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Bad pratice, it makes others think that you are holding it for you own office to sell it.
Diana Zaccaro Broker A...
Cocoa Beach, FL
Ryan Huggins - Thousan...
Thousand Oaks, CA
Cape Coral, FL
Nina Hollander, Broker
A hot property in a hot market might generate lots of activity and potential bidding wars with such a strategy.
Stevens Point, WI
Nina Hollander, Broker
that's too long.....I like delaying showings for 3 days..... that gives buyer agents an opportunity to alert the buyer and do drive bys....and they can do research on the property ....and they'll be ready to make an offer the first day on the market....
let me add that when we go the route of delayed showings, the showings are delayed until the open house on a Sunday....we do this frequently....NO ONE GOES IN THE HOUSE UNTIL THE OPEN HOUSE EVENT....NO ONE.... and there are potential buyers lined up at the door when we arrive.... they don't need to have their buyer agents with them... they should let us know that they do have a buyer's agent so we can communicate with that agent when the offers come in....and they do...we will not use this method unless a home is priced properly....
Nina Hollander, Broker
Trying to create a frenzy to buy. It is as ethical as "coming soon" in my view. You run the risk of it flopping. I guess it depends on the market. I don't think it would work in a slow market.
I don't believe that is ethical and at the very least harmful to the seller. You prime responsibility is to get the best price and conditions of sale for your seller, and this is more about selling it yourself.
I've seen a few Coming Soon homes sell before they hit the live market. Guess what happened? And I believe the MLS is working on banning "Cming Soon" Not sure about just delays - why bother putting on if it's not ready?
I don't see the point of listing until it is available to show.
Interesting answers. Of course this strategy is always market driven. In a strong seller market why not? As long as the MLS rules allow for it. That being said I do agree that no one can see/show the property until it is made "Active" for showings. Our local MLS changed a status to allow for "withheld by Seller" to allow the marketing to start and build up excitiment/interest in the propery and quite frankly, let agents working with buyers to clear their schedules for the first showings. That coupled with a well promoted open house has allowed many of our sellers (remember our fiduciary duty is to our client) to quite often receive multiple offers and many way over asking price. In my opinion this is doing what's best of our client, the seller.
Remember this is market driven. This strategy won't work in a balanced or Buyer's market in most cases. The market of the moment for many of us is a strong Seller market. We owe it to our sellers to do what's best for them regardless of who might think it unfair.
It might suck to be a buyer agent in this strong seller market for sure. Our buyer agents are almost always in multiple offer situations. That's the reality of this market.
As agents, we owe it to our clients to always be looking out for THEIR best interests. In my opinion that includes introducing them to a strategy such as this and allowing them to choose.
It doesn't bother me one way or another. If it is the seller's wishes then so be it. If it is the agent's tactics then they should know I will be diligently trying to get my buyer in a contract before the week is up and not wait on their listing.
I don't like it... it's like false advertising. And I'd like to see where there are any figures showing these sell at a higher price.
Hi James (Jim) Lawson, DBA I think it would depend on the price point of the home, buyer demand in that price point, and seller's direction.
Nina Hollander, Broker
I am not a fan of the practice and question the motives of anyone who employs it.
It doesn't sit well with buyer prospects and I hope it backfires
Just doesn't seem right to frustrate potential buyers.
This will not be allowed by a responsible MLS service.
Never do this is how I feel James (Jim) Lawson, DBA . Its a mixed message
Richie Alan Naggar
Our MLS won't allow it so it's kept in-house for that time in our area. There is also that pre-listing nonsense on Z that people are doing.
I guess it makes a difference on how much inventory you have in your market too.
Can't think of anyone that ever did a survey if that was true. I would challenge that phrase also.
We are seeing homes going into MLS on Wednesday/Thursday with showings beginning Saturday. Kind of getting used to that.
We have a time period to get listings into the MLS.
I think it should be available for viewing, the moment it shows up on MLS.
It's either for sale, it is not for sale. Don't play games with people!
Only when needed to clean up the house. It can generate interest, but it can also backfire. I wouldn't recommend it as a general practice. Agents might start ignoring your listings...
I am not in favor of the practice. In my mind, it is unethical. I see this frequently in my market where "you and your client will get first shot" is bandy-ed about freely and openly. How is this operating in the best interest of your Seller?
James (Jim) Lawson, DBA I will not feel comfortable. Good question!
Some buyers may be annoyed by this practice but it happens here too
Our MLS gives us 3 days to input or we get fined
I didn't like but decided to try it. I held 3 well attended open houses in that period. The house sold for $21k over list and had a quick close
I doubt it affectss price. more likely it just annoys everyone. People should just go knock on sellers door and annoy them. " Coming Soon" is similar.
A review of the laws and regulations, as well as any applicable MLS rules, that may apply to the listing would need to be conducted before forming an opinion.
I do "coming soon" sometimes to get interest in a property, but I generally get my sellers to sign a delay clause for entry to the MLS and then put it in when showings can begin.
We can do that only with a "Coming Soon" status, and while the listing is on this status, it can't be shown - to anyone!
The only reason any agent would do that is to get his own buyers in first to make more commission, or expose it to the agents in their office so that it can stay as an "in-house" sale.
Any other excuse is just BS.
Whatever the seller and his agent decide on strategy, and better put that in writing, (and that's not against the law) is what goes. I don't care about the buyer, he is not my fiduciary responsibility. I have a "coming soon" listing that needs some work done which is taking longer than we had anticipated. I've got it up on my website as such but not on the MLS (which I have down in writing from the seller). In the meantime, I do have buyers calling me who are interested. Hey, if the other agents go to my website, they can find it as well. Another seller just lowered the price on his property, but we have decided to not make the change officially until my newspaper ad comes out next weekend with the new price so we get the attention of the general public as well. It's all about strategy; I won't leave it up to buyers agents to dictate my sales strategy.
In our mls an active listing must be available for showing.
Not ready to show, not ready to promote!
If a property is listed for sale, then sell it.
Not a fan of it. Why wait?
In my opinion, there is nothing beneficial to listing a property and withholding access to other agents, unless it is to only benefit yourself. Does it really generate more interest, or pent up demand or does it simply allow the listing agent to double end it?
I don't agree with it. I understand taking a listing and not putting it in MLS until the home is READY TO SELL because I have had to do that but not putting it in MLS and then holding showings.
Nothing wrong with it but I don't think it increases the chances of a higher sales price.
Lots and lots of questions that would require a lengthy response.
Be aware there does exist a labyrinth of contortions an agent must execute to abide by all the authorities who wish to limit agent options.
The question that is most relevant, that begs to be answered is "What makes this a valid statement?"
"delaying the beginning of viewings for up to a week will result in a higher sold price."
I would challenge the purpose is unknown to the other agents regarding delayed showing.
This is a practice (coming soon) to which I can commit my full support. But please do not assume to know why. However, try to imagine how this could be mutually beneficial to ALL agents.
If it is in the MLS you had better be ready for showings; if it is not available to be seen it might not get a second chance.