How to get multiple offers on a listing
January 16, 2011 11:22
There are a lot of crappy overpriced homes on the market right now, and they will continue to languish until the price is low enough to entice an investor buyer to fix up the property.
On the other hand, there is a dearth of nice, high quality homes at reasonable prices. So the first step to getting multiple offers on a home is listing the home at market value, or even a tiny bit below market value. By doing this, you will get the attention of buyers who have been waiting for the right house to come on the market.
Second, the house needs to be very clean, in good condition and free from major defects. If you want to get several offers on a property at market value, it needs to stand out as the clear quality leader in the neighborhood. Fresh paint goes a long way, but the houses that get noticed also feature new windows, refinished hardwoods and a new roof. These are important maintenance items that homeowners need to take care of before listing their home.
Putting your home on the market is like entering a beauty contest, and these upgrades can help you win.
If the house is vacant, staging is very important to motivate buyers to write offers. Of the last 4 vacant houses that I have had staged, 3 have received multiple offers. This is anecdotal evidence, I know, but I am starting to notice a trend here.
Taking quality photographs of your beautifully staged home will also attract attention and motivate buyers to take a closer look. If your photos are not great, you won't get the traffic you need in order to get more than one offer.
Landscaping is important too. A new front yard that looks like a carpet might cost $1,000 to install, but it will provoke a strong response from buyers. I have seen this happen on a couple of listings recently.
Yes you can get multiple offers on beat up houses too... by offering them at prices that are attractive to investors. Real estate investors are always looking for properties that have good profit potential, and when a home is offered for sale at a wholesale price, the investors will flock to the property and get an auction going.
Sometimes bank owned (REO properties) are priced at below market values, and the offers come pouring in. I wrote an offer for a client on a 4-plex last year, and it was a de facto auction situation. We wrote an above asking price offer, but another party offered way above asking price. The bank was able to move the property quickly at market value for investors. Win/Win.
One more thing that is so obvious to me, but may not be obvious to all is: List the property with a REALTOR. They have tools tools and the skills to get your property sold for top dollar.
If you want to sell your house in Portland, get top dollar and hopefully get MULTIPLE OFFERS, give me a call. 503-810-2219