What's My Franklin TN Home Worth?: When Should a Coming Soon Sign Be Posted?

When Should a Coming Soon Sign Be Posted?

When Should a Coming Soon Sign Be Posted?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.

Tammie White, Managing Broker/Owner
CLHMS, CRS, GRI, SFR
Franklin Homes Realty LLC
Franklin, TN
(615) 495-0752 
GET REAL. GET LOCAL.
 
This posting with the content written here and photographs displayed are the intellectual property and opinions of Tammie White of Franklin Homes Realty LLC. Any party who uses this material without the written permission of Tammie White is subject to copyright infringement and possible lawsuit.
Comment balloon 36 commentsTammie White, Broker • October 07 2016 07:25AM

Comments

Well done Tammie White and while the Florida Department of Real Estate is not a fan of "coming soon" listings, I think this is the best way to market them.

Posted by Susan Laxson CRS, Local Knowledge & Global Network (HomeSmart Professionals) almost 3 years ago

Susan - I currently have a buyer who is looking in a very competitive price range. She drives neighborhoods daily looking for these signs. I know buyers are doing this so it's to a seller's advantage to use them but timing is everything.

Posted by Tammie White, Broker, Franklin TN Homes for Sale (Franklin Homes Realty LLC) almost 3 years ago

You are spot on with your coming soon post. We are seeing tons of problems in our market with these and the things you mention here is what is happening. 

Your sellers are lucky to have an agent like you who follows the rules in the best interest of her clients! 

Posted by Tracy Lee Parker, Buy*Sell*Lease (RE/MAX Dallas Suburbs/PLATINUM PROPERTIES & MANAGEMENT) almost 3 years ago

Tammie coming soon signs have become very popular in my area. But many agents are not using them to their full  advantage. Your post is an excellent outline for all agents to read and consider when using coming soon signs. We had an agent a few blocks from us that had a coming soon sign up for over 3 months - it became a joke both with agents and locals. Totally lost the 'steam' for that coming soon listing.

Posted by Anna Banana Kruchten CRB, CRS 602-380-4886, Arizona's Top Banana! (Phoenix Property Shoppe) almost 3 years ago

Tracy - The can be a great tool if used properly.

Anna - We see the same thing here--no help to the sellers at all. As a matter of fact, quite the contrary. The agents and sellers become the laughing stock of the neighborhood.

Posted by Tammie White, Broker, Franklin TN Homes for Sale (Franklin Homes Realty LLC) almost 3 years ago

Good information! Thank you for your willingness to share what works in your area. 

Posted by Lynnea Miller, Premier Real Estate Service in Central Oregon (Bend Premier Real Estate) almost 3 years ago

Coming soon signs, when used correctly and with appropriate timing, can be a definite advantage to the sellers. Occasionally we see these properties never hit the market and go under contract without becoming public. Our MLS requires that sellers sign a document, submitted to the MLS, once a contract is signed if the property is going to be withheld from the MLS. With out liited inventory and strong buyer interest buyers, and agents, watch the market like hawks

Jeff

Posted by Jeff Dowler, CRS, The Southern California Relocation Dude (Solutions Real Estate ) almost 3 years ago

I agree with my friend Anna Banana, this is becoming one of the hottest strategies in the marketing-mix today - IF DONE PROPERLY. Our Dept of RE advises strongly against it. It's not for amateurs - especially of you don't cover the bases with your client. I have done it, and doing it. If you plan this right, you'll get inquiries. The timing must be right. And you need a ready listing, and a 'signed' listing agreement. Even sometimes, you take a regular new listing and you actually hold it back from the MLS, to launch it as a pre-MLS listing - when I do that, my phone rings! Yep.

And by the way, for my MLS, it has nothing to do with it. The MLS is simply an advertising vehicle. And no agent is under any obligation to put any listing on the MLS (in my MLS).

Posted by Richard Bazinet /MBA, CRS, ABR, Phoenix Scottsdale. Sellers, Buyers & Relocations (West USA Realty) almost 3 years ago

We noticed a "coming soon" sign on a house in our area a couple months ago. The sign has been in that yard ever since....

until last weekend....

when it was replaced with a "sold" sign.

What?

Posted by Sharon Tara, New Hampshire Home Stager (Sharon Tara Transformations) almost 3 years ago

Hi Tammie - You're right. We see coming soon signs abused frequently in our market, and we're waiting for a position statement from the state real estate division that should restrict it to the times it makes sense.

Posted by Dick Greenberg, Northern Colorado Residential Real Estate (New Paradigm Partners LLC) almost 3 years ago

Lynnea - Thanks for stopping by.

Jeff - For sellers who don't want a parade of buyers through their home, this may work. I think it's always to the seller's advantage to get in front of the masses, especially, in our market. Multiple offers drive up selling prices.

Richard - Our MLS has restrictions about coming soon signs. I personally don't put them out more than 5 days before listing in the MLS.

Sharon - That's crazy.

Dick - Unfortunately, there's no one who actually monitors this type of activity.

Posted by Tammie White, Broker, Franklin TN Homes for Sale (Franklin Homes Realty LLC) almost 3 years ago

I put up Coming Soon signs no more than 2 weeks prior to going on the market, and I really prefer to do it 7 days out. The reason is people get bored with it and the sign becomes unnoticeable after a week or so, blends in with the landscaping.

Not only that, but if you put the Coming Soon into Zillow, I think, if I'm not mistaken, those days on market remain when it's converted to a For Sale listing.

Posted by Elizabeth Weintraub Sacramento Realtor Top 1%, Put 40 years of experience to work for you (RE/MAX Gold) almost 3 years ago

In Austin, we now have a "Coming Soon" listing status. It is so new not many Realtors are using it but I Am.

Posted by Anne Edwards Johnson, Austin Realtor | HookemhomesATX (512)917-5260 (JP and Associates) almost 3 years ago

I am against any coming soon sign. If a sign is put up there should be a maximum of 24 to 48 hours for it not only to be in the MLS but also available for showing. We used to have that rule in Oklahoma City but not anymore. One coming soon sign was there for 4 months then i happened to drive buy and the agent had a sold in one day rider. Unethical and unfair to the seller as well as the industry.

Posted by Joe Pryor, REALTOR® - Oklahoma Investment Properties (The Virtual Real Estate Team) almost 3 years ago

Elizabeth - I don't want that coming soon sign in the yard until my client is ready to show.

Anne - That is awesome! I wish our MLS had that feature.

Joe - Many brokerages here limit the coming soon sign to 5 days. As I said, I'm usually live in the MLS within 2 days of putting the coming soon sign in the yard.

Posted by Tammie White, Broker, Franklin TN Homes for Sale (Franklin Homes Realty LLC) almost 3 years ago

That's a new one on me. We didn't use it when I was an agent, and if anyone is now, I haven't seen any signs. 

Posted by Marte Cliff, Your real estate writer (Marte Cliff Copywriting) almost 3 years ago

Tammie White - Your timing on this topic is great!  So many coming soon signs are going up too early and in the end not helping to sell the home, but hurt the marketing efforts!  Great post!

Posted by Laura Allen, Lake Tahoe - Truckee Real Estate for Sale TahoeLauraRealEstate.com, Tahoe Real Estate Agent Helping Buyers and Sellers (Coldwell Banker, Tahoe City, CA (530) 414-1260) almost 3 years ago

I've never seen one in my market.  I use it sparingly on the internet when seller's are putting on fishing touches to getting it ready to show.

Posted by Tammy Lankford,, Broker GA Lake Sinclair/Eatonton/Milledgeville (Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668) almost 3 years ago

A few days before the broker tour is unveiled.  I get those pocket listing notifications about 1 months before it is even ready. People are evasive about commission coop also.

Posted by Sam Shueh, mba, cdpe, reopro, pe ( (408) 425-1601) almost 3 years ago

Good morning Tammie White ,

Excellent feature worthy post on how to effectively use coming soon signs! I see agent have them out for weeks and they don't have a price or know anything about the house..its ridiculous!

Posted by Dorie Dillard CRS GRI ABR, Serving Buyers & Sellers in NW Austin Real Estate (Coldwell Banker United Realtors® ~ 512.750.6899) almost 3 years ago

I like the coming out not coming soon. It is important and crucial to monitor first few days out activity. Coming soon interferes with all that. To each their own

Posted by Richie Alan Naggar, agent & author (people first...then business Ran Right Realty ) almost 3 years ago

We are now allowed coming soon with a rider that the sellers know we are pre-marketing the house. It does matter as you say that you can't go too far out or it detracts rather than attracts. 4 weeks is too far & also says they've got lots of work to do!

Posted by Lyn Sims, Schaumburg IL Real Estate (RE/MAX Suburban) almost 3 years ago

Tammie White "I always have my listings professionally photographed. 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..."

Right on target - and - re-blog!

Posted by Tony and Suzanne Marriott, Associate Brokers, Serving Scottsdale, Phoenix and Maricopa County AZ (Haven Express @ Keller Williams Arizona Realty) almost 3 years ago

Tammie,  I just saw this on a Re-Blog.  I am not a fan of coming soon with it is misused.  I've seen coming soon signs posted a month or more before the home listed.  There really needs to be parameters ... yet there is no fox guarding the chicken coop ... we are pretty much self-regulated.  Congratulations on the Feature. 

Posted by Kathleen Daniels, San Jose Homes for Sale-Probate & Trust Specialist (KD Realty - 408.972.1822) almost 3 years ago

Marte - We're seeing it a lot here.

Laura - Agreed.

Tammy - Popular here but often abused.

Sam - I'm always paying a broker's coop.

Dorie - We let agents and buyers know all pertinent info.

Richie - The coming soon will target a few, not the masses. Our best results come from the masses.

Lyn - Most brokerages have a limit of 5 days before listing goes in MLS. I know our MLS also regulates but can't remember the exact number of days.

Tony & Suzanne - Thanks for the re-blog.

Kathleen - I see a lot of sign abuse here, not just using coming soon signs. There should be more policing. 

Posted by Tammie White, Broker, Franklin TN Homes for Sale (Franklin Homes Realty LLC) almost 3 years ago

I have no issue with this strategy when used correctly. However, I have lost sales because of them when used in ways that are not as ethical.  We had a heavy amount of foreclosures at one time and these signs would be put up for weeks and in some cases months before the property would actually be listed.  The agents would collect names and numbers and generate a lot of leads and the possibility was great for them to sell their own listings.  KUDOS. 

However, this is where the questionable shenanigans takes place. I have had buyers call me about something not listed and I do a bit of research and reach out to the listing agent and low and behold the agent doesn't call back or answer emails.  The buyers will sometimes get anxious and reach out on their own for any number of reasons.  The listing agent will gladly and promptly return their call and let them know that the best chance of securing the property is if he/she submits the offer on their behalf. If a buyer is desperate enough, they can be swayed in the direction of the listing agent.  It's shameful and it has happened to me and a few other agents that I know.  

Posted by Chris Lima, Local or Global-Allow me to open doors for you. (Atlantic Shores Realty Expertise) almost 3 years ago

Our MLS also allows coming soon listings with a submitted copy of the listing agreement proving that was at the Sellers request.

Posted by Evelyn Johnston, The People You Know, Like and Trust! (Friends & Neighbors Real Estate) almost 3 years ago

Tammie White - Perfect timing - when pictures are taken and ready to show.

It takes about 7-10 days before it hits MLS - but 'Coming Soon' sign is there!

(I am seeing one in my neighborhood for new 3 weeks - looks like agent wants to double-dip!)

Posted by Praful Thakkar, Andover, MA: Andover Luxury Homes For Sale (LAER Realty Partners) almost 3 years ago

There is a lot of discussion on this topic all around the US.  In my personal opinion, as long as the propety is viewable by any coop agents, its good hopefully they have a written listing agreement by then

Posted by Sham Reddy CRS, CRS (H E R Realty, Dayton, OH) almost 3 years ago

Chris Lima - That's when a buyer's agency agreement is beneficial. If the buyers know they will have to pay your fee if they use the listing agent, they won't reach out directly to them. I am working with a couple right now who has contacted me on numerous occasions about coming soon signs. We have a buyer's rep agreement in place. They don't want to take the chance that they may owe me a hefty commission. These agents are getting back to me promptly. There was no suggestion they were hoping to double-end the deal.

Evelyn - I always have a listing agreement in place before putting a coming soon sign in the yard or photographing the property.

Praful - I only put a coming soon sign two or three days out from putting in MLS.

Sham - I always have a listing agreement first showing coop fees.

Posted by Tammie White, Broker, Franklin TN Homes for Sale (Franklin Homes Realty LLC) almost 3 years ago

Tammie, I personally do not like to use them but have recently done one because of the request from my seller. As long as it's done properly and work for the sellers and the buyers, great.

Posted by Beth Atalay, Cam Realty of Clermont FL (Cam Realty and Property Management) almost 3 years ago

I will use them on certain properties if the seller is not quite ready to show. If major outside work needs to be done that home would not qualify. About 2 weeks is max for me. Anything longer is not coming soon enough.They must however have signed a listing agreement with a start date of the listing. There is no intention to scoop a buyer before the listing starts or to do any showings until it is available to all. Sellers like them and feel like it gets the word out early so more buyers will respond when it goes on the active market.

Posted by Debbie Reynolds, Your Dedicated Clarksville TN Real Estate Agent (Platinum Properties) almost 3 years ago

IMHO I don't think "coming soon" does anything to benefit the seller.  It does absolutely nothing to benefit a buyer, so who does this practice benefit?  Put a FOR SALE sign on the place, put it in the multiplies and have it show ready. Period.

Posted by Carla Muss-Jacobs, RETIRED (RETIRED / State License is Inactive) almost 3 years ago

Carla Muss-Jacobs, Principal Broker (503) 810-7192 I think coming soon signs can benefit both buyers and sellers, if placed within a few days of putting them on the market. However, they are definitely abused by some agents who are trying to double-end a deal. I've seen examples of such agents twice this week. As I said, I put them out two days prior to going into the MLS. Agents are allowed to preview but no buyers are allowed in or offers accepted until the house goes into the MLS. It's better for sellers to have competition and that is only achieved through the MLS.

Posted by Tammie White, Broker, Franklin TN Homes for Sale (Franklin Homes Realty LLC) almost 3 years ago

Good evening Tammie White , That's smart planning on your "Coming Soon" signs.  

Evelyn and I, and Friends & Neighbors Real Estate, wish you a Happy Thanksgiving!  I hope you had a blessed Holiday.

 

Posted by Larry Johnston, Broker,Friends & Neighbors Real Estate, Elkhart,IN (Broker, Friends & Neighbors Real Estate and Elkhart County Subdivisions, LLC) almost 3 years ago

Hi Tammie White , Merry Christmas to you and Tom.   It was an awesome 2016, getting to meet you in Franklin, TN. I look forward to another great year in 2017 getting to know more about our AR family.  I hope yours is jiust as nice.

Posted by Larry Johnston, Broker,Friends & Neighbors Real Estate, Elkhart,IN (Broker, Friends & Neighbors Real Estate and Elkhart County Subdivisions, LLC) over 2 years ago

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