Selling your house can be a challenging experience, especially when multiple buyers are interested in your property. With the right tactics, you can minimize stress and sell your home for more. Here are some strategies for managing a real estate bidding war that will ensure a smooth and profitable sale.
Work with an Experienced Real Estate Agent
You shouldn’t go to war without a seasoned veteran on your side. Juggling multiple offers requires the experience and expertise of a good agent with a track record for managing several bidders. They can help you set a competitive asking price, market your property and guide you through the negotiation process. Be sure to choose an agent with a proven record of handling bidding wars and achieving top dollar for their clients.
Prepare Your Home for Sale
Before listing your property, make sure it’s in the best possible condition. Clean, declutter and depersonalize to make your home more appealing. Invest in minor repairs and upgrades to increase your home’s value and enhance its curb appeal. A well-presented property is more likely to attract multiple offers, putting you in a strong position for a bidding war.
Create a Crowd
When selling a home, perceived interest can lead to more interest. With the help of your agent, try to create overlapping foot traffic during your open house. If there are many people browsing the home at the same time, buyers are more likely to increase their offers based on the perception of greater competition. Try scheduling your open house for just two hours on the weekend about a week or two after you list a property. This will give more buyers a chance to learn about the property in advance of the showing and plan their visit during that time.
Create a Sense of Urgency
If you anticipate strong interest in your home, consider setting a deadline for offers. This helps create a sense of urgency among potential buyers, encouraging them to submit their best offers right at the outset. Your real estate agent can help you settle on an appropriate deadline based on local market conditions and the amount of interest in your property.
Carefully Evaluate Each Offer
Should you always take the highest offer? It may seem like a no-brainer, but there are other factors to consider, including financing, contingencies and closing date. An experienced real estate agent can help you compare offers, so you can make an informed decision that best fits your expectations and needs.
Be Strategic with Counteroffers
Sometimes, bidding wars draw multiple offers all around the same price point. If this happens to you, consider making counteroffers to the top contenders. This encourages prospective buyers to increase their bids so they stand out from the pack. Work with your agent to craft strategic counteroffers that will fuel the momentum of the bidding war.
Stay Calm and Objective
A bidding war can be an unpredictable emotional rollercoaster. But if you navigate it adeptly, there can be a big payoff at the end of the ride. So, stay calm, be strategic and trust the process. By working with an experienced ERA-affiliated real estate agent, you can successfully meet any challenges and achieve top dollar for your home sale.
