As with many things in real estate, what most sellers observe during the process of selling a home is just the tip of the iceberg. A huge amount of work goes into getting a home ready for sale, and the strategic guidance of your REALTOR® will play a significant part in a successful sale.
Let’s take a look at why the phrase ‘coming soon’ on a for sale sign could mean more than you think.
First, the simplest explanation.
When a real estate market is in a relatively balanced state, adding ‘coming soon’ to a for sale sign may mean exactly what it implies. A real estate salesperson may simply be alerting local residents that a house is about to go up for sale. Perhaps these local homeowners tell their friends, which can lead to potential buyers.
The idea is to both generate interest from house hunters but also to evoke curiosity from other homeowners. Residents living nearby will wonder about the listing price so they can feel good about their own investment. It will also offer an idea of what their own property might be worth should they decide to sell in the future.
Those same curious homeowners might then be future clients for the REALTOR® selling the property in question.
During a seller’s market, however, ‘coming soon’ could indicate the first phase of the selling process.
When leveraging the services of a real estate brokerage, there are two common ways a seller can opt to sell their home. A seller can either offer their home for sale on an exclusive basis or through MLS®, the Multiple Listing Service that drives REALTOR.ca and other real estate websites.
When selling a home exclusively, a property is not listed on MLS® but is instead promoted only through a listing brokerage. These are also known as pocket listings.
In this case, a property is sold exclusively through a single brokerage without any intention of eventually moving it to the broader audience offered by MLS®. Sellers may decide to this route when they wish to have more control over who visits the home, in the hopes of discouraging nosy neighbours and curiosity-seekers.
Often this occurs in cases of very expensive homes. In this scenario, the seller prefers to only allow the most pristine of well-qualified buyers into the home to view it.
Under these circumstances, the rider on a real estate sign may also read ‘exclusive listing’ or something to that effect.
However, there is a third lesser-known technique used to market a home. Using this approach, a property may spend time being promoted exclusively before being listed on MLS®. In other words, a homeowner can leverage both selling methods.
A home can be first offered exclusively for a time and then later put up on the Multiple Listing Service® so it can appear on all the real estate website feeds, drawing a larger buyer audience.
This is where ‘coming soon’ enters the picture. Placing a ‘coming soon’ rider on a for sale sign may signify that the property is being promoted exclusively through a brokerage. When this sign rider is removed, it indicates that the home is now listed on MLS®.
When building a strategy to sell your home, do your best to leverage the experience of your REALTOR® so you can be sure you have considered all the possibilities. There are a wide variety of strategies that home sellers can employ. Sometimes the winning approach is the one that leverages a combination of initiatives rather than a single pathway.
The approach that’s right for you will depend on many different factors. Speak with your REALTOR® to help you decide on the method that will work best when selling your home.***
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