What is the Meaning of “Coming Soon” on MLS

Understanding the Coming Soon Status

The “coming soon” status actually refers to a real estate term that more aptly describes the property that will be listed sale in the near future; but which has not yet been listed on the open market.

It is basically a type of marketing tool that real estate agents will apply in order to create interest and hype for the particular property they are to be releasing.

What Does Coming Soon Really Mean: A “coming soon” marked property implies that the seller along with the listing agent is gearing up the property to put it up for sales but isn’t ready as of yet to start receiving offers or showing to interested buyers

It is basically used to gain some anticipation and generate interest before you put it up live.

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.

Benefits of Coming Soon Status: This coming soon status provides numerous benefits for both sellers and agents. 

Creating Interest and Excitement: Marking a listing as coming soon will enable the agents to create excitement and also allow interested prospects to become the first to know through capturing their curiosity along with giving them one sense of exclusivity.

It can lead to more calls and even offers when the property is officially listed.

Pre-marketing Opportunity: While the property is in the coming soon window, agents are given the opportunity to market the property in other ways such as online listings, social media, target advertising.

Time for Preparation: This allows the seller and their agent time to prepare the home to go live on the market, so it shows the best possible way.

Compliance with Real Estate Regulations: There is a need for compliance by real estate agents and brokers with state laws and specific regulations regarding the use of coming-soon status.

Guidelines are issued by the National Association of Realtors, and each State’s real estate commission.

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. 

Limited Information 

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.

gInstead, the listing may mention that more photos or virtual tours will be available once the property is officially listed. 

Building Anticipation and Generating Interest

Create a Buzz: Real estate agents create a buzz in the market through various means to generate interest in an upcoming listing.

They achieve this by tapping into their network of contacts, social media platforms, and targeted email campaigns. 

Exclusive Previews: The most effective way to generate interest is to have exclusive previews of it offered to potential buyers or a selected few.

If they can get people to view the property, that may hasten offers before it officially goes on the market.

Teaser Campaigns: Teaser campaigns are another popular method used by real estate agents to generate interest.

These campaigns typically show photos or short videos of the home.

Collaboration with Influencers: By collaborating with a local influencer or an industry expert, you can reach more people and maximize the effects of a “coming soon” campaign.

With this, agents take advantage of their influencer’s network and reach more new people who will be interested in the property.

Creating listing descriptions: Emphasizing unique features, and highlighting the property’s potential, agents can create a sense of excitement and anticipation among potential buyers. 

Curiosity and Interest:  This creates a sense of exclusivity and anticipation. Buyers that are interested will most likely want to get more info on the property.

Scarcity of an item creates a buzz, and this might drive buyers to make a high offer on the property. 

That way, your property probably will get sold quickly when it is officially listed in the marketplace.

Targeting Potential Buyers: Agents who can filter out non-interested parties can therefore efficiently secure a contract from parties who are serious about purchasing the property. 

This allows them to shorten the selling process.

Direct Outreach: The agents will directly reach out to their network of possible buyers.

This might include people with whom they have worked before, those who could have expressed interest in similar properties before, or people that they know through their other business ventures.

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.

Final Takeaways

“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 Dallas house before putting it on MLS or have questions about this strategy, get an offer from us today.