With the real estate industry being such a competitive one agents have to work hard to bring themselves to success. It means using every resource and tool available to them as they apply to their respective duties of buying and selling property. These tools and tactics can create some favourable situations like dealing with multiple offers on a home.
The Basics Of Multiple Offers
For those who are the clients being the buyers and sellers, they may not be familiar with the intricacies that come with multiple offers. They need to understand that there has been more than one potential buyer that has put in an offer on their home. This is certainly legal, but the seller is the one who ultimately decides which offer they are going to take. The bidding buyers have to decide how far they are willing to go to become the one chosen.
With The Clients Help
Realtors can increase their chances of getting multiple offers on a home right from the time they meet with their clients to get the listing. There are different factors that can be in place to increase the chances of multiple offers. Every seller wants to get the most from their sale. They sometimes have unrealistic expectations and are basing their decisions on information they don’t understand. For example, if they think their home is going to be in demand they may over inflate the price. Or the personal value they have placed on it does not hold the same weight with potential buyers.
The Current Market
Having sellers understand what is taking place in the current market will help them make some of the important decisions need for putting the house on the market. They need to know whether it’s a:
The market is catering to those who are buying normally by way of good prices and people motivated to sell quickly.
The sellers have the advantage here because there is a higher demand for houses
There is not much difference between the two markets.
These three versions of the market reflect the best time to put the house on the market. For the selling agent, the seller’s market is their best market. At the same time, an agent does not want to discourage a client from putting their home on the market just because they want to entice multiple offers.
In order for the agent to help really determine what the market is like they use a resource like a market absorption rate. This is an analysis that forecasts how many months a home would take to sell if it were not up against any other competition. The results of this analysis are good indicators of the market.
Getting The Home Ready For Multi Offers
Again the agent can rely on the seller here to help scale up the chances of multiple offers. They can do by having a good idea of what sells a home. This is where the agent can be instrumental in giving them the right advice. The agent should inspect the home and with their experience know what changes may be necessary. These can include:
Taking care of minor repairs. In general large repairs such as renovations should be avoided. But, repairs that are noticeable can catch a buyer’s eye quickly. Things such as cracked windows, doors that don’t close properly, or chipping paint can be big turn-offs. Even though they would be simple for a buyer to fix.
Sometimes small things in a home can become outdated and create and reflect the home as being older than it is. Items like floors that are of old outdated materials, or even old worn rugs. Sometimes even the faucets in the home can create an outdated look. Small changes can give the home a newer look.
Getting Rid of the Clutter:
Everyone likes to put their own touches on their homes. Which is often done with décor and personal items like photos. Sellers want to encourage buyers to think about how they would fit into this home. By removing all the clutter it gives them a better chance to envision this. It also helps them to be able to visualize the use of the space with their own possessions.
The curb appeal:
The first impression is likely going to create the greatest opportunity to get those multiple offers. Here the seller may do well to put some extra effort into enhancing the exterior. Simple tasks such as:
- Perhaps power washing the exterior of the home
- Washing the windows both sides
- Making sure there are no weeds growing in the pathways
- Manicuring the gardens
- Keeping the lawn cut and free from debris
- Keeping the trees and bushes trimmed
- Keeping all the toys organized
- Some extra effort in staging the front entrance
Each of these is important but when combined together they can make a major positive difference to the curb appeal. Prospective buyers driving buy with have their attention grabbed and this is a good starting point to generate multiple offers.
Knowing the Buyers
For the selling agent, the target market is the buyers. When the agent knows what they are going to be looking for there is a better chance of setting up the negotiations for the home based on these. The more that the house has to offer to meet the needs and wants of the buyers the better chance there is of getting more offers. Buyers are keen on putting in offers on homes that meet their checklist. The most common of these are:
- The right price for what the home is offering
- No conditions
- The right closing time
Marketing and More Marketing
When the homeowner has done their part to encourage multiple offers then the agent can shine at doing their part. It means using what is available to them and using quality resources. For example proper images and the right platforms to disseminate these.