5 Steps Smart Sellers Take to Generate Multiple Offers

4 years ago Ralph Evans Comments Off on 5 Steps Smart Sellers Take to Generate Multiple Offers

Sure, when the time comes to sell our current home, we’d love to be able to get the highest possible price. One approach would be to set a totally ridiculously high asking price and wait until someone foolish enough comes along and purchases it at that price. But, waiting for that one person to show up could take a very long time. Given the strength in the current Etobicoke real estate market, there is a better approach. Why not make your home attractive to several people at once, and see which one would be willing to pay the most. This is the Multiple Offers Approach, or Bidding War.  To use this strategy effectively, one needs to follow this five step approach.

  1. Price it Aggressively
    The expectation is that the actual final selling price of the home is going to be substantially higher than the initial asking price of the home. In fact, it’s the low list or starting price that gets people excited about the possibility of scoring a great value. A home that appears to offer good value to home shoppers through a low asking price  is going to attract a lot of foot traffic.  The more buyers that show up and view the home the more likelihood of getting several offers and getting the high bid from someone.
  2. Make it Beautiful
    Decorating for real estate is different from decorating for living in a home ourselves.  Typically we like to decorate our homes in a way that is convenient to us and to fill our homes with things that make us comfortable.  Family pictures, things we’ve brought back from our vacations, things we like and religious symbols.  However, in decorating for real estate, there is a need to put these things away and to “stage” the home in a way that makes it welcoming to others.  Remember, they are not there to view your personal artifacts, they are there to see the home.  This is where a neutral style comes into play.  Staging need not be expensive.  This is not the same as undertaking major renovations.  Thoroughly cleaning the home, removing a number of personal items and taking care of all the maintenance tasks you’ve been putting off is often enough to make a significant difference in the appearance of the home.
  3. Pre-listing Home Inspection
    The home inspection covers the key infrastructure of a home: Foundations, roof, furnace, plumbing, electrical, heating and insulation. Having a professional home inspection completed before your home goes on the market allows you to repair any key critical items you may not have known about that might become issues to potential buyers and block the sale later on.  But even more importantly, the inspector’s report can then be made available to possible buyers letting them know more of the details of the home.  In a multiple offer situation, buyers may be willing to rely on this report and remove the home inspection condition in their offer.
  4. Hold Off Offers
    You don’t want to have someone come to see the home on the very first day its on the market and let them make an offer right away! On the first day, the home owner is unable to judge if this is the best price they can get from their home.  What needs to happen next is to set an offer deadline date of somewhere between five to ten days in to the future as the day on which all interested buyers should be submitting their offer.  Hopefully there are more people that will love the home too and be willing to pay more.  Setting an offer date establishes an expectation with buyers that they may need to compete with other possible buyers to purchase your home.
  5. Provide Access
    You want to be as flexible and accommodating as possible to allow visits to your home.  Most showing requests will come with plenty of advance notice, however the occasional request will come from someone driving through the neighbourhood with their agent that want to see the home in 5 minutes.  Making your bed, washing the dishes and putting everything away and keeping the entire home ready for showings at a moments notice is so important.  You never know which person will be the ultimate buyer of the home and so we never want to exclude or have to say no to anyone.

Ralph Evans is a modern professional real estate agent who has successfully used the multiple offer technique many times to help his clients sell there homes. He can be reached at 416 236-1241 or by email ralph@realestatehelpdesk.ca