraT- I like your way and reasoning of "coming soon." You aren't playing a game...you're simply doing what's best for the seller and fair to everyone else. 

Jun 16, 2019 03:47 PM #9
Rainmaker
4,913,037
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Nobody in our profession has the right to play games when a family's equity is at stake.... Kathy Streib 

Jun 16, 2019 04:08 PM #10
Rainmaker
2,857,865
James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning Barbara.

A host of those homes with the "coming soon" sign on them, sell within a few hours after they go active. 

Jun 17, 2019 01:59 AM #11
Rainmaker
5,313,327
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thank youvery much, Barbara, for sharing some of your successful business practices.

Jun 17, 2019 03:58 AM #12
Rainmaker
1,873,178
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Barbara - you do it right and you are consistent.  I am sure the agents have come to depend on that so that they take it the notice seriously, do research and be ready to request a showing on day one.

Jun 17, 2019 05:25 AM #13
Rainmaker
4,913,037
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Thanks, James, Roy and Grant....

Jun 17, 2019 12:23 PM #14
Rainmaker
1,295,939
Carol Williams
Although I'm retired, I love sharing my knowledge and learning from other real estate industry professionals. - Wenatchee, WA
Retired Agent / Broker / Property Manager

Hi Barbara,
Your strategy has a realistic purpose and makes sense.  It also give the seller urgency to get those final touches finished for the premiere.  Thanks for the post. 

Jun 18, 2019 07:17 AM #15
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Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

Hi Barbara:

This certainly makes a lot of sense and will lead to success more often than not I bet. And it's good for the seller and fair to the buyers and their agents!

Jeff

Jun 20, 2019 08:53 PM #16
Rainmaker
4,913,037
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Carol Williams all parties have urgency but we give just enough time for them to initially prepare....

Jeff Dowler, CRS it's fair to all parties involved.... and we keep it that way....

Jun 22, 2019 02:43 AM #17
Rainmaker
1,417,251
Kat Palmiotti
Grand Lux Realty, Monroe NY, 914-419-0270, kat@thehousekat.com - Monroe, NY
The House Kat

I like your strategy; food for thought.

There is a house near me with a "coming soon" sign - it's been that way for nearly a month. That's totally not helping the seller (and showings are not allowed - the house just doesn't seem to be ready to sell). 

Jun 22, 2019 03:26 AM #18
Rainmaker
4,913,037
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Kat Palmiotti THAT IS NOT HOW A COMING SOON RIDER SHOULD BE USED.... counterproductive, at best.... that agent should be dismissed.... 5 days prior to going active is ideal.... and active in mls on a friday for a Sunday open house event to start showings..... and NO ONE GOES IN THAT HOUSE PRIOR TO THAT DAY....NO ONE...

Jun 22, 2019 03:58 AM #19
Rainmaker
3,780,126
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Good evening Barbara Todaro ,

I'm so glad that Carol Williams featured your post in her Second Chance Saturday series. Our MLS now does not allow "Coming Soon" because there was so much abuse. I'm with you as a listing agent it is our job to create the interest and help all agents and their clients be on level playing field to make an offer. It's not a game, its a way of being fair and working diligently to get the best terms for your seller. I liked Michael Jacobs comment " organized urgency is so much better than sheer chaos.  

Jun 22, 2019 04:01 PM #20
Rainmaker
4,913,037
Barbara Todaro
RE/MAX Executive Realty - Franklin, MA
Marketing Agent for The Todaro Team

Dorie Dillard CRS GRI ABR a level playing field for one and all.... 

Jun 22, 2019 04:11 PM #21
Ambassador
3,808,203
Kathy Streib
Room Service Home Staging - Delray Beach, FL
Home Stager - Palm Beach County,FL -561-914-6224

                                     

Jun 22, 2019 07:35 PM #22
Rainmaker
2,482,816
Brian England
Arizona Focus Realty - Gilbert, AZ
MBA, GRI, REALTOR® Real Estate in East Valley AZ

I had sellers that insisted on starting with a "coming soon", as they thought it would sell before it even hit the market.  It did not but sold quickly for over asking price after we hit the market with it.  Currently, I am marketing a coming soon because there are tenants in the home and they would like to stay in the home, so I am fishing for an investor.  I have gotten a lot of inquiries, but no serious offers.   Being that my clients don't want to continue renting the home out, I want to make sure that the tenants are out before we try to sell it so that I can stage it and show it off in the best light and get top dollar for my clients!

Jun 23, 2019 06:35 AM #23
Ambassador
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Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

I like your concept, Barbara. It makes sense. When agents abuse the reason for the Coming Soon status, it negates the benefits and makes others suspicious and wary. Once again, ethics is a big part of real estate. 

Jun 23, 2019 07:46 AM #24
Rainmaker
3,082,390
Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

Congrats on being featured by Kathy this week!  Great post!

Jun 24, 2019 06:47 AM #25
Rainmaker
1,524,140
Marte Cliff
Marte Cliff Copywriting - Priest River, ID
Your real estate writer

I like this strategy, and the "no early birds" rule gives everyone a fair chance.

Jun 24, 2019 10:03 AM #26
Rainer
473,014
Kimo Jarrett
WikiWiki Realty - Huntington Beach, CA
Pro Lifestyle Solutions

Great marketing plan, I agree, however, posting a coming soon sign for 7 days beginning and ending Friday to Friday, then posting on MLS and Sunday open house would be my preference. Signs are effective when seen at least 7 times according to most statistical marketing  companies. 

Jun 25, 2019 07:30 AM #27
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