You see it more and more. Real Estate Signs blaring “COMING SOON!!!” “COMING SOON” riders hung on signs for weeks. And the big day never arrives. The home never “Comes.” It just “Goes,” as in Under Contract. A listing goes to Contingent status, under contract, in Zero (0) Days On Market.
“Wink, wink. MLS rules say I cannot show it to you while it says ‘Coming Soon.’ But, for you….” When you drive past a Coming Soon sign in a hot Cary neighborhood and see folks going up the sidewalk to the house from a car with a REALTOR® sticker on the tailgate, you just know that “Coming Soon” means “Came Ahead of Schedule.”
REALTOR® members of the Triangle MLS agree to post all listings to the MLS, unless the seller wants it “Withheld.”
This convention of membership does a few things:
It assures sharing and cooperation between brokers, as they have agreed.
It helps assure that the sellers’ properties are exposed to the market, to garner the seller more chances of receiving the highest possible offer with the best possible terms. This is a fiduciary responsibility of the listing agent.
It supports OUR MLS as the “Go To Resource” for legitimate real estate listings, data, and history.
And we are seeing those points undermined by a marketing fad. The issue has become pervasive enough that the NC Real Estate Commission had to weigh in on “Coming Soon!” in the latest Real Estate Bulletin. Sometimes folks ought to read the Articles before gleefully leafing back to the Punishment Porn to “Tut Tut” about whoever got their wrists slapped for DWI.
Why do agents post “Coming Soon?”
To build market interest for a quick sale? Heck, we are in a hot market. If the house is right and priced right, just going “Active” on the MLS is enough to generate enough traffic to get it sold in a week. It is happening all over the place in Cary, Apex, Raleigh, Morrisville, Holly Springs, etc.
To get phone calls and milk buyer clients from the listing? We might be getting a little closer there. “Sorry. That one isn’t ready. Are you working with a buyers’ agent?”
How does that serve the owner of the listing, to divert a buyer by prematurely putting up a sign?
Well, that hotbed of buyer leads may go under contract in a few days. When it is Contingent or Pending, the sign calls may decline or cease altogether and it serves the agent well to keep a sign up for as long as possible to get sign calls and buyer leads…
Whoops! Just wait a second on that second point.
Since when is the purpose of a listing agreement with a fiduciary role supposed to serve the listing agent? I think “Never.” Tell me I am wrong.
Craziness reigns in Cary real estate.
But, buyers, if you think you are going to score a new home in a great Cary neighborhood this spring, you are going to have to have a plan.
MLS home listing inventory has shrunk, while demand has boomed. Desirable homes, and even homes of questionable value, are popping off the market.
“He who hesitates is lost,” is the fact of life for Cary home buyers right now.
But, “Haste makes Waste” also comes to mind.
So, buyers need to be methodical, and deliberate. And efficient.
Get funding lined up. Proof of funds for a cash buyer. Solid pre-approval letter from a respected lender for borrowers.
Listen to your Realtor. Get those out of the way.
They are necessary groundwork. Once they are procured, you are in a position to make a quick offer when a home clicks.
And, quickness in deliberation is required!
This nearly new home has 4 bedrooms on a quiet culdesac, stainless steel appliances, wood flooring, low maintenance vinyl exterior, a great two car garage, 2 1/2 baths, a sunny patio, and a great floor plan flooded with light from many windows.
Built in 2009, this home is only 2 years old, affordable, and ready for a new owner to love it.
If you have ever had a home on the market, with a Triangle MLS Listing that expired before you were able to sell your home, you probably experienced an onslaught of REALTOR® traffic, with a wide variety of professionals telling you they had the answers to your problems.
Me? I don't call folks whose listings have Expired or been Withdrawn. I figure they are deflated enough. Yet, I have had some success selling homes after others were not able to. Some times it is just because my photos are better than a lot out there, or because I do a better MLS presentation, along with some more aggressive internet marketing. Sometimes it is because I tend to keep an eye on my vacant listings and primp them a little so they show well.
Whatever. I'll keep doing what I do: Servicing clients' needs.
And I will keep not being a nuisance to people who are on the Do Not Call list, or who are besieged by hopeful potential listing agents.
It’s a little bit of a nuisance. My automatic MLS property search emails that go out every morning are anticipated by several of my motivated Buyers in Cary, NC.
And as of last week, Yahoo! is refusing to deliver them to folks who use Yahoo! email. Seems too many Yahoo! clients have called agents’ MLS emails SPAM, and Yahoo! has blacklisted the Triangle MLS server.
Our good folks at the TMLS tell me they have contacted Yahoo! looking for help. And they have received no response. So now, as well as trying to help nice folks find housing, I’m also promoting Hotmail, Gmail, or other providers. Not exactly the business niche I seek, selling email services…
Of course, folks can also use my site to search for homes, and set it to alert them to new listings. That would be: www.MikeJaquish.com
But I would be just as delighted if the TMLS folks could make peace with Yahoo! That would give me a great blog to write!