Ever seen a “Coming Soon” sign in front of a home? This tactic is commonly used by home sellers in order to let possible buyers trolling the area to get ready for a home to be listed for sale. It’s probably a good tactic just to create awareness and interest in the property. Many Realtors use the “Coming Soon” sign for this reason. So what’s so controversial about this?
The controversy with “Coming Soon” signs is the perception/reality that Realtors may be trying to find unrepresented buyers so that the Realtor can earn a larger commission for closing both buyer, and seller sides of the transaction. This would happen if a Realtor allowed a buyer to see the property before anyone else is allowed to see the home. By allowing only SELECT people to see the home, such as unrepresented buyers, or only buyers represented by agents within a single company, the Realtor would be limiting the available buyer pool for the home. This self serving behavior is not in the best interests of the sellers who want as many possible bidders as possible. Unless the Sellers expressly request this in writing it’s probably a breach of the agents fiduciary responsibility.
This topic comes up frequently in our sales meetings. Fuller Sotheby’s believes that their agents should always do what is in the best interests of their clients. A “Coming Soon” sign is acceptable to create awareness for buyers. However, we believe all showings for all available buyers should commence at the same time so as to create a level playing field for buyer bidding and ultimately get the sellers the best possible price.
For questions about this or any other real estate topic call me at 720.203.9624