"Coming Soon" signs

6 years ago

There is a trend in my city for real estate agents to put up their advertising sign in front of a house with a "Coming Soon" sign above it. The "Coming Soon" sign will stay there for months on end, and then all the signage is removed and the house has been sold. This seems advantageous to the agent since there is no need to set a sales price, and the agent avoids the costs and any regulations imposed by MLS and any other selling expenses.

But what advantage is there for the seller? The marketing is limited to drive-bys. And does the MLS have an opinion on this?

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Comments (3)

Stax
6 years ago
" The marketing is limited to drive-bys."

No it is not!
Denita
6 years ago
last modified: 6 years ago
There are changes to the 'coming soon' marketing. NAR has recently passed a new policy that must be adoped by the various MLSs by May 1 2020 that requires the property to be listed in the MLS within 1 business day of being marketed to the pubic. This applies to "coming soon" listings as well as pocket listigs. The new policy allows an exception for office exclusives.

https://www.washingtonpost.com/realestate/a-real-estate-association-is-cracking-down-on-off-market-properties-heres-what-that-means-for-buyers/2019/11/11/e391c3ae-0013-11ea-8bab-0fc209e065a8_story.html
graywings123 thanked Denita
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bry911
6 years ago
I actually like the coming soon thing. I haven't done it yet, but I am getting pretty tired of selecting from a buyer pool of the first dozen people to see a house as they never make it to a weekend.

In my area I just don't see how any person working a real job, who has a realtor that is competent enough to be busy, ever gets to see a decent house. I recently put a house on the market on a Thursday and planned to review offers on Monday so my realtor was calling people to let them know. The very first offer we got was 15% above list with no appraisal contingency but expiring in 18 hours...