If you want to sell a house for top dollar, you need to go into the sale process with a strategy in mind. It takes a concerted effort not just to attract buyers, but to attract quality buyers and compel them to make a good offer. One of the strategies real estate agents and home sellers use to do this is to start a bidding war that drives interested buyers to make an offer faster and for more money.
So, what are a few tactics you can try to spark a bidding war and push your home’s final price tag above asking?
This may sound scary, but hear us out. A good deal on a house will attract a lot of attention and interest from buyers. The resulting competition will prompt multiple offers that steadily climb to and above your true market value. Just don’t go too low, or people might think something is wrong with your property. About 5% below market value is usually enough to do the trick.
Market to build interest.
Get the word out about your property through listing services, email campaigns, print ads, and social media. Market heavily to generate interest, but don’t book any showings until your first open house. This will create suspense and anticipation around your house, which will make people more likely to jump on it. After all, everybody always wants what they can’t have.
Get buyers emotionally invested with good staging.
Your house should be staged to highlight its best features, downplay any flaws, and make it feel like it could be any buyer’s home. Think clean, neutral, and inviting. When a buyer can picture themselves living a happy life in your house, they become less willing to give it up and inflate its worth to themselves and others.
Set an offer deadline.
Motivate interested parties to make an offer by putting a clock on their opportunity to get in on your house. Buyers who are interested, but would otherwise procrastinate making an offer, won’t want to miss out and will benefit from that extra push. Only use this strategy when there is already solid interest in your property though. Wait for 1-2 offers to come in, and then notify all prospective buyers that you’re currently considering several offers and will only accept more until a certain date and time.
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