Super Fast Home Selling May Leave Money on the Table

Super Fast Home Selling May Leave Money on the Table
Posted By Jeffrey Hogue @ Sep 4th 2020 10:35am In: Real Estate

Many real estate agents today openly boast how quickly they sell their client’s homes. The question is, could some fast home selling strategies leave money on the table?
 

Years ago, it seemed that every real estate company had one or two agents nobody in the office could tolerate. It wasn't that weird tie or how they interrupted you in the middle of every sentence you uttered. No, it was their incessant bragging about the homes they listed or sold. I speak from experience on this matter. In my early years, I was quite exuberant when it came to telling my colleagues about my home selling accomplishments. It was probably a good thing Facebook was not in existence during this period of my young real estate career.

 

Today Facebook and a slew of other online social media outlets offer real estate agents a unique platform to tell tales of their exploits. I often see Realtors® post how many homes they sold and how quickly they went under contract. I have even witnessed posts letting all know that a termite inspection passed - Whew, I was on the edge of my seat.

 

Telling everyone how fast a home sold in the fantastic seller's market that presently exists and expecting the world to be in awe is akin to a grocery store manager seeking praise for selling out milk and bread the day before a blizzard.

 

Ever Popular Home Marketing Strategy - "Coming Soon"

Many of today's home selling strategies are designed to obtain and deal with multiple purchasers. One method, in particular, is known as "Coming Soon." In short, a "Coming Soon" listing is entered into the multi-list in advance of taking buyer showings. It is like when you hear about the latest iPhone but cannot buy it until the release date.

 

There are certain advantages to the "Coming Soon" home listing strategy if used properly. Some home sellers are genuinely not ready for physical showings. "Coming Soon" allows for pre-market exposure that could lead to pre-scheduled showings. This early activity or lack thereof can give the seller and their agent clues on market acceptance and make pre-active market adjustments, if necessary.

 

Sellers need to be aware that "Coming Soon" status offers limited exposure. "Coming Soon" listings are NOT advertised on major websites like Zillow, Trulia, or Realtor.com. Only when they become ACTIVE is advertising initiated on all major public and brokerage real estate websites.

 

Unfortunately, the "Coming Soon" listing strategy can sometimes lead to heinous practices. There have been instances where agents sandbag the listing, allowing only their clients to see the home to earn both sides of the commission. The seller is often unaware of this tactic and led to believe there is limited activity on their home. This unethical practice leads to the disenfranchisement of other home buyers and seeks to destroy the cooperation that is the hallmark of a healthy real estate market.

 

Leaving Money on the Table

My concern with the "Coming Soon" strategy alone is that the home is often marketed to a limited audience and sometimes sells the first day it enters the open market. In my opinion, this "Quick sale" does not allow a house to be fully offered to the buying public. I believe that providing a home to prospective buyers for a fixed period when fully ACTIVE will expose it to the most significant number of eager and qualified buyers. My strategy can be used in tandem with the "Coming Soon" status to get home sellers the most substantial value and buyers the best opportunity to own the home. That said, I realize there are situations when fast sales happen because they are in the seller's best interest.

 

Unfortunately, not selling a home in just one day will not make me look as good as all the agents touting their home sale speed records. The only accolade I cherish is that my clients' understand and respect that I pledge myself to protect and promote their interests above my own. The rest will take care of itself.

 

There is a thin line between representation and exploitation!

 

Knowledge is Power!

Jeffrey C. Hogue


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