Start a Bidding War for Your Home This Fall
Posted Thursday, October 10, 2013
If you’re looking to sell your home this autumn, then don’t fall into the same rut as everyone else on the market. Leave them behind by sparking interest and creating a war for your property — a bidding war that is!
You may have thought you’d never experience a real estate bidding war again. When you employ these tactics, you might just start a bidding war for your home:
- Compare your house to others in the neighborhood. Research other properties for sale in your area, and arm yourself with information to help buyers make an objective decision — such as proximity to schools, number of foreclosures, and how many are represented by real estate agents versus those for sale by owner.
- Highlight your property’s unique features. With hundreds of houses on the market, you need to find something that differentiates your property from others. You’re striving to make buyers think that your house is special, so take a lot of pictures of your property’s distinctive features.
- Price appropriately. The goal is to create a bidding war and hope that the competing buyers push the price above the original listing price. You need to list your house at an attractive price point in order to draw as many buyers in as possible.
- Have buyers meet each other. Host a widely-advertised open house, so that potential buyers run into each other. This shows purchasers that there is definite interest, which means competition and that they should bid quickly. If the open house is sparse, tip the scale and call a couple of friends over to do a little acting.
- Manage your war. If you get interest from multiple parties, set a date for preliminary bids. If you receive more than two, set the highest bid as your new minimum and start over. Continue this until you stop receiving bids and go with the highest offer. If you only receive two initial bids, then ask the lower party if they’d like to resubmit another.
Do the smart thing this fall and set your house apart from the others by creating a bidding war. The more offers you have, the higher the bids are likely to go for your home. Call or email me for more marketing strategies.
Widely-advertised open house