Why ‘Coming Soon’ Real Estate Properties Sell Quicker
Homes that are marked "coming soon" in listings sell way faster than those that are not.
Properties and homes that are listed with "coming soon" are more attractive for buyers and one of the reasons for this is it generates excitement. According to Inman, agent team leader Amanda McMillan has found the strategy of adding "coming soon" to her listing before punching them in Multiple Listing Services (MLS) gets her the attention she needs from buyers who race to take the property from her portfolio.
McMillan says that this move creates a buzz about a property and once it is included on the MLS, prospective buyers rush to be the first viewer which often leads them to purchasing the advertised home. It is not only McMillan and her team who hit gold with this tactic. Data taken from an analysis platform used for marketing indicates that the "coming soon" ploy does work and other property sellers are enjoying the same level of success.
In a report by Realtor.org, there is no clear definition of what "coming soon" listing is and it varies depending on who in the real estate business is describing it. What everyone can agree on is the right reason for doing so -- agents and brokers should use the "coming soon" listing with the client's welfare in mind.
Most "coming soon" ads refer to properties that have not yet been listed but are given a time frame as to when it will be up for listing. Some look at these "coming soon" properties as exclusively available for prospective buyers of the listing broker only and not accessible to anyone else included in the MLS. But despite the marketability of this ploy, brokers need to keep in mind that their primary objective in listing "coming soon" properties is to inform clients of what the benefits and risks are of using such plan, otherwise they could be asking for trouble because failure to disclose information is a violation of real estate laws.