Should I List My Property As a Coming Soon?

Recently a few MLS’s around Texas (specifically Austin and DFW) have started utilizing a Coming Soon status in the MLS for up to 14 days prior to going Active. Essentially, this is meant to be a movie trailer prior to the wide release. The intent is to have this be a “view only” listing. But things haven’t worked out exactly as planned. Some agents utilize the Coming Soon status as intended while others treat it like a free 2 weeks to show the property without burning any days on market. When a property is listed as Coming Soon, it means that while the property is not available for showings yet, it is in preparation for the market and has a defined status that signifies this transitional phase. This can leave sellers, buyers and agents all confused about the status of the property.

So what is the best use of the coming soon status? There is no right answer or one size fits all choice. It’s mostly situational and property specific, but here is a pros and cons list to help you work through the decision making process.

PROS

• You get early exposure without burning any precious days on market.

• The house doesn’t need to be 100% show ready before you start to get eyes on the property.

• Demand is created before you push the listing live and there can be a line of showings on day 1

• Possibility for offers before the listing is even active (this can go both ways and is as much of a con as it is a pro depending on the outcome)

CONS

• The first impression can be lacking if you market the coming soon without pro photos, staging and final punch list items complete

• Sellers could be pressured to show the property before it is ready, leavings buyers to walk away underwhelmed

• Buyers and their agents can be more aggressive with offers, pushing you to make a decision as a coming soon so it doesn’t go live. The negative implications of this are potentially losing out on multiple offers. Once the listing goes live, more eyes will be on the property, increasing the opportunity for a bidding war that drives up the price.

Here at ListingSpark, we have thousands of successful transactions under our belt. Taking in to account everything we have learned, we are confident the best use of a coming soon listing goes like this:

1. Have your listing as a coming soon no longer than 5-7 days prior to going fully active. Longer can make the listing stale before it even goes active.

2. Have enough photos to showcase what the property has to offer until your professional photos are ready.

3. Avoid showings if possible and keep the demand high until the house is 100% show ready. You don’t want to be underwhelming when someone walks through.

4. Wait to respond to offers until the property has gone live and you have made it through the first weekend as an active listing.

5. If a buyer makes an offer you are considering prior to going live, they should be paying you a premium. They don’t want the competition, so make them pay for the opportunity.

Understanding the Coming Soon Status

The Coming Soon status is a unique listing status that allows listing brokers to submit exclusive listings to the MLS for cooperation with other MLS participants within one business day of marketing them to the public. This status serves as a pre-marketing tool, giving properties early exposure before they are available for showings. Unlike the Active status, which indicates that a property is ready for showings and full marketing, the Coming Soon status signals that the property is still being prepared. This can be a strategic move to generate interest and build anticipation among potential buyers. By using the Coming Soon status, listing brokers can ensure that their listings are viewable by MLS subscribers, setting the stage for a successful launch once the property is fully ready.

Working with a Listing Broker

When working with a listing broker, understanding the Coming Soon status is crucial for a smooth listing process. Listing brokers must inform their clients that properties in Coming Soon status are not available for showings. This ensures that the property is presented in its best light when it transitions to Active status. Additionally, brokers are required to submit the listing to the MLS within one business day of marketing it to the public. During this period, buyer’s agents can still submit offers, but they must do so through the listing broker. The listing broker then presents these offers to the seller and negotiates the terms of the sale. This process ensures that all parties are well-informed and that the property is marketed effectively.

Transitioning to Active Status

When a property is ready for showings, the listing broker must transition it from Coming Soon to Active status. This involves updating the listing status in the MLS and making the property available for showings. The Expected On-Market Date is a key element in this process, as it is the date when the listing will automatically change to Active status unless updated earlier by the listing broker. Once the property is in Active status, it will be distributed to public-facing sites, and Days on Market (DOM) will begin to accrue. It’s also essential for the listing broker to ensure that the listing complies with all MLS rules and regulations, including the requirement to upload a photo of the property. This transition marks the beginning of full marketing efforts and opens the door for potential buyers to view and make offers on the property.

Explore Rules & Regulations

Understanding the rules and regulations surrounding the Coming Soon status is essential for both listing agents and sellers. The MLS has specific guidelines that dictate how properties can be marketed during this period. For instance, properties in Coming Soon status cannot be shown to potential buyers until they transition to Active status. This rule ensures that all interested parties have an equal opportunity to view the property once it becomes available. Additionally, any violation of these regulations can result in fines or other penalties for the listing broker or agent. Therefore, it’s crucial to adhere to these rules to maintain compliance and avoid any negative repercussions.

Should You List Your House as Coming Soon?

Deciding whether to list your house as Coming Soon depends on various factors, including the current market conditions, the property’s readiness, and your selling strategy. If your goal is to generate early interest and create a buzz around your property, the Coming Soon status can be an effective tool. It allows you to build anticipation and potentially attract offers before the property goes live. However, it’s important to ensure that your property is nearly ready for showings, with all necessary repairs and staging completed, to make the best first impression once it transitions to Active status.

How Do You Make a Coming Soon Listing in MLS?

Creating a Coming Soon listing in the MLS involves several steps. First, you’ll need to sign a listing agreement with your listing broker, outlining the terms and conditions of the sale. Next, the listing broker will submit the property to the MLS under the Coming Soon status, ensuring that all required documents and information are included. It’s important to set a clear Expected On-Market Date, which will determine when the listing automatically transitions to Active status. During the Coming Soon period, the listing broker should focus on pre-marketing efforts, such as taking high-quality photos and crafting compelling property descriptions to attract potential buyers.

Can You See a House in Coming Soon Status?

While properties in Coming Soon status are not available for physical showings, they are visible to MLS subscribers and can be included in online searches. This visibility allows potential buyers to learn about the property and express interest before it becomes available for showings. Listing brokers can use this period to gauge interest and field inquiries from buyer’s agents, who may submit offers on behalf of their clients. However, it’s important to note that any offers received during this time should be handled with caution, as accepting an offer before the property goes live may limit the potential for competitive bidding once the listing transitions to Active status.

ListingSpark is Here to Help

At ListingSpark, we are dedicated to helping you navigate the complexities of the real estate market with ease. Our expertise in managing Coming Soon listings ensures that your property gets the attention it deserves, maximizing its potential before it hits the market.

We understand that deciding whether to list your house as Coming Soon is a significant decision. Our team is here to guide you through this process, offering insights and support every step of the way.