Sometimes, the best marketing is cheap or free

By
Managing Real Estate Broker with Winchester Real Estate Sales, Cornerstone Business Group Inc 0225086119

One of my favorite techniques for marketing a property is to put a "Coming Soon" sign in front of the property a few weeks prior to the listing.  This works best on REOs or short sales in high traffic areas. Coming Soon This is a property that is coming, but for one reason or another it isn't quite ready to list yet. 

It's important that you obtain permission from the owner / bank / lender (in writing) before doing so, but it gives the traveling public a chance to see what's about to be listed before it hits the market.

I currently have a great REO coming on the market in about two weeks that I just did this with.  I seriously doubt it will last 24 hours on the market because I have a dozen people already lined up to place an offer on it.  Only two potential clients have seen it inside, and that is only because I was there when they dropped by.

Make sure your state board allows you to place a sign prior to list, but its a great attention getter.  It also keeps the sharks at bay who grab up all of the best REO deals before anyone else can get involved.  I had one investor offer me an extra $10,000 outside of closing to make sure he gets the property as soon as it lists.  Sorry, can't do it.  It has to be listed 5 days before a contract can be accepted, but you're welcome to get in line. 

The last time I did this, I had a client leave a message at my office before I arrived there after placing the sign.  He ultimately bought it for full price.  It's a great way to build expectation within the community.  Try it if your board and seller permit.

 

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  1. Debbie Reynolds 09/29/2012 07:39 AM
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Rainmaker
494,269
Chris and Dick Dovorany
Broker/Associate at Premiere Plus Realty
Homes for Sale in Naples, Bonita Springs and Estero, Florida

What a great idea.  We have all gated developments here but I applaud you for your creative approach to getting things sold in a hurry.

September 25, 2012 08:17 AM
Rainer
307,045
Jennifer Chiongbian
Real Estate Broker - NYC
Specializing in all types of Manhattan apts & townhouses

Great strategy!  You have always such creative ideas, whether it is your blogs or cool ideas like this!

September 25, 2012 08:55 AM
Rainmaker
646,835
Evelyn Kennedy
Alameda, Real Estate, Alameda, CA
Gallagher & Lindsey, Alameda, California

Mike:

Many agents are using coming soon signs, especially if the home is in an area in great demand.  I use coming soon occasionally. 

September 25, 2012 10:17 AM
Rainmaker
539,960
Eric Michael
Metro Detroit Real Estate Professional 734.564.1519
Remerica Integrity, Realtors®, Northville, MI

Mike, the "coming soon" thing sounds like a pretty good idea. I'll check into being allowed to use it or not. Good job passing up the $10k

September 25, 2012 10:48 AM
Rainmaker
71,356
Deb McNeill
Fort Worth Real Estate
Flying M Team Small World Realty Fort Worth, Tx

Very good post. I like this idea.

September 25, 2012 10:51 AM
Rainmaker
773,011
Mike Cooper
Your Winchester, VA Real Estate Pro
Winchester Real Estate Sales, Cornerstone Business Group Inc

Richie, the one thing it does for local buyers is that it gives everyone a fair shot at a property.  Nobody gets first dibbs on an REO property with me.  I will certainly make people aware of what's coming, but they have to stand in line like everyone.

Excellent, Harry.  I need to do that.

I can have the info, I just can't show it to anyone until it's actually listed.  The REOs I work with have an agreement to work together, and then they have a listing agreement.  We do the first agreement to give me the right to take control of the property, re-key it and start the trashout and clean up.  When that's done and the BPOs are in they give me a price and a listing agreement.  On the most recent one, two people did drop by while was in the process of getting the house re-keyed and cleaned up. 

Sure, Rhonda.  Check with your state board and the owners first. 

C & D, I've never had one last 24 hours.  Most get multiple contracts because people have been waiting.

Thank you, Jennifer. 

They work for me, Evelyn. 

September 25, 2012 10:54 AM
Rainer
22,511
Spectrum Inspection Group
Spectrum Inspection Group

When working with sellers (and not banks), it is also a good idea to get an inspection during this time so you and your client go into the transaction knowing the exact condition of the home.  Good idea with the coming soon sign!

September 25, 2012 10:54 AM
Rainmaker
456,970
René Fabre
New Media Marketing
First American Title

Mike... What a cool idea! Anticipation is 90% of realization (as the saying goes).

September 25, 2012 11:31 AM
Rainmaker
773,011
Mike Cooper
Your Winchester, VA Real Estate Pro
Winchester Real Estate Sales, Cornerstone Business Group Inc

Thanks, Eric.  I guess I was supposed to bury my values and grab the cash.  Just couldn't do it.  Everyone needs to get a shot at it. 

Thanks, Deb.

That's a great idea, SIG.

September 25, 2012 11:42 AM
Rainmaker
697,977
Sharon Parisi
Dallas Homes
Keller Williams Dallas Premier Realty

Mike, I use "Coming Soon" signs and they attract a lot of attention and phone calls.

September 25, 2012 01:37 PM
Rainmaker
510,754
Jill Sackler
Long Island's South Shore Real Estate Agent
Charles Rutenberg Realty Inc. "Said and Done!"

Sounds like a great way to build up enthusiasm. I'm glad it's working so well for you.

September 25, 2012 03:11 PM
Ambassador
1,550,526
Christine Donovan
Broker/Attorney 800-610-7253 DRE01267479 - Costa M
Donovan Blatt Realty
Mike - There's nothing like a sense of anticipation. Just think of Christmas morning with kids.
September 25, 2012 03:49 PM
Rainmaker
773,011
Mike Cooper
Your Winchester, VA Real Estate Pro
Winchester Real Estate Sales, Cornerstone Business Group Inc

Absolutely, Sharon.  A simple way to get the public ready for a great deal.

So far so good, Jill.  I doubt this house will last 24 hours.

That's so true, Christine. 

September 25, 2012 06:23 PM
Rainmaker
385,225
Kevin Mackessy
Dedicated. Qualified. Local.
Blue Olive Properties, LLC

Haven't seen any "coming soon" signs in my area, that's an interesting idea, especially if it's free marketing.  

September 26, 2012 10:30 AM
Rainmaker
604,463
Sussie Sutton
UTR TEXAS Realtors - Rep for buyers and sellers.
UTR Texas Realtors

WHAT A GREAT IDEA! I don't sell REOs but it is a great idea for any home which will be soon on the market!

September 29, 2012 07:09 AM
Rainmaker
125,708
Shanna Day Mega Team Leader (UT & AZ)
Keller Williams Realty
Keller Williams SLC (UT) and Keller Williams Realty EV (AZ)

I'm calling my printer now.   It will help get the help of the neighbors involved too as they love to call and be nosey.  Thanks for sharing.   Shanna

September 29, 2012 07:43 AM
Rainer
91,091
Tanja Cisliek
Future Home Realty

Mike, I love this idea. Works great for private sellers, too, just make sure the listing agreement is signed, one can put a note in there "Seller does not wish to be in MLS until xx-xx-xx", let's say until after the daughter's wedding is done and over with. But that is a great idea!

September 29, 2012 08:20 AM
Rainmaker
233,579
David Grbich
Orange County Real Estate - 949-500-0484
Ventana Coastal Properties - www.FindCARealEstate.com

Hi Mike - great idea if you have the lead time to do it - sure your REO will be gone in hours! Regards Dave

September 29, 2012 08:30 AM
Rainmaker
1,880,428
Roy Kelley
Roy and Dolores Kelley Photographs
Retired Real Estate Broker, Maryland Blogger

Thanks for sharing your promotional ideas.  In Maryland, the real estate commission now specifically prohibits coming soon advertisements and promotions.  


Have an outstanding weekend and be certain to have your camera in hand to capture the special moments.


September 29, 2012 08:56 AM
Rainmaker
773,011
Mike Cooper
Your Winchester, VA Real Estate Pro
Winchester Real Estate Sales, Cornerstone Business Group Inc

Thanks for all of your comments.  I loaded the property onto the MLS this past Wednesday.  I'll be receiving my first contract today. 

September 29, 2012 10:23 AM
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Rainmaker
773,011

Mike Cooper

Your Winchester, VA Real Estate Pro
Winchester has a place for you! Call me.
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