Tips to Trigger a Bidding War

Posted on: 15 September 2020

A bidding war can help you sell your house at the highest possible price. Unfortunately, many home sellers don't know how to entice prospective buyers into bidding wars. The following are some practical tips to trigger a bidding war.

Build Buzz

Market your property thoroughly. Market the house on different platforms, such as:

  • A dedicated website
  • Social media pages
  • MLS (Multiple Listing Service) sites
  • Flyers

Also, use different marketing media such as:

  • Virtual tours
  • Staged pictures
  • Floor plans

Make people feel that they will miss something valuable if they don't purchase the property.

Stage Professionally

People will only bid for your house if they find the house attractive. Stage your house professionally to make it as attractive as possible. These staging tips can help:

  • Get rid of clutter
  • Get rid of personal items, such as trophies, to depersonalize the home
  • Clean the house
  • Rearrange furniture if necessary

An experienced realtor can help you stage the home.

Improve Curb Appeal

Don't spruce up the home for staging purposes and neglect it at other times. Improve the property's curb appeal so that it wows those who come for a viewing. For example, you should:

  • Take care of the landscaping
  • Give the siding a new coat of paint if it's faded
  • Repair obvious or cosmetic defects

Improved curb appeal will make people feel that the house is move-in ready.

Set a Deadline for the Offers

A deadline for offers will make prospective buyers feel that they might miss out on an excellent house if they don't act fast. Just make sure you have priced the house properly before you take this step. Otherwise, the deadline might expire with only a handful of or no offers.

Price It Attractively

Don't price the home so high that you will scare buyers. You should also not price it too low and lose money. Find the true market value of the home and list it just below the market price. Prospective buyers will see the home as attractively priced and submit their bids.

Time It Right

If you can afford to wait, then time the sale for a seller's market. With few homes on the market and many buyers, your listing is likely to trigger a bidding war without further effort from you.

Hopefully, the tips above will help you with a successful sale after a bidding war. Note that a bidding war is not the only way to sell a home at an attractive price. Consult an experienced realtor for further help on how to sell your home.