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
115,205
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
91,083
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
232,992
David Grbich
Realtor Orange County Real Estate
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
1,755,983
Roy Kelley
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
716,904
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
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Mike Cooper

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