How to Attract Multiple Offers on Your Home
When property owners decide that it is time to sell their home, it can seem like a stressful and overwhelming process. If you ask random people who have recently sold their properties what their experience was like, you will most likely get varying responses.
Some of them will narrate horror stories of how their home was on the market for quite a long time and the constant price reductions while others will tell you how their property showing attracted multiple offers within a short period.
We can’t deny the fact that selling a home can present many challenges, but the truth of the matter is that if you do everything right, then you should expect multiple offers within a relatively short period.
A seller who can generate multiple offers on their property has done extensive research and taken the right steps to achieve it. Here are some tips to help you generate multiple offers on your home.
Understand Your Local Real Estate Market
Before you even list your property for sale, it is critical that you understand the current state of your local real estate market. Typically, a real estate market can be in three “states,” namely; the buyers’ market, sellers’ market, and a balanced market.
If your local real estate market is currently in a sellers’ market state, then your chances of attracting multiple offers increase significantly.
A sellers’ market occurs when there are a few homes for sale while there is a surplus of ready and willing buyers in the market. Buying a property in a sellers’ market can be quite tricky.
However, on the other end of the spectrum, there is the buyers’ market, which occurs when there is a surplus of homes for sale and only a few willing buyers. If your local real estate market is in this state, chances of attracting multiple offers are limited.
Price It Aggressively
Properties that get multiple offers are mostly sold in an “auction-like” atmosphere. If you want to understand what we mean, think of the last auction you attended or saw on television and remember the basic element of any auctioneering process: the starting price is always lower than the final sale price.
In fact, it is the idea of a low starting price that attracts more people into auctioneering. The same principle can be applied when setting the asking price of your home.
Work with your Saint Laurent real estate broker to set a reasonable price that will cause many buyers to show up and view your property. In real estate, more showings are an essential pre-requisite to multiple offers.
However, this doesn’t mean that you have to sell your home at a throwaway price. You can start adjusting the price progressively as you receive more offers or force all potential buyers into a bidding war and sell your property to the buyer who offers the highest price.
Generate Lots of Exposure
Another reason why some home sellers manage to attract multiple offers in the market is that they work hard to generate tons of exposure for their homes. If you want to attract multiple offers, you need to go beyond the “post and pray” strategy.
You have to do more than erecting a sign in front of your lawn, entering your property into the local listing service and praying that it sells. Consider working with an experienced Saint Laurent real estate broker with a strong and viable marketing plan.
Their marketing plan must feature a strong mix of traditional advertising such as postcards and newspapers as well as non-traditional advertising and marketing strategies that work.
Stage Your Home for Sale
Lastly, you need to prepare your property for sale under professional guidance if you want to attract multiple offers. This is where the idea of home staging comes in.
Depending on the general condition of the property that you are selling, home staging could range from simply depersonalizing and de-cluttering your rooms to replacing fixtures, and repainting your walls.
It is essential to create a good first impression without overspending on the renovations. A home staging professional will guide you on what you’re supposed to do to make your home more appealing to potential buyers.
