Last updated on January 5th, 2024 at 08:15 am
Understanding the Coming Soon Status
The “coming soon” status in real estate is a term often used to describe a property that will be available for sale in the near future but is not yet officially listed on the open market.
It serves as a marketing strategy utilized by real estate agents to generate interest and anticipation before the property is formally listed.
What Does Coming Soon Really Mean: When a property is marked as “coming soon,” it indicates that the seller and their listing agent are preparing to sell the property but are not ready to accept offers or show it to potential buyers.
It is essentially a way to create buzz and attract attention before officially launching it on the market.
During this phase, the property may undergo repairs, staging, or other preparations to enhance its appeal.
The Benefits of the Coming Soon Status: The coming soon status offers several advantages for both sellers and real estate agents. Here are some key benefits:
Generating Interest and Excitement: By marking a property as coming soon, agents can capture the curiosity of potential buyers, creating a sense of exclusivity and anticipation.
This can lead to an increased number of inquiries and potential offers once the property is officially listed.
Pre-Marketing Opportunity: The coming soon period provides an opportunity for agents to showcase the property through various marketing channels, such as online listings, social media, and targeted advertising.
Time for Preparation: Using the coming soon status gives sellers and their agents time to prepare the property for sale, ensuring it is in its best possible condition.
Compliance with Real Estate Regulations: Real estate professionals must adhere to state laws and regulations when using the coming soon status.
The National Association of Realtors (NAR) and state real estate commissions provide guidelines to ensure ethical practices.
Benefits of the Strategy
Increased Exposure and Demand: By utilizing the “Coming Soon” status, agents can create a buzz around a property before it is available for showings.
This generates curiosity and excitement among potential buyers, leading to increased visibility and demand for the property.
With limited exposure during this phase, the property can stand out and attract more attention in a competitive market.
Time for Pre-Marketing Activities: This includes professional photography, creating captivating online listings, and preparing marketing materials that highlight the property’s unique features.
Targeted Marketing to Interested Buyers: This enables targeted marketing efforts to reach out to individuals who have already expressed interest in the property.
Testing the Market and Pricing Strategy: Agents can gather feedback from potential buyers, gauge the level of interest, and make necessary adjustments to the list price or marketing plan accordingly.
Teaser Descriptions: These descriptions may include details such as the number of bedrooms and bathrooms, the neighborhood, or key features.
However, they don’t provide comprehensive information about the property’s condition, layout, or specific features.
Photos and Virtual Tours: Coming Soon listings often feature limited or no photos of the property.
This is done intentionally to generate curiosity and anticipation.
Instead, the listing may mention that more photos or virtual tours will be available once the property is officially listed.
Building Anticipation and Generating Interest
Creating a Buzz: To generate interest in a forthcoming listing, real estate agents employ several strategies to create a buzz within the market.
This includes leveraging their network of contacts, utilizing social media platforms, and sending targeted email campaigns.
Exclusive Previews: One effective way to generate interest is by offering exclusive previews to potential buyers or a select group of individuals.
By providing a sneak peek of the property, agents can generate a buzz, potentially leading to faster and more competitive offers once it is officially listed.
Teaser Campaigns: Teaser campaigns are another popular method used by real estate agents to generate interest.
These campaigns typically involve showcasing glimpses of the property through high-quality photos or short videos.
Collaboration with Influencers: Collaborating with local influencers or industry experts can amplify the reach and impact of a “coming soon” campaign. By leveraging the influencer’s network, agents can tap into a wider audience and generate additional interest in the property.
Utilizing Creative Listing Descriptions: By using descriptive language, emphasizing unique features, and highlighting the property’s potential, agents can create a sense of excitement and anticipation among potential buyers.
Engaging with Potential Buyers
Real estate agents can create excitement and anticipation around a property before it is officially listed on the open market.
Benefits of Engaging with Potential Buyers: Engaging with potential buyers during the ‘coming soon’ period offers several advantages for both sellers and real estate agents.
Building Curiosity and Interest:This approach creates a sense of exclusivity and anticipation, encouraging interested parties to stay engaged throughout the process.
Creating a Sense of Urgency: Limited exposure during the ‘coming soon’ period can create a sense of urgency among potential buyers.
They understand that the property may not be available for long, driving them to take swift action if they are truly interested.
This can result in fewer days on the market and a more efficient selling process.
Targeting Interested Buyers: Engaging with potential buyers allows agents to identify those who are genuinely interested in the property.
This can help streamline the selling process, as agents can focus their efforts on individuals who are actively searching for a home and have a higher likelihood of making an offer.
Online Listings and Platforms: Real estate agents can utilize popular online listing platforms, such as Zillow, to showcase the property’s details even before it officially hits the market.
Direct Outreach: Agents can proactively reach out to their network of potential buyers, including individuals they have previously worked with or those who may have shown interest in similar properties in the past.
Potential Challenges and Risks
Limited Exposure: One of the main challenges of the “coming soon” status is that it restricts the property’s exposure to a smaller audience.
This limited exposure may result in fewer offers and potentially impact the final sale price.
Disciplinary Action: Real estate professionals need to be cautious when using the “coming soon” status to ensure compliance with state laws and the National Association of Realtors (NAR) Code of Ethics.
Dual Agency Concerns: Dual agency occurs when the listing agent represents both the seller and the buyer, which can present conflicts of interest.
If the “coming soon” property generates interest from potential buyers, the listing agent may need to navigate the delicate balance of representing both parties fairly.
Buyer Frustration: When potential buyers come across a “coming soon” listing, they may experience frustration if they are unable to view or make an offer on the property right away.
Limited Timeframe: The “coming soon” period is typically for a limited duration, with the intention of creating urgency and anticipation.
However, this timeframe can be challenging for some buyers who may need more time to visit the property, conduct due diligence, and make an informed decision.
Unclear List Price: During the “coming soon” period, the list price may not be disclosed, making it difficult for potential buyers to determine if the property fits within their budget.
Transitioning from Coming Soon to Official Listing
Once a property has been marketed as “Coming Soon,” it eventually needs to transition to an official listing.
Meeting legal and ethical obligations:
It’s crucial to review any specific requirements or restrictions outlined in your local jurisdiction regarding the timing and duration of the “Coming Soon” status.
Preparing the property listing: Engage in a thorough review of the property to ensure that it is ready to be officially listed.
Carefully consider the list price based on current market conditions and comparable sales in the area.
Evaluating marketing strategies: Assess the effectiveness of the “Coming Soon” marketing campaign and determine which strategies generated the most interest.
This includes popular real estate websites, social media platforms, and local MLS systems.
Communication with potential buyers: If there were individuals who expressed interest or inquired about the property during the “Coming Soon” period, it is essential to inform them as soon as the listing becomes official.
Managing offers and negotiations: As the official listing generates interest, potential buyers may submit offers on the property.
Evaluate each offer carefully, considering the terms, financial viability of the buyer, and any contingencies.
“Coming soon” listings have become a popular option in the real estate market.
They offer sellers increased privacy and limited foot traffic through their home while still generating interest from potential buyers who have been searching for their property.
Additionally, there is the possibility of receiving a discount on commission and having the listing agent likely to sell the property.
However, there are drawbacks, including limited exposure and offers, risk of dual agency, and skewed appraisals.
If you are interested in getting an offer on your property before putting it on MLS or have questions about this strategy, get an offer from us today.
With over 15 years of unwavering dedication to the Texas real estate market, Andrew Reichek is your trusted partner in achieving your real estate dreams. As a licensed Texas Real Estate Broker, Andrew’s unparalleled experience and expertise make him the go-to choice for both buyers and sellers. His extensive knowledge of the local real estate landscape and commitment to delivering exceptional service have made him a recognized authority in the industry.