Real estate can be a complex industry. With so much emotion rolled into the buying and selling process, it is anything but straightforward. Some homeowners think the idea of receiving multiple offers on their property is a matter of luck. Others cross their fingers and hope for the best. But the truth is a very different and much more hopeful story.
Selling a property requires research and careful planning. With a proper plan, a bidding war on your home can be a real estate reality. Read on to learn the five ways you can increase the number of offers on your home and enjoy a lucrative and successful home-selling experience.
1. Understand your local real estate market
Before you ever list your home, you should have an understanding of what kind of market your area is experiencing. Your area could experience a seller’s market, a buyer’s market, or a balanced market. For example, Laguna Beach
luxury homes are generally part of a highly competitive market, but sellers in this market would still want to speak to a Laguna Beach realtor about the neighborhood’s real estate climate before listing the house.
If the market currently favors buyers, it might serve you to wait a few weeks or months until the tide changes. Alternatively, if the current market favors sellers, you might want to expedite the property prep process to take advantage of the right timing.
Your agent will be able to analyze the current market absorption rate to determine which state your particular neighborhood is experiencing. The market absorption rate
is a calculation that indicates how many days, weeks, or months it would take to sell the existing homes listed if there were no other homes listed for sale. In other words, if there are five homes currently on the market, the absorption rate determines how long it would take those five houses to sell without adding any other properties to the mix.
2. Make sure your home is ready to dazzle
First impressions are everything in real estate, and your home needs to shine to get multiple offers. Do a walk-through of your property and imagine seeing it from a potential buyer’s point of view. Investigate each room, and any porches, patios, or outside areas, and make a list of improvements you can tackle, including:
- Fresh paint
- Replacing light fixtures
- Refinishing floors or replacing carpets
- Lawn care and curb appeal
Once the home improvements
are complete, turn your attention to cleaning and organizing. Your home should be neat and free of clutter from the moment the photos are taken until the closing papers are signed. Consider packing up personal photos to create a neutral space potential buyers can see themselves in – they want to imagine making memories in this new home, not be reminded of the family currently inhabiting the place.
Go through each closet and cabinet and empty the contents by half. Store the extra things or donate any unused items. You want your closets, cabinets, and cupboards to be half-full rather than bursting at the seams to best show off your property’s available storage space. Whether the buyer is looking at luxury estates, sprawling new homes in Laguna Beach, or a cozy little cottage, storage space is one of the most important considerations in buying a property.
Next, make sure your home is sparkling clean from top to bottom, inside and out. A potential buyer should feel comfortable and eager to move right in, and a clean house is appealing to everyone. Try these tips and tricks
to get your home show-ready. Focus on this step before your agent creates the marketing materials because you’ll want your property to look its best for the photos and video used in the listing.
3. Price your home appropriately
Pricing a home is the top reason a property will win multiple offers – and also the top reason why some homes languish on the market. This is where a savvy real estate agent and their local expertise are so important.
Homeowners often believe that pricing a home high is a smart move. A high list price will allow room for offers and negotiation, right? Not necessarily. In fact, you are more likely to gain multiple offers if you price the home under the market value by 15-20%.
It may seem counterintuitive, but there is no better way to spark interest and motivate buyers to put in their best offer than to list your property for slightly under the market value. Buyers know a good deal won’t last long, so they tend to make faster and stronger offers – resulting in multiple bids that usually land above what you would have initially listed.
4. Savvy marketing
This is another opportunity for your agent to dazzle – and a top-producing list agent
is key for this step. If you want to generate multiple bids on your home, you need an agent who will actively market rather than drop a For Sale sign on the lawn and hope for the best.
A strong agent website, traditional mailing materials, a social media presence, and innovative marketing plans are essential in gaining exposure for your property. After all, obtaining multiple offers is a numbers game – the wider the pool of potential buyers, the greater the chances of finding interested candidates.
5. Strategize showings
A great real estate agent knows how to strategically schedule showings and uses this skill to generate multiple offers. Properly priced homes should have a dozen or more interested parties from the beginning. A top agent will make sure to schedule these showings at or very close to the same time. Why?
Because it creates a sense of urgency in buyers.
When a buyer sees another potential buyer opening closets and murmuring about the gorgeous lighting flooding the home, it sparks a bit of competition – and a bit of worry that this place will be snatched up fast. Buyers can feel the interest buzzing, and it can motivate them to make their offer early in hopes of securing the property.
Interested in selling your Laguna Beach real estate?