The Franklin Tennessee housing market continues to be a hot seller's market. Agents are scrambling to find homes for their clients due to lack of inventory. Buyers are actively looking for new properties to come on the market. That includes buyers driving neighborhoods looking for "coming soon" signs.
I always use a "coming soon" sign on my properties. However, I believe the timing of that sign is as important as the sign itself. I have seen agents post a coming soon sign weeks before their sellers are ready to list or show their properties. Not only is it not beneficial to their sellers, it may be an MLS violation. Most local multiple listing associations have rules governing the use of these signs.
While out showing properties yesterday, I observed one of these coming soon signs. Given my client's need to find a home quickly. I took down the information.
The first problem--there was no agent name or phone number. When I called the brokerage, the receptionist had no way of knowing which agent was listing this property. However, this particular brokerage had a marketing department. Luckily, they were able to direct me to the listing agent. (You'll see my signs don't have an agent name. We operate an independent brokerage and those calls go to my direct line.)
When I contacted the listing agent, she explained the sellers were 10 - 14 days away from actually listing their home in the MLS. I have a buyer who has a November 4th closing date on the sale of their existing home. They can't afford to wait to see this listing.
The second problem--the agent didn't know the specifics of the property. She knew it was a four bedroom, two and a half bath but beyond that, she didn't have any additional details about the home.
Even so, I attempted to get us in early to see the property. As I expected, the sellers refused because they have so much to do before the home is ready to show.
I use coming soon signs but unlike this agent, the timing of that sign is crucial.
I had two very hot properties come on the market this week. I knew there would be a lot of interest. Both sellers were prepped that their house needed to be show ready prior to the coming soon sign. The property condition disclosures needed to be in my hands so when buyers or their agents called, I had all the pertinent information at my finger's tips.
I always have my listings professionally photographed. When I meet the photographer, I bring the yard sign and coming soon sign with me. After the photographer has completed shooting the property, I place my signs in the yard. We've just photographed the home. It is show ready and that's when I want these signs in the yard, not 14 days prior.
I generally don't let buyers into a home prior to listing it in the MLS. There's no benefit to my sellers. Especially, if it's a hot property that I believe will sell over the asking price. However, I do allow agents to preview these listings.
The lockbox is left on the front door after the photographs have been taken. The house is ready to show. I just need the photos before I can add this listing to the MLS. I usually have those within two days and then the listing will go live. Although, I do find we will receive more showings on a home if it's listed in the MLS on a Wednesday or Thursday. Not sure why that is, but I've seen it time and again.
I typically get calls from the coming soon signs from both agents and buyers. I allow agents to preview. These agents usually schedule the very first showings after the listing has gone live. For unrepresented buyers, I schedule a showing appointment for the first day the house officially comes on the market. This is all in the best interest of my sellers to increase demand.
The result--both new listings this week had 12 showings the very first day. I received multiple offers on both properties driving up the price. Within a day, both homes were under contract. As a matter of fact, buyers are continuing to view these homes with the potential of putting in back-up offers.
The coming soon sign can be very beneficial to sellers. However, if their homes aren't ready to show, these signs will do nothing but cause lots of frustration; for both the buyers and sellers.