What does it mean to advertise a property as “coming soon”? The answer to that seemingly simple question varies amongst realtors. Some “coming soon” advertisements involve unlisted properties that may or will be listed with a brokerage in the near future. While others relate to properties that are subject to listing agreements where the property is “exclusive” to potential purchasers only through the listing broker and not available, temporarily or indefinitely, for showing or purchase through the MLS system.
In many cases, however, this arrangement can work against the home seller. The whole purpose of the MLS system is to make the property visible to the widest possible market of potential qualified buyers, and realtors looking on behalf of their clients. If, however, the property is shown during the “coming soon” or “exclusive” period only, the amount of offers would be lessened or diminished, reflecting the limited group of potential qualified buyers that had actually toured the home, potentially effecting the bottom line for the seller.
While this post is meant to provoke our thoughts and individual ideas about this new and highly contested topic, it is very important and fundamental for realtors to understand that we must do only what is in the greater interest of our client.