The Coming Soon Epidemic

There’s always some kind of trend in the real estate industry. “Open concept”, master suite, wet bars….and now – the “Coming Soon” epidemic. Although this is mostly on the real estate agent side, it’s beginning to affect consumers as well. When you drive around and see posts in the ground with for sale signs up, you may also see “Coming Soon” added to the real estate post. Here are some reasons why:

1. To generate calls to the listing agent for multiple reasons:

  • Interested parties in price for this house
  • Interested buyers looking for information so the agent has a chance to pick them up as buyer client
  • Interested buyers with no agent that the listing agent can try to sell the house to, thereby getting both sides of the deal (this is the devil I called Dual Agency)

2. Generate interest in a particular property prior to it going on the market, hopefully causing an onslaught of interest and multiple offers.

3. Our MLS system actually assigns a fine if a house is listed as Coming Soon and is shown. Technically, it has to be “Actively for sale” to allow for showings, but how they’re going to enforce that is beyond me.

4. Some sellers may agree to show it while under Coming Soon status and take an offer…and you never even knew it was coming on the market.

5. To let other agents know it’s coming on the market, especially if a buyer as targeted a specific neighborhood.

Go drive around the area you’re looking. Ask your agent to check the new MRIS Coming Soon status. Ask your agent to check one of the 15 Coming Soon groups on Facebook that are just for agents. Everyone is looking for the inside scoop, but it’s not a secret. Sometimes it’s more luck than anything else!!