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3 Simple Strategies to Create a Bidding War for Your Property

Posted by Tammy Powell on December 6, 2016 at 1:36 PM

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Have you ever noticed that some listings are able to generate multiple offers in a short period of time while other sit on the market for months without getting anyone to bite?

Most agents just chalk those multiple offer houses up to the good fortune of having the right house for the right buyers at the right time. But the agents who have been through the process a few times already know that creating a bidding war for a property is all about the way the listing agent and sellers position that property.

In order to help you create the type of listing that generates multiple competing offers in a short period of time, we have put together three simple listing strategies that often result in those multiple offer situations.

1. Make it the Most Desirable House on the Block

creating-a-bidding-war.jpgThis might seem like common sense, but you wouldn’t believe how many agents and sellers simply aren’t willing to go the extra mile in order to make a house look and feel like the most desirable listing on the block.

People who are looking for houses have often made their way through quite a few sub-par listings already. That means that the people who are most ready to buy are also the people who are going to be most receptive to the extra attention to detail that goes into making a house into the best option on the block.

If you are interested in getting a home to sell fast and command top dollar, the best place to start is in making sure that all of the details that buyers in your market are looking for are included and easily accessible.

2. Create Deadline Drama

The second strategy for generating multiple offers is to set a deadline that forces any potential buyers to either put those interests into the form of an offer or stop wasting your time.

One great way to implement this strategy is to hold an open house the weekend before a listing officially hits the market. Then you can let everyone at the open house know that you will begin accepting offers on Monday and expect to have the house under contract by the end of the week. If someone really wants it, they better act fast!

Not only does this force undecided buyers to make a decision, it can also encourage them to up their “best offer” a bit since they know that they are going to be competing against other offers.

3. Set Your Asking Price Too Low

Another way to attract a lot of extra interest in your listing is to set your asking price just a little bit too low for the market. This will generate a number of offers in no time at all, which you can then play against each other.

Once you get those multiple offers at your “too good to be true” price, you can ask all of the potential buyers to come back with their best offer and let them know that you expect some of those best offers to come in well above the asking price.

This often creates a type of blind auction that can result in a sales price that is well above the market value price you would have asked for in the first place.

Each of these three strategies comes with an element of risk in one way or another, but if you are more concerned with getting your house sold quickly for a maximum amount than getting a specific dollar amount these strategies can really help get things going in a hurry.

Topics: Seller Resources, Agent Resources

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