Pros and Cons of Coming Soon Real Estate Marketing
If you have paid much attention to the real estate market lately, you have probably noticed “Coming Soon” on the occasional real estate yard sign and on certain online listings. What does this mean for you if you're selling your home? First, what exactly is a Coming Soon Listing? A "coming soon" listing is a listing that is not added to the Multiple Listing Service (MLS). The MLS is what feeds information to Realtor.com, Zillow, and other online real estate search engines. Simply put, more buyers can look at and potentially make an offer on the home before it is officially on-the-market. With a coming soon listing, your real estate agent can quietly market your home to colleagues and potential buyers within their network which can result in an offer on your home before it's officially on the market. What is right for you? In order to make an informed decision about the best way to market your home, be sure to consider the pros and cons before agreeing to a Coming Soon strategy. Here are a few positives and negatives we think you should consider: Pros
There is a possibility of receiving an offer before the listing is officially active. Everyone loves to think they’re getting special early access to something before everyone else knows about it.
Your house doesn't have to be 100% ready to show before it's being marketed to potential buyers.
Demand is created before the listing is officially live and there can be a line of showings on Day 1 on the market.
If you are able to secure an offer during the coming soon stage, you don't have to deal with showings, last-minute appointments, and keeping your home "showing ready" for an extended period of time.
You could leave buyers underwhelmed if you market and/or show your home without professional photos and home staging.
Limited exposure. Once your home is listed in the MLS, more potential buyers will view your property. By accepting offers before your home is listed in the MLS, you could miss potential buyers who are looking in your neighborhood, therefore missing out on receiving multiple offers - and in a low inventory market, possible offers over asking price.
Buyers agents can push you to make a decision before your property is officially listed, making you feel pressured.
Ultimately, every seller must decide what the right move is for them. While there is no right or wrong to a coming soon listing, you owe it to yourself to be informed so you can make the decision that works for you.