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Pros And Cons Of Coming Soon Real Estate
The real estate industry is a hotbed or marketing innovation where people tend to get creative to stand out from the crowd.
The “Coming Soon” methods of marketing homes for sale is one such example.
This is a marketing tactic that supposedly advertises a house that would be put up for sale and listed on the MLS in the near future.
For the regular home owner, buyer or seller, there seems to be nothing fancy about this.
But it comes with several advantages and disadvantages.
Advantages of coming soon real estate marketing
While it is generally understood that listing a house on the MLS will enable it to get maximum exposure, coming soon advertising can offer a seller some unique benefits as well.
Sometimes people just don’t want their move to sell a house to be public knowledge.
They like to keep things private.
For whatever reason to choose those route, it can give the seller more control over who gets to see the listing.
If a house sells before it goes on the market, then the real estate agent would incur less marketing costs.
So the agent might be open to charging a lower commissions for his or her services.
Some houses are just more desirable than other.
So much so that neighbors have always wanted to buy them should they become available.
A coming soon sign would serve to inform people who live in the vicinity of a home’s pending sale. They can then make a fair offer to purchase it before it goes on the open market where a lot more competition is expected.
Disadvantages of coming soon real estate
For niche marketing tactics like these, there are bound to be drawbacks to consider.
As explained previously, the MLS offers the widest exposure for a house available for sale.
By advertising one as coming soon, the number of prospects will be significantly less than a proper active listing.
So unless there are very good reasons not to do so, getting on the MLS is the way to go.
With less exposure, comes less offers, which means less buyers.
So a bidding war which would drive up the price is unlikely.
Dual agency refers to an agent representing both buyer and seller.
Coming soon listings actually encourages this to take place.
Should you sell the house “Coming Soon”?
While the general attitude towards this type of real estate marketing is unfavorable, there are some instances when they make perfect sense.
Who is anyone to judge the decisions of a home seller?
But if you are informed, and have weighed up the pros and cons of coming soon marketing, finally determining that it is best for your situation, then do go ahead and do it.
Every home seller’s situation is unique.