If you’re interested in real estate, you may have heard the term ‘Coming Soon’ Listing or ‘Pocket Listing.' These listings are sort of like a presale for those in the listing agent’s circle. Having access to a Coming Soon listing gives those in the agent’s circle exclusive access to a home before it’s technically on the market.
It’s important for home buyers and sellers to have an understanding of how important these early listings are, and how they can help clients achieve their goals faster while providing a competitive advantage. We asked our agents to share their opinions and stories about how Coming Soon listings have played to their advantage.
“Marketing a listing as Coming Soon helps generate buzz about the property before going Active in the MLS,” explains HomeCity Broker Seth Thompson. “This helps potentially generate an offer faster than waiting to market a home after it hits the MLS. If an offer is submitted in the 'Coming Soon' phase, the seller has an excellent negotiating position.”
This works out in a mutually beneficial situation between sellers, because the sellers have an opportunity to expose their property to as many people as possible early in the game, while the buyers get early access to the listing. “A coming soon listing is a boon for sellers as it allows the property to be seen by a large group of people beforehand,” explains Austin agent Matt Witte. “By being exposed to people who may not be looking but have friends or family who are, they have a chance to share and get more interested parties involved before it goes active. More interest in the home means more offers, and more offers make for a much easier time for a seller.”
It’s also a great opportunity to test the waters, as well as concentrate on the pool of buyers who are already hunting for that particular type of property. “Coming Soon’s are a great tool for sellers in that they can attribute instant feedback from potential buyers,” says Austin agent Jonathan Bane. “The primary goal, and what I would say is the most pivotal point, is that it eliminates the ‘looky-loos’ and focuses on serious buyers who are ready to move quickly. It helps separate the noise and lets us as agents focus on the best offer.”
It allows listing agents to put out the word that the property is going to become active quickly. This out in a mutually beneficial situation between sellers and any potential buyers lucky enough to be in the know. “Coming Soon listings put the word out QUICKLY,” says Austin agent MaryAnn Hernandez. “Just recently, I entered a Coming Soon listing and was notified by my listing coordinator within minutes that 142 Coming Soon emails were sent out regarding the property. Boom!” Getting information about a property out quickly maximises the number of buyers able to see the property early and gets the property sold with much less hassle.
This is a win-win situation for both parties. Austin agent Pam Waccholz explains, “For the seller, getting a good offer (of at least asking price) from a qualified buyer BEFORE going to market alleviates the hassle of keeping the house spotless, getting the kids and pets out of the house for a showing, and all that jazz. In many cases, that is worth closing the deal before the house goes to market.”
However, getting an offer in early can be just what a buyer needs to win their dream home. “I work with a lot of first-time homebuyers on budgets,” continues Wachholz. “Needless to say, we submit many offers over asking with good terms that are still beat out. I have found Coming Soon listings by driving around the neighborhoods my clients like and posting inquiries within my sphere of agents. Sometimes we are able to get in early and can submit offers early – that are often accepted!”
With a market as hot as ours, experienced agents use different techniques to make their buyer’s offer stand out from the rest. Getting an offer in before all the others puts it front and center early on, increasing the chance that they will accept.
We see a lot of agents use these early listings as a means of getting their clients in the door first. Austin agent Lisa Waltke used her network to find an in-demand listing her client had been looking for. “Just today I happened to see a Coming Soon for a client that specifically wants this particular condo community at the price it is listed for. My radar has been up for weeks. I called the agent, and the lock box goes on tomorrow morning. I called my client, and we are viewing it right away, that afternoon. She is super excited to have the first look, and so am I!”
Coming Soon listings are definitely something to take advantage of, whether you’re a buyer or seller. Ensure you align yourself with a well-connected agent so that you have access to the most amount of Coming Soon listings possible. Keep in mind, buyers, these are not available for everyone to see, so your agent is the gatekeeper in this situation. Likewise, sellers would be wise to implement a Coming Soon strategy when selling their home.