The Secrets to Generate Multiple Offers and a Competitive Bidding War for your Home
It’s not just a matter of throwing a sign in the lawn and waiting for the offers to come in. By following a strategic plan, sellers can generate multiple offers on their home by manufacturing competition among buyers and ultimately maximizing the sale price. When you generate multiple offers you want to maximize your price, but also have the least amount of conditions possible aiming for the desired moving date and minimizing conditions on the offer.
It’s a mixture of market research, home prep, perfect price, strong marketing, and timing for success in selling your home. In a hot sellers market, capitalize on the high demand to drive a bidding war, and in a buyer’s market, position your home to stand out and attract offers.
Market Research
Look at the overall city and neighbourhood area, including the total number of homes for sale, homes sold in the past 30 days, and the quality and speed of offers.
Understanding the market and analyzing similar homes is crucial for success in selling your home, aiming for high demand and low competition, and learning from winning strategies.
Prepping your Home
Identify and prepare your home to appeal to its ideal buyer, highlighting unique features to encourage strong offers with minimal conditions. There is no one-size-fits-all strategy for selling different types of properties, so catering your decor and staging to who you believe your buyer avatar is.
Identify the highest value buyer for your home and prepare the home to appeal to that specific buyer, whether it’s first-time home buyers or professional investors. Identify the unique features of your home and prepare it in a way that gives potential buyers confidence to make a strong offer with the fewest conditions possible.
Pricing to Generate Multiple Offers (The Controversial One!)
Underprice your home to generate interest and multiple offers, and have control over the process by rejecting low offers and picking the right asking price.
To generate multiple bids on your home, it’s important to price it as a marketing price, not the final sale price, and to underprice the property to stand out and generate interest. As a home seller, you have control over the process and can reject low offers, even if someone offers the full asking price, and picking the right asking price will generate a lot of interest in your home.
Urgency and Timelines
Create a sense of urgency in buyers by analyzing the market, identifying key buyers, preparing the home, and setting the perfect asking price, as information moves quickly and buyers are notified instantly, leading to multiple offers on the property.
The real estate market has changed, and now the best chance to sell your home is in the first week when there is a rush of interested buyers, so it’s important to capitalize on this opportunity. Have a marketing strategy to get maximum exposure for your property in the first 5-7 days, including online marketing, public and private viewings, and setting a date and time offers and negotiations.
Offer Day
Sellers have control over the offer process and can decide on the rules and regulations, including whether to make the offer contents private or have an open offer process. Delaying offers for the first 5-7 days after a big marketing push can maximize sale price by allowing multiple buyers to show up.
Ideally, you want to make sure you have everyone’s best and final offer. So by pausing to inform all parties of the competition, you give them a final chance to improve anything they can about their offer.
Review all offers, make any necessary adjustments, and choose the best one to ensure the highest price for your home.
The Right Time is the First Time to Generate Multiple Offers
Always do it right the first time, especially when selling your home to avoid costly mistakes. Follow a clear strategy to maximize the potential sale price of your home and generate the most interest, and reach out for personalized guidance on applying the plan to your property.
