More than once I have been asked by a For-Sale-By-Owner, “What about these ‘COMING SOON’ ‘PENDING’ and ‘SOLD’ add-on signs I see- should I have one of those?” The answer in a word is “no.” In two words, the answer is “not really.”
These common sign riders have a specific place in the real estate industry, but you are not in the real estate industry, except for your one house. But we can examine the use of them if you wish.
“COMING SOON” is a rider used by agents to actually circumvent the MLS rules, in a way. The actual use is under some discussion by those who are designated for such discussions. Let us say, for example that Agent A gets a seller to agree to list his house for X% commission. Under the traditional architecture of real estate. Agent A would offer to split with or give a portion of that commission to Agent B, if Agent B saw the listing in the MLS and brought a buyer.
But if Agent A secures a listing agreement dated the next month, then he cannot put it in the MLS until the listing is actually in effect. That gives Agent A a month to put out such a sign and possibly sell that house to an interested party driving by, not generated by another agent, since it’s obviously not in the MLS yet. No commission splitting needed here. But since the MLS is a co-op, that practice is considered by some to be counter to the spirit of the association. You don’t care about any of that because you just want your house sold- that’s not how you make your living, so forget about “COMING SOON” no matter how dramatic it looks.
“PENDING” and its big brother, “SOLD” actually have only one use in today’s information age. They are show-signs. Like show-horses or show-dogs, they are just to be looked at and not to perform work. The agent hopes to impress the surrounding house owners about their speed and ability in order to get more listings, hopefully. They are actual status terms of the MLS, where they have meaning for the agents who are using the MLS but not for a person driving by on the street. “PENDING” or “UNDER CONTRACT” or “CONTINGENCY” signs will only cut down on possible showings of your house, and until you close on it, you may not want that to happen. Since you probably don’t have a real estate license and can’t sell you neighbor’s house for him or her, you shouldn’t care about their opinion of how good you are at it.
If and when you get to the point where you want the showing to slow down, just pull up your “FOR SALE” sign and put it in the garage.
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Don Martin, Martin Properties (615) 973-8970 in Nashville and middle Tennessee.
I would be happy to sit down and talk to you about many ideas you can use about selling your house. This month, to people selling their home or about to, I am offering a copy of my book The NEW REAL ESTATE and a Starbucks gift card just to sit down and look at my system. My books are also available anytime at amazon.com/author/donm and my website is FSBO-GUY.com. I am a resource for people selling their house and have been for thirty years. We donate a portion of our proceeds to Safe Haven Family Shelter. We are truly all in this together, and I would be pleased to be on your team.
Yes, I am the Reasonable Realtor, Don Martin, MARTIN PROPERTIES (615) 973-8970. Just make your comments here, or you can reach the Dean of Graduated Realtors at www.FSBO-GUY.com or “like” him at http://www.facebook.com/MartinProps follow at @DonMartin711