When To Hang a Sold Sign

By
Real Estate Agent with BCR Realtors 262359

 

 Should we put up a sold sign yet?  This has long been a debate among real estate agents.

In the beginning typically there was only a company real estate sign on homes.  Then along came agent name riders.  Then came name riders with phone numbers.  Then we added things like PRICE REDUCED...or  POOL... or  Under Contract.......Then later yet we added  Home Warranty.

Then we added website  riders. Then we added agent photos, and then assistants and their photos. Heck let's just bring in the whole family on the photo!  I personally know an agent that does that very thing.  Oh and don't leave out the mortgage  lenders....They wanted in on the picture too. They began asking if they could put out their sign by the agent and the home warranty sign.   Oh yes and the Builder's sign, the plumber, the stager..............

Well before long we had layer upon layer of sign riders on the lead agent sign along with all the affiliate signs.   And not too long after the lead agent signs began to lean like the leaning tower of Pisa.  Then the signs fell over more often and sellers would call and complain....So, I have gone back to a sign with only my web link rider.  Seems to work pretty well.  And I  use a detached brochure stand that doesn't hang from the yard sign.

 

Now, when the home is about to close I will go over to the property and put a SOLD sign out. Ordinarily I prefer to have the phone calls come in until the home is closed. After all what if it fell through. Some agents prefer to put a sold sign out the minute they get a contract agreed upon. Boy! That is a little presumptuous as there is so much to get through to close a home.  It looks really good to have that sold sign out, but what about those folks that didn't call because of it?

 

I know everyone is different on this.  When do you put out a SOLD sign?

 

Have a Prosperous week!

Trey

http://www.treythurmond.com/

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Rainmaker
346,522
Sondra Meyer
Star View Real Estate - Colorado Springs, CO
Colorado Horse Property Specialist

Hi Trey....the leaning tower of Pisa...great comparison.  If I put a sold sign out, I wait until the week before closing.  I don't want to take the risk of the deal falling through and dealing with having to remove that "sold." 

February 07, 2008 11:07 PM #1
Ambassador
1,870,786
Judi K Barrett
Judi Barrett~Integrity Real Estate Services~Idabel, Oklahoma - Idabel, OK
Broker/Owner, Integrity Real Estate Services -IDAB
I've had this same question.  I do what my seller says.  Sometimes they want a "SOLD" sign as soon as possible because they want people to stop wanting to view.
February 07, 2008 11:09 PM #2
Rainmaker
66,436
Derek Bauer's, www.DoorToDreams.com Door to Dreams Home Selling Team
Real Estate One & Max Broock - West Bloomfield, MI
Good points.  I think an Agent does the owner a disservice if a SOLD sign goes up before the majority of the contingencies are satisfied.  If it then falls apart, the SOLD sign comes down, and it's back on the market ... immediate stigma.  I don't put SOLD signs up until a closing is scheduled and a clear-to-close given on the loan.
February 07, 2008 11:09 PM #3
Rainer
33,623
Brian Luce
Weidel Realtors Doylestown - New Hope, PA
Associate Broker

For me:

When Inspections are done and all contingencies are met. I put the sold sign.  Sure, i'd love the sold sign there ASAP but with the chance of things possibly falling apart, I wait until everything has been met.

It does help continue calls to the office in the meantime although that's not my main concern. I just would rather keep marketing it until I know we are wrapped up.  I guess different states could have different criteria though.

February 07, 2008 11:16 PM #4
Ambassador
883,319
Lane Bailey
Century 21 Results Realty - Suwanee, GA
Realtor & Car Guy
I try to wait until I am pretty sure it is over... fat ladies are singing... and I'm past the jinx period.  We can leave the sign up for 10 days... and I usually push it to nine to keep that sign out there. 
February 07, 2008 11:21 PM #5
Rainmaker
169,594
Debbie Holmes
Gold Key Real Estate - Boise, ID
Gets the job done!
I like to do it after the inspection and appraisal.  Once I had a deal close so fast I never got a sold sign up . The first sold sign I put up was stolen on closing day.  The last time I was supposed to close a deal the seller requested that I not put it up.  Instead of closing docs the loan fell through....
February 07, 2008 11:22 PM #6
Rainer
6,372
Dottie Hicks
Coldwell Banker Residential Brokerage - Parkton, MD
ABR,CRS,GRI, Historic Homes Specialist

The dictionary definition of sold is to exchange in return for money or something  else of value.  Technically the house is not sold until that exchange takes place. I place a pending rider on the house, after all inspections have been fulfilled.  I think under contract or pending serves the interest of the seller best, should it fall through.  I think a pending rider versus under contract, is softer and interested parties will call in, I can explain what pending means( many people are not sure) and tell them I would be happy to contact them should anything occur.

That way I have a perspective client  and am acting on my seller's behalf.  Should the property settle, I have a prospect that perhaps I can convert to a sale

Dottie

February 08, 2008 12:21 AM #7
Rainmaker
1,004,098
Charles McDonald
Charlottesville Real Estate Solutions - Charlottesville, VA
REALTOR®, Blogger, Principal Broker®, Owner

So I have a question for you Trey, at what time would you put out a "sale pending" sign? only after all contingencies are met?

your friend in Charlottesville

February 08, 2008 05:54 AM #8
Rainmaker
472,271
Trey Thurmond
BCR Realtors - College Station, TX
College Station , Texas Homes

Saundra,

No one wwants to have to remove a sold sign that is for sure!

February 08, 2008 10:46 AM #9
Rainmaker
472,271
Trey Thurmond
BCR Realtors - College Station, TX
College Station , Texas Homes

Charles,

Good question. To me sale pending means waiting to close. I guess it depends on your local association rules.  I don't put anything out like sale pending. We want those calls.

February 08, 2008 10:56 AM #10
Rainmaker
472,271
Trey Thurmond
BCR Realtors - College Station, TX
College Station , Texas Homes

Judi,

That is ok ,I guess if everyone is sure it will close.  I am just never sure about closing until the checks are distributed.

February 08, 2008 11:01 AM #11
Ambassador
600,124
Roland Woodworth
Keller Williams Realty - Clarksville, TN
Short Sale and Foreclosure Resource- SFR - Clarksv

I have done all of the above over the years... I used to eace out to get the sold cap on to generate new listings in the area. Other times I have not ever put a sold cap up..... ( when sign comes down, looks like you never sold it )  :(    I have gone to placing a Sale Pending rider for a couple weeks while all inspections and contingencies are worked out.

 Now here is what I like....... Sell another agents listing and they never put up a sold cap... Upon closing and with my buyers permission.... I place one of my signs with a SOLD cap..... WoW.... I hear the phone ringing........ You sold that house fast.. they other agent had it for sale for........ and never sold it. I will tell them that I actually sold the other agents listing and my buyer wanted a sold sign in the yard.

February 09, 2008 01:26 AM #12
Rainmaker
472,271
Trey Thurmond
BCR Realtors - College Station, TX
College Station , Texas Homes

Roland

Good idea.  Some associations of Realtors have rules that govern these things.

February 09, 2008 07:42 AM #13
Ambassador
1,537,653
Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

Trey, I like the sale pending approach too but then you may steer possible alternate buyers away if the deal falls through. Definitely sold after closing if the new buyers will let you keep the sign there a week.

I do agree with your insanity of all the riders and the family on the Realtors sign. How did it all get so bizarre?

February 09, 2008 04:00 PM #14
Anonymous
Anonymous
Anonymous

Hi Trey, You probably already know how I do it since you are my broker but since I love to get listings and tend to specialize in several neighborhoods, I put the sold sign up as soon as we have negotiated the amendment for repairs after the inspections as long as I know the buyers can get the loan.  I have found, the faster you put up the sold signs, the more likely you are to get another listing in the same area, but that's just me.  I think it just depends on personal preference.  I always learned in the prehistoric days of real estate (I've been around LONG time), that a sold sign is the best kind of sign to have up.

February 09, 2008 05:41 PM #15
Rainmaker
54,599
Sandra Workman
Rosenboom Realty - Kankakee, IL
BBA, Broker, GRI, ABR, CNHS, RCC, ePRO,
Usually, unless the homeowner requests it, I don't even put a pending on the sign.  If "sale pending" appears on the sign the calls stop.  When I'm the buyers agent, I put a sold sign out with my sign on the property as soon as closing is done.  In our area, we can put a sold sign on property for 3 days after closing with buyers permission.
February 09, 2008 09:50 PM #16
Rainmaker
472,271
Trey Thurmond
BCR Realtors - College Station, TX
College Station , Texas Homes

Bob,

I don't object...it depends on what your local association would allow. See Sandra's comment above.

February 21, 2008 10:11 PM #18
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Rainmaker
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