Selling a Home: 7 Tips to Create a Bidding War

News of multiple offers, bidding wars and buyers even paying well over asking prices are popping up all over the country. So if you are selling a home how can you spur this type of interest and action on your property?

Check out the following 7 tips for driving a bidding war when selling your home…

1. Priced Right

Those selling a home need to know that the most interest and action will occur in the first 48 hours, making it essential to price homes well. If you really want to create a buzz then some even suggest pricing it lower than you hope to get to fuel the frenzy.

2. Easy to Show

It doesn’t matter how great of a deal it is or how much interest there is, selling a home isn’t going to be easy if you don’t make it easy for agents to show or for buyers to come and check it out. You may even consider and electronic keypad for access when you aren’t available.

3. Staging

There are two theories on this. One is making sure the home is in pristine condition and staged to out shine competing retail homes. The other perhaps more eccentric strategy may be to smash one of your own windows and let the grass get long (watch out for code violations) so that it looks undervalued.

4. Build the Hype

The more hype before you even accept offers the more demand and interest. Let people know it will be available soon, price undisclosed.

5. Maximize Exposure

The bigger the splash you can make at once the more potential buyers you’ll get. When people come to see it and there are other buyers snooping around it will drive up urgency, motivation and price.

6. Open House Events

Following on from the last two tips, creating an open house event is a perfect way to bring these strategies together. Perhaps you’ll even make it an auction and sell to the highest bidder on the day.

7. Broker Opens

Hosting broker opens will allow you to enlist the help of dozens of agents, get them working on your behalf and tap into their buyer’s lists.