So far this year we've had clients receive offers for $13,000 above, $14,000 above, $23,000 above, and an amazing $31,000 above the list price. This is in addition to several other sellers who've received offers for between $5,000 and $10,000 above the list.
These offers didn't happen by accident
All were the result of marketing plans designed to attract multiple offers. As we shared in these two success stories, a key part of our strategy is to allow 4 to 5 days of showings before responding to any written offers. This timeline gives all interested buyers enough time to schedule their showings, research the neighborhood, and submit their offer to purchase.
Allowing 4 to 5 days of showings gives sellers the psychological advantage, too. When serious buyers know they're up against other competing buyers, most become extremely motivated to submit their "highest and best" offer. In addition to offering a high price, some buyers become so motivated that they make seller-friendly concessions with their appraisal, inspection, and other contingencies. And when buyers make these concessions, we know the road to closing will be a smooth one.
Attracting multiple offers is more work
Allowing 4 to 5 days of showings is more work for our sellers because there are many more showings to prepare for and many more times when our clients need to vacate their home. It's more work for the listing agent, too. Over the 5 day period we're typically fielding dozens of questions from buyers and buyer agents - via email, text and phone. We're collecting feedback from each buyer and sharing the feedback with our clients. Then, as each offer is submitted, we're reviewing and summarizing each document, and sharing the pros and cons of each offer with our sellers. Usually, we summarize them in a spreadsheet, so our clients can see at a glance which offers stand out as the best ones.
Attracting multiple offers is a waiting game
Allowing 4 to 5 days of showings does require some patience. Buyers don't typically show their hand right away, so the offers don't usually arrive until the end of the 4 or 5 day period. This waiting game can be an anxious time for sellers, but the end results usually justify the wait. Based on our experience, sellers who choose this strategy usually receive a much higher price and much better terms than sellers who choose to negotiate with the first buyer that writes.
Are you looking for a smart plan to sell your home?
Give us a call and tell us more about your real estate goals. Then we'll visit your home, offer staging tips, and complete a market analysis for you. We'll also create a customized marketing plan for your listing. Our plan will address all of your goals while helping you net the highest price and best terms on the sale of your home.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred