In the hot, early spring market of 2018, sellers in the Washington region have the upper hand on buyers, especially in more desirable neighborhoods closer to commercial centers, public transportation and other attractions, says Corey Burr, a senior vice president at TTR Sotheby’s International Realty in Chevy Chase, Md.
To maximize the initial excitement of a new listing coming on the market, sellers should discuss with their agent the use of the “coming soon” status, Burr suggests. Simply put, this feature enables the agent to list the home in the Multiple Listing Service (MLS) and put a sign in front of the seller’s home well before it hits the market. MLS rules stipulate that this status may not be used for more than 21 days and that the property may not be shown during the “coming soon” period.
Burr says the major benefit to this strategy is that buyer agents can contact their buyers to inform them of the new listing so that they are ready to aggressively pursue the house when it becomes active in the MLS.
“This gives a seller the best opportunity to create an initial buzz about the property, which often results in increased activity right off the bat,” Burr says.
The “coming soon” practice is used in many markets throughout the country, but it’s only just catching on in a more widespread way in the Washington area.
“I just employed this strategy for a house in Bethesda and have received five calls from people who saw the sign and three calls from agents representing interested buyers,” Burr says. “This activity has resulted in four scheduled showings once the property is activated in the MLS. This seller is well on the way to getting a quick offer or more on the property.”