It's always a delightful experience for a home seller when they receive multiple offers, leading to a bidding war among buyers for their property. This situation presents many benefits, including the obvious one of potentially selling at a higher price. It also offers more flexibility in determining sale terms like dates, deposit amounts, and so forth. Also, it creates a more positive relationship between Realtors and sellers. We believe that Realtors often get more compliments than necessary when a house sells quickly, and more critique than deserved when a sale doesn't conclude. Let's share four strategies to encourage a positive competition among buyers for your property.
1. Price it right
Here's why this is our top tip: it's a surefire way to attract a lot of potential buyers and increase the chances of a lively bidding war. How? By setting the right price for your house, or even pricing it just a touch below. The more attractive your price, the more interested buyers you'll catch, and more buyers means more income for you. Let's not forget, folks naturally want what others want - it's just part of our competitive spirit. We see this all the time. For instance, a buyer who's casually considering making an offer on a house might suddenly fall head over heels for it when they find out others are interested too! To get your pricing right, it's all about comparing it with recent sales of similar houses in the same area. And remember, there's no need to hike up the price just because you think a small feature is superior. If buyers see the value in it, they'll be willing to pay more. We see this happening every day all over the country.
2. List in the winter
At any time of the year, you have the opportunity to spark a lively bidding war for your property, provided you follow some key tips. However, your odds and potential profits could rise if you list your property during the quieter winter or early spring months. During these times, there are usually fewer homes on the market compared to the bustling summer or fall seasons. The real estate game is actually quite simple, it's all about supply and demand. When there's limited choice for buyers and they know there's competition, they're often ready to pay a bit more. As a result, the most exciting time for bidding wars tends to be between February and May each year. As summer rolls around, the fervor of bidding wars tends to cool down. This dip is also due to sellers, hearing tales of bidding wars, might increase their prices. Unfortunately, this can actually decrease the chance of a bidding war and potentially leave their property on the market longer. This is a topic we've explored quite a bit over the past few years.
3. Market more than anyone else
Selling a house is a bit like a craft project. It's not just about popping it up on MLS. There's a select group of fantastic brokers and real estate companies out there who really take home marketing to the next level. The best agents often have special arrangements with top sites like Realtor.com, Zillow, and Trulia. This ensures their listings get seen more often and are highlighted during buyers' searches. But not every agent takes advantage of these sites, even though they can. Besides these websites and tried-and-true strategies, there are loads of other tips and tricks. For example, sharing the perfect number of top-notch photos on social media can really help sell a home. And we're not just talking about sticking a listing on Facebook. It's about fine-tuning the post and aiming it at the right group of buyers, so it gets seen by those most likely to buy. The more potential buyers you reach, the more cash home sellers could make!
4. Hire an experienced listing agent
To make the most out of your profits and get the best terms in a negotiation, it's a great idea to team up with an experienced listing agent. Such agents, who are used to handling multiple offers, are skilled at finding the perfect buyer and encouraging them to offer the top price. Choosing the right agent could be the key difference between securing a great deal and potentially missing out on thousands. It's also worth keeping in mind that a bidding war can not only raise your possible earnings, but also put you in a stronger position for all other aspects of the negotiation.
