The Power of More Than One Buyer
As a home seller, if you miss this miss this crucial step during the marketing process, you risk leaving thousands of dollars on the proverbial negotiating table. What is this step?
Failing to find more than one buyer for your home
The trick is to position the home in the market so that over a reasonably short period of time, perhaps only a week or 10 days, a good number of showings take place – ideally a dozen or more.
How will you position your home for success?
Read this link about the 8 Repairs to Complete Before You Sell Your Home. Did you know the first 5 seconds are crucial to how a buyer perceives your home?
You should also consider home staging.
What to do when an offer comes in?
Rather than simply starting the negotiating process, acknowledge the offer and tell the buyers that you want 24 hours or so to think about the offer. This is the trick.
You then ask your REALTOR® to alert all other recent buyer visitors or their REALTORS® that an offer has come in and invite these prospective buyers to also submit an offer. To act now!
This step achieves two things:
First, the original offer legitimizes the opportunity and reassures any hesitant buyers, i.e. those that are on the sidelines, that buying your home is a great opportunity and that they would be wise to compete for it.
Second, if other offers do come along, it reassures the first buyer candidate that their decision was sound and again that they would be wise to continue with the purchase.
In essence, from your perspective, it creates an auction type situation.
The question in the buyer’s mind is no longer ‘how much money can I get off the purchase price’, ‘to what do I have to offer to win’?
Admittedly this strategy works best with mid-priced and executive level homes. Successful people are used to winning and like to compete.
Want more information about our discount and flat fee home selling programs? Please feel free to call our broker owner Stuart Neal at: 780-760-2014.