HOW TEAM BRYANT GENERATES MULTIPLE OFFERS
We are not about to give away all of our secrets to generating multiple offers, but here are a few “Key Ingredients”. Home sales in Durham Region (Whitby, Oshawa, Uxbridge, Courtice, Bowmanville, Brooklin, Port Perry, Ajax) have reached a frenzy. Property values have increased dramatically, mortgage rules are changing, supply does not meet the demand, and to top it all off, buyer’s from outside of Durham Region are quickly understanding the significant values that can be found in this “untapped market”!
Selling your Durham Region home at this time might appear to be pretty easy, but there are important steps to take in order to put the most money into your selling pocket. Generating multiple offers and having buyer’s compete for your home will increase the likelihood of selling your home above asking price. Here are a few tips to consider when looking to generate multiple offers:
Homes that are priced aggressively generate interest, and interested buyers help to generate multiple offers. If homes in your area are selling at $500k and you have your home priced at $480k interested buyers will recognize significant value.
In fact, it's the low list price or starting price that gets people excited about the possibility of scoring a great value.
In real estate, more showings typically lead to more offers. You’re not going to be giving your home away, but you are going to have interested parties recognizing that there is the potential for a great deal. Once offers are registered, other potential buyers are notified and this raises their interest. Increased interest leads to the potential for an increased number of offers, and with anything, when there is more than one party trying to get a desired product, the price of that product increases...and for you as a seller, that’s a really good thing!
We see it all the time, and just shake our heads...in our opinion the absolute worst thing to do is to sell on the first day your home is listed. Many agents will sell on the first day, because they can then move on to sell other homes. Is that really in your best interest? Other agents will say that your first offer might be your best offer. That might be the case, but at least give potential buyers the opportunity to view your home.
If your home is listed on a Monday morning and is sold by Monday night, what is the likelihood that an out of town client that was interested in purchasing a home in your area, didn’t even have the opportunity to see your property? Put yourself in your target buyer's shoes. Give them an opportunity to know that your home is available. Ask your agent to brief you on the standard practices for market exposure in your local area.
Setting – and publishing – a timeline for market exposure and offers, lets potential buyers know that they will be able to get to the property and get their offer considered. If your home is listed on the market on a Thursday and it is known that you will be reviewing offers on the following Monday at 7PM, buyers will recognize that they have a window of opportunity to purchase your home. Don’t sell your home on the first day listed, enough said.
Make it a show stopper, not a door stopper! Make it really, really beautiful. The homes that get multiple offers are those with look, feel, and function that can be described in one word: covetable. You're not trying to create a situation in which your home barely edges out the listing down the street in the hearts and minds of your target buyer. If you want multiple offers, you need multiple buyers to fall deeply in love with your home – enough to bid above the listing price, and enough to compete with others for it.
To generate multiple offers, prepare your home by ensuring it is:
immaculately cleaned (if you don’t want to do it, hire a professional...but it needs to be done!) from the inside out – closets, basements, garages and crawl spaces included
decluttered and staged to the nines – this includes fresh paint, carpet and other things that need replacing
in perfect working order – make sure things like doors, windows and systems buyers test (e.g., stoves, faucets, heating and air conditioning) are not creaky, wonky, leaky or otherwise dysfunctional.
Allow potential buyers to view your home. Most purchasers will schedule their showings with a 24 hour or longer notice. This allows the seller the opportunity to plan their day around their showings. On the other hand, sometimes an agent or buyer becomes aware of your home at the last minute or has a change of heart for the style of home that they are seaking.
For example, a potential buyer is looking for a two storey home in your area and then recognize that your backsplit has an incredible yard that they truly appreciate and desire. They want to view your home but can’t provide 24 hrs notice. Buyers sometimes give short notice, and we suggest letting them view your home. If you notify the buying agent that you require 24 hours notice, that purchaser, who very well might be from out of town, could possibly buy another home that was inferior to yours. The more buyers that you allow into your home, the greater likelihood you will have in generating multiple offers. Let buyers through, it might be an inconvenience, but the buyer you turn away might very well be the buyer that is willing to compete aggressively with others for your home.
5. USE AN AGENT THAT KNOWS THE AREA!
Use an agent that knows the in's and out's of the community. Use an agent that can truly demonstrate to potential buyers the benefits of purchasing your home. This includes letting potential buyers know where schools, parks, shopping, transit, recreational facilities, etc., are located so as to help generate the most interest in your home. When many buyers know and recognize the value of a given community, the interest and potential for multiple offers increases.
Team Bryant has a proven track record of selling homes above asking. We consistently generate multiple offers on our listings. Our objective isn't to just sell homes, it is to put as much money into your pocket as possible! If you are listing your home, ask your agent how they generate multiple offers. Ask them what techniques they have used and how frequently they have been involved in multiple offer situations. WE KNOW DURHAM REGION, WE KNOW HOW TO GENERATE MULTIPLE OFFERS, AND WE WOULD LOVE THE OPPORTUNITY TO WORK WITH YOU!
If you are looking at buying or selling real estate in Durham Region (Whitby, Oshawa, Uxbridge, Port Perry, Courtice, Brooklin, Bowmanville, Ajax) call Team Bryant today.
If you have questions as to how your home can generate multiple offers, give us a call today! We are always available to discuss your real estate needs and are never too busy for your referrals.