Spoils the momentum of an MLS listing by limiting its initial exposure.
The industry is definitely divided on this practice. Some agents believe it's part of marketing with an it’s just business approach. On the other hand, some agents say it is that it's best to sell a property by listing on MLS.
What does coming soon mean?
In definition it means that the property is not officially listed for sale on MLS but might be in the near future.
What else does it mean?
If you are interested in the property, call the agent. You can get an early viewing and make an offer before it’s listed on MLS. Call the agent right away and make offer on the property. If the seller doesn't take it then maybe the agent will find another house for you.
They believe MLS was designed:
- To increase exposure to perspective buyers through Agents.
- Market to buyers who have been pre-approved by Agents to ensure the transaction is not delayed or cancelled.
- To decrease the chances of being approached by a fraudulent buyer (professional thief) or “tire kickers”.
Ideally, after a home is sold:
- The Home Seller has the feeling that they received the best price they could.
- Home Buyers bought a house they are happy with, reducing the likelihood of buyer’s remorse.
- The Buying and Selling Agents followed a process set in place that legally protects everyone while compensating them for their time and effort.
Supporters of the ‘coming soon’ sign are likely expecting the following:
- The sign will entice buyers in a hot market.
- Generate word of mouth in the neighborhood.
- A quick transaction with the agreement of a lower commission.
- An increase of calls with the intention to develop potential leads (benefits the realtor).
In my opinion, the ‘coming soon’ approach changes the relationship between agents. The MLS process & real estate laws are clearly defined. Without it, the relationship can become stressed and complicated. Especially, if the buyer agent has already invested time with their client.
Essentially, ‘coming soon’ or exclusive limits exposure I can provide to a seller. Often forgotten, the MLS exposure instantly goes to approximately 45,000 agents in the GTA. Many of which have potential, pre-approved buyers in their database.
Peter Kaliszek REALTOR® CENTURY 21® Heritage Group Ltd., Brokerage* 100-17035 Yonge Street, Newmarket, ON L3Y 5Y1 Office: 905-895-1822 Extension 2455