Which “Hat” is the Other Agent Wearing?
Well before a home comes on the market these days, good listing agents (representing the Seller) “prime the pump” with an aggressive, pre-list marketing campaign.
That includes using the new “Coming Soon” status on MLS; exposing the home on Edina Realty’s agents-only “Network One” (note: be sure to hire an Edina Realty agent!); engaging in various Realtor-to-Realtor networking at weekly meetings; and using targeted blast (email) and “snail mail” marketing pieces.
Plus, for a certain Realtor-blogger, showcasing the upcoming listing on their blog, and with a Facebook boost. 😉
Nibbles from Buyers — and Sellers (Huh?!?)
What happens next?
What I’ll call “nibbles.”
The vast majority of the time, they’re from Buyers’ agents scouring the market for anything new that might be a fit for their clients.
Which leaves the other motivation: listing agents of similar, nearby properties, who want to know how soon they’re going to have (more) competition.
In fact, depending on the inquiring agent’s area of focus, it’s possible for them to be wearing both hats (“listing agent” and “Buyer’s agent”) simultaneously.
Price Reduction Timing
Especially if the “Coming Soon” home and the one already on the market are close substitutes, and the currently “For Sale” home is languishing, the best time to reduce the price of the latter is before the pre-list home officially hits the market.
As I tell my selling clients, the best scenario is that the very similar house down the street just sold in 48 hours, in multiple offers, for (well) over ask.
If that’s not in the cards, though, I’d rather see the competing home sold – or at least “Pending” on MLS — before my client’s home officially debuts.