Definition: Coming soon strategies are the marketing and prospecting items you implement BEFORE a new listing goes into the MLS.
Coming soon strategies are deployed primarily in tight markets with little inventory and low days on the market, but you can use this action plan on any new listing in any market.
Secret: When a market is more ‘balanced’ (90 to 120 days on the market, 1 buyer for each listing, plenty of marketing time), the listing agent typically generates a lot of business from each listing, assuming they’re prospecting and marketing the property.
Secret: Each listing SHOULD produce a minimum of 1 more listing in that neighborhood and a treasure trove of buyers, many with listings to sell before they buy! If your listings aren’t producing like this, you need to create, polish and implement your listing plan of action! Start with Coming Soon strategies as we’re about to outline:
What is the goal of coming soon strategies?
1 Create ‘reverse days on the market’ for you to garner more business from your listings! Make time for yourself to work the listing before it actually sells.
2 Sell the home yourself. Less hassle to you and your listing client. Fewer showings, less prep time for your seller!
3 Control your time by not having to hassle with multiple offers, multiple agents, lots of responses, etc.
4 Save time and hassle during the escrow process.
What are effective coming soon strategies?
1 Make sure you have permission from the seller to hold the listing off the MLS for a week to a month, prior to entering it. Some MLS’s have specific forms you must use. If not, read your listing contract; it says ‘all addendums must be in writing and attached’. Have your seller sign that they wish to grant you pre-marketing time, with the listing going into MLS on a specific date.
2 Install your Coming Soon sign either as a sign-rider on your normal sign, or as a stand-alone sign with your company name, your name and simply your 1800HomeHotline number with a dedicated extension.
3 Install your clear, weather-proof home brochure box next to or on your Coming Soon sign. Use a simple, high quality, full color home brochure with multiple pictures, little text and your 800 number. Remember, the point is to make your phone ring.
4 Hold a sneak-preview open house for neighbors and friends only, prior to entering in the MLS. (You’re looking for listings here!).
5 Canvass the neighborhood with your special, sneak-preview invitations for the neighborhood only. Door knock with your invitation in hand. Know all the stats in the neighborhood so you can be the ‘neighborhood specialist’: -Average Days on Market, -List to sell price ratio, -Current active listings, pendings and sales. You should also know the current mortgage interest rates and special programs.
6 On your invitations to the sneak preview open house, promote your raffle for Starbucks gift card, dinner for two at a local restaurant or football tickets; whatever is appropriate for that neighborhood. (They will sign in using a raffle ticket). Those tickets become your lead follow up. Several people can win your prizes.
7 Follow up immediately on all open house leads. Remember many leads that seem like buyer leads are also listing leads. Script: “Which home in the neighborhood do you plan on selling?”
8 Shoot a short, BombBomb video of your new listing and send it to your past client / center of influence email list, inviting them to your sneak preview open house. Ask who they know who would love to purchase this home? Respond personally by phone to any responses to your email.
9 Post your video on your online social media, Facebook, etc.
10 Post your video on related sites like ‘Nextdoor’, the HOA website, any other online opportunities to promote your new listing.
11 Once your listing is pending, make sure you update your sign to show how quickly you were able to sell it. “Pending / In Escrow / Sold!” Remember 100’s of people pass that sign daily, so show what you’re able to accomplish for the neighborhood!
12 Ask your very happy sellers who else they know who could use your help!