Selling your home is a process that involves a good real estate agent to help you market the property and the knowledge of what essential factors will make the sale go as smooth as possible. However, it’s always good to know what you can do to help make the transaction work in your favour and to receive multiple bids. Whether you’re looking to sell your home in a buyers market or a seller’s market, the more buyers you have to make an offer on your property, the better chance you’ll get an offer above the listing price and also at better terms.
While it’s more straightforward to sell your home and get multiple bids during a seller’s market, there are some strategies you can follow to make sure this happens regardless of the current real estate trends. These three tactics can help sellers get multiple bids on their property and work through the transaction seamlessly.
Start right: Price your house to sell
The most important factor to consider when selling your home is that your home is appropriately priced to sell. Pricing your property to sell doesn’t merely mean to set the price at the lowest amount your client is willing to accept, it means finding the price that will get the house sold quickly and trigger a fear of loss among buyers.
The idea is quite simple. First, you should find all of the comparable properties in the area, and calculate their median asking price. Second, price your property at a point low enough below said average to make it stand out from the competition. By pricing right at the very beginning, you will immediately catch the eye of every buyer looking in that price range, and you’ll start receiving multiple bids almost immediately.
Even if the market favours the seller, you shouldn’t price your home above the competition. Pricing too high leaves you at risk for staying on the market for too long, causing the listing to lose that “brand new” shine. Not only that, but you will also be stuck paying for utilities, taxes, and maintenance during the entire time your home stays on the market.
Wait a few days, then hold an open house
A newer tactic that has gained a lot of traction in the last few years is what real estate agents refer to as deferred showings. The idea behind this strategy is quite simple. Instead of showing your home as soon as you list it, you create artificial demand on the house by delaying showings from three to seven days. During that time, you will advertise the property as much as possible and schedule as many back-to-back showings before the deadline. This tactic works because buyers will bump into each other in between showings and if they want to make an offer, they will know that their competition will likely place offers around the same time. This encourages buyers to make more generous offers than usual and sparks the multiple bids you were hoping to accomplish.
Deferred showings work exceptionally well if you hold an open house as the first showing of the property. By doing so, you will naturally draw more potential buyers and give an additional fear of loss to serious buyers who don’t want to miss out on this fantastic opportunity.
Let other agents help market your home
The more real estate agents that know about your property, the more offers you’ll receive. Each one of them has a circle of influence and past clients. One or two of their clients might come to mind if they see your home and know the opportunity. A great way to get the word out is to hold a broker open house, where you provide food and drinks and stage the home to look like something out of a Crate & Barrel decor magazine. By marketing the house to agents, you increase your chance of the home being discussed in their client-conversations, with qualified buyers. The idea is to hold a broker open house where the environment is inviting, friendly and relaxed. (You never know, you might even see an offer from the agents themselves!)
Use these strategies to help generate awareness, interest and buzz around this wonderful home for sale. Do this and you could entice buyers to also see the value take the next step by putting in an offer.