Every market moves in cycles and the current environment requires a little more work to strike a deal if you’re the seller.
The Royal Bank of Canada says our real estate market is improving, but its return to prosperity is likely to be gradual.
For sellers, it’s more important than ever to find an agent who can generate multiple offers and even spark a bidding war.
Creating tension between multiple bidders is never easy but always possible, no matter the market mood.
To achieve this goal, the seller must go the extra mile to present their property meticulously, which will limit the risk of needing to discount.
A natural seller strategy is to edge the price a little higher to act as a buffer in a negotiation in which you may have to drop the price.
Experienced agents will warn against overpricing. If you push too high, buyers turn away and your property risks languishing on the market.
One of two scenarios plays out then: either you retreat from the market or reduce the price to what it probably should have been in the first place.
It doesn’t have to be like that.
Here’s how you can attract multiple offers:
Partner with the right agent – Prioritise working with a real estate agent who has proven skills in creating a buzz around listings.
Pricing strategy – Setting a slightly lower price can attract multiple offers, and this will set the stage for a potential bidding war.
Invest in upgrades – Most sellers (72%) undertake at least one project as they prepare to sell their home, according to Zillow. Repainting (46%) is the most popular ploy, followed by upgrades to the bathroom (42%) and kitchen (38%).
Make an impact – Investing in a 3D tour and professional photography can attract more buyers. Ensure your agent uses their networks to find buyers. Your showings need to have an impact as 80% of Zillow users say visiting a property is the only way to judge it.
Set a deadline – Put tension in the deal. One strategy is to place a deadline on offers as this will make prospective buyers consider your property according to your timeline, rather than let them take their time.
Safety net – Deals often fall through because of money challenges. So, ask potential buyers to show the pre-approval letter from their lender. This way, you’ll know you are dealing with serious players.