I just love that statement “coming soon to realtor.ca” Even funnier is when the site you google the statement “coming soon to realtor.ca” is still coming soon but I digress. The whole concept I think is flawed, A well executed marketing plan (appropriate price, photos, video and advertising) is key to successfully selling your property at the highest price. When there is an open house before it hits the public MLS or Realtor.ca its a huge miss. Let’s be clear this is not Toronto we are in the Blue Mountains Collingwood area. A number of buyers are not in the area and a majority are buying for a secondary residence or are moving from another area. So the brokerage is missing the market and so are you.
Some agents begin the marketing (such as by simply installing a for sale sign) without letting anyone know the property details, which frustrates agents and prospects seeking property information.
In most cases and I may piss a few of my colleagues off by my statement…… it means Hey look at us trying to double end this property!! Why? well for one the property is not getting the proper exposure on the MLS, so the public and other agents (with their own buyers) cannot view the property and possibly put an offer on the property. The highest price a seller will receive is from a property that has excellent exposure to the market that is MLS or REALTOR.CA not on an individual’s or teams website and their sponsored facebook post. Now of course this is a generalization as a highly regarded location or building (waterfront etc) will garner activity due to scarcity or the other of course is the uneducated buyer who stumbles into an open house and puts in a bid. Allowing the listing agent to get paid on both sides of the deal.
Let me explain the concept of “best value” first the most exposure in this day and age is key to selling your property for most value. A marketing plan that would include listing the property on the MLS or REALTOR.ca. is Key to your success!!!! Yes you should upload it to your brokerage web site and your personal website/s and of course create a landing page that you can upload to facebook, social media or promote through a google adword. But as a listing agent I believe you have a duty to get best value for your seller. So doing an open house where you post it of social media and get a buyer to put in an offer that weekend probably could possibly not add value to the seller. Yes it was quick and no hassle but you need more time and better marketing exposure to get the best price, with ideally two offers.
In Our system of the blind offer every seller should have an expectation that their listing agent is going to bring two or more offers. Why? When in competition buyers have motivation to bid as high as there budget will allow. The listing agent can hold an offer back while asking others to possibly better their offer price, closing or conditions to the buyers offer. It’s called leverage. That is why you need your property to be exposed to the most amount of eyes possible and a well thought out marketing plan is key to getting your home sold!
When we rush into marketing properties, just as when we add barriers to scheduling showings, we can frustrate interested prospects and, most importantly, jeopardize our duties to our client. Good intentions will not overcome poor execution!
Interestingly enough My Brokerage frowns upon the whole “coming soon to realtor.ca” sign etc, The brokerage understands that sometimes a seller has things to do (cleaning construction projects etc) before the home is ready for the market but that is what an exclusive listing agreement is for and an official start date. To be honest I did use this tactic a number of years back the rider over our Chestnut Park Brokerage but all I got were calls….how much? when will it be ready? etc…..similar to fishing without bait.