Inman News (11/03/15) ; Wiggin, Teke
“Homes Sell Faster When Marketed as ‘Coming Soon’ First” – Research indicates that properties marketed as “coming soon” before being listed on the MLS generally sell faster. Amanda McMillan of Chicago-based @properties says the strategy “creates excitement so that when we do list [on the MLS], we hit with a bigger bang. People are reaching out to us, trying to get in earlier.” According to offMLS CEO Bob Safranski, 173 Chicago homes posted first on offMLS and then later on the local MLS spent 28 days on average as “active” in the local MLS before going under contract, compared to an average of 42 days for homes in the same ZIP codes that were not posted on offMLS first. He says the analysis offers “compelling … evidence of the value of pre-MLS marketing on offMLS.” However, agents in Chicago and other markets must obtain written permission from sellers to withhold listings from the local MLS for longer than a certain amount of time after a listing contract is signed. Jonathan Hill — vice president of communications at Metropolitan Regional Information Systems, an MLS covering the Mid-Atlantic region that has been experimenting with a coming soon listing status — says the strategy can help agents maximize exposure for properties before the listings go public. However, coming soon listings are not syndicated to public-facing websites and cannot be physically shown to prospective buyers.