Incite a Bidding War How to Get Multiple Offers on Your Home in 2021

The housing market is hot! With the supply of homes hitting record lows nationwide, prices are skyrocketing, and homes are getting snatched up as soon as they become available. If you’re selling a home, you currently are in a prime position to attract multiple offers and possibly incite a bidding war if you play your cards right.

Have a great real estate agent and understand your market

First things first, to set your bidding war strategy in motion, you'll need the help of an experienced real estate agent to guide you through the home selling process and the current housing market. Seasoned real estate agents know the in's and out's of the market and have the necessary connections to attract serious buyers and multiple offers. Managing a bidding war is an intricate process, and having a real estate agent on your team will help stir up the necessary excitement to generate buyer's interest. 

Establish your pricing strategy

Getting the right price on your home is the spark you need to bring in multiple offers and ignite a bidding war. However, the wrong move could set your listing back. Too low of a listing price, and it carries the risk of undervaluing your home, but too high, and it may cause buyers to lose interest and dissuade them from bidding on your home at all. To drive demand and get multiple offers rolling in, you need to price your home correctly from the get-go to reduce the number of days it sits on the market. This means listing your home at a fair market value or even slightly lower than it - in essence, pricing low to sell high. But whatever you do, don't undersell your property value. 

Schedule a pre-listing inspection

Having a pre-listing inspection allows you to attract serious buyers and gives you an advantage over other sellers before your home even hits the market. It's common practice for the buyer to request a home inspection as one of their contingencies when submitting an offer. However, by showing that your home has a pre-listing inspection report, you'll be able to leverage your negotiating power by being upfront about your home's condition and avoid the who-pays-for-what-repairs negotiations. This also allows you to get a head start on any repairs and disclose them to the buyer.

Put your best foot forward by enhancing your home’s curb appeal

If you want multiple offers, you need as many buyers to fall in love with your home as possible. Buyers are more inclined to view your home based on its exterior appearance, and even if your interiors are stunning, a house that lacks curb appeal can cause them to pass on your listing. A few simple and budget-friendly projects can easily jazz up your home’s exterior appearance, but if you want to go all-out, consider hiring a professional to tackle the bigger curb appeal projects, such as window washing or roof cleaning. Ways you can enhance your curb appeal can include:

·         Trimming trees and shrubs around your entryway

·         Keeping your lawn freshly mowed - especially before showing days

·         Updating the numbers of your address on your house

·         Replacing outdated light fixtures

·         Giving your front door a good coat of paint

Make your home a "must-have" with staging

A well-staged home can be the difference in enticing a buyer to click on your listing photo and scheduling a walkthrough - or passing on it completely. Staging aims to attract buyers' attention, and if multiple people are interested in your home, a bidding war may just be right around the corner. To place your home on a buyer's "must-have" list, hire a professional stager to make your home as irresistible as possible.

Use listing photos to your advantage

A picture is worth a thousand words, so if you're aiming to bring in multiple offers, make sure you're showcasing your listing in the best way possible with professional listing photos. Listing photos are powerful marketing tools, and high-quality, professional images are known to help sell homes quicker and for more money. A professional real estate photographer will capture each room at the best angle and highlight its best features, which can help distinguish your listing from other homes on the market.

Build up buyer interest before* listing

You don't have to wait for your home to hit the market before generating interest; you can get buyers excited before even listing your home. Using this strategy will help increase the number of buyers waiting to view your listing. Plus, if they're serious homebuyers, they would most likely have already done their homework and are ready to make an offer as soon as they've seen your home in person. What's more, your real estate agent may be able to help drum up interest and get the ball rolling on your bidding war strategy by informing their followers on social media, sending out email blasts to their contacts, or contacting interested parties. 

*Premarketing is not available in all locations, and is subject to local laws, rules, and regulations.

Include an interactive virtual walkthrough in your listing 

With a 3D Architectural Walkthrough, buyers can explore every nook and cranny of a home for sale without ever having to leave their homes. Not to mention, most buyers are now shopping for their homes online, so having a virtual walkthrough of your home gives your listing an immediate advantage with added convenience. 3D Walkthroughs can also expand your buyer pool by allowing your listing to be viewed in greater detail and in the best possible condition. To ensure you're highlighting your home's best features, prep for your 3D Walkthrough the same as you would for an in-person open house. 

Be strategic about your scheduled showings

Fear-of-missing-out can be a key component of your bidding war strategy and can be used when scheduling showing requests after your home hits the market. Once your pricing has begun to catch buyers' attention, requests for showings should start trickling in. A way to maximize exposure is to ensure that your agent is attempting to schedule as many back-to-back showing requests as possible. If buyers see other potential buyers walking in and out of your home,

Set a deadline for offers

Setting a deadline can help quicken the offer process and indicate to buyers that you're serious about getting the house under contract. Your agent will help you set a date for reviewing offers, which will be shared with all potential home buyers so they know when they have to submit their best offer.

Rayvat Engineering is a 3D Architectural Visualization Company, delivering consistent 3D visuals and animations worldwide. Our core proposition of high-quality visuals in quick turnaround time makes us an active marketing partner for ever-evolving real estate marketing campaigns.

Originally published by Redfin