Are you thinking about selling your property and it’s currently a seller’s market? Keep reading this blog post to discover the 5 ways to attract multiple offers in a seller’s market in Kansas City…
A seller’s market is one in which the seller has an advantage. Often, it means that there are more buyers than sellers: so many buyers are looking at just a few available properties. And right now, today in Kansas City, we are in a seller’s market.
But just because you naturally have an advantage in a seller’s market, doesn’t mean you’re home free to sell at a massive profit. You should still strive to get as many offers as possible and, in doing so, give you the opportunity to select the best offer for yourself.
Why do you want multiple offers? It’s the simple concept of a “bidding war” – if you get one offer, you might feel forced to take it. But multiple offers allows you to choose from the best one, and even to negotiate from a stronger position.
Here Are 5 Ways To Attract Multiple Offers In A Seller’s Market In Kansas City
#1. Open House
One way to attract multiple offers is to have an open house. If it’s marketed properly you’ll likely get several people looking at your property within a very short period that could increase the number of offers you’ll get at once. We are often selling homes that need a bit of love and we will send out
To market that open house. First get the home ready to show – you know declutter, clean it well, spruce up the yard. Then when it’s ready, take a ton of pictures and market your open house: post the open house on craigslist, zillow, and anywhere you can find to post online. Create an open house event on Facebook. Seek out all the house selling groups on Facebook, post your open house there. And the biggest marketing tool of all – YOUR NEIGHBORS. Print up a flyer or postcard and mail it to all your neighbors or hand deliver to their door (we like to tape it to the front door where no one is home). You would be amazed at how many times we buy a house from a seller and then sell it to the neighbor.
Even though you might ask for and even get a high selling price, asking for a slightly lower price to attract multiple offers could be a better strategy.
Two things to consider, we look at houses all the time in this awesome seller’s market. Selling a house should be as easy as falling off a log. However, there is the right price for your house and sometimes what you want. We looked at a house just last week that is listed by a Realtor for about $100,000 too much and no matter how well the home is marketed and how many open houses, it will not sell until it is priced correctly for its condition.
Some sellers go the other way and want is sold ASAP and pick too low of a number and miss out on some extra sales dollars. It is always advisable to consult with a Realtor in your area to find out what they think your home is worth. In the Kansas City Market, we would refer you to RealtyResourceKC.com, the team over there can give you a good idea of what a good price might be. And consider that usually, a property listed by a Realtor will sell faster and for more money than one not listed.
#3. Accept Offers At A Certain Time Only
One way to attract multiple offers is to only accept offers at a certain time. That way, if someone wants to make an offer, they have to comply with your time-frame and you may get multiple offers all at once.
Here in our office, we like to start our marketing on a Thursday, so people can find out about the house Thursday and Friday online, come to the open house on Saturday and make offers on Sunday. We then pick the best offer and write a contract on a Monday. Also having everyone come look all with in the same 3-hour window, gets a lot of traffic and visually builds a need to make their best offer quickly because they see others in the home looking at it.
#4. Stand Out
Another way to attract multiple offers is to stand out in some way. Take your property to the next level by making it beautiful, memorable, and desirable. Perhaps even paint the door a dramatic color so that it stands out. This will make it memorable in people’s minds and they may add their offer to your growing pile of offers.
#5. Targeted Buyers
A very powerful way to attract multiple offers (although it’s often overlooked) is to identify who might be the perfect buyer for your home and then laser-target your marketing to reach them. For example, if you determine that first-time homebuyers are ideal then stage your home for that buyer and then laser-target your marketing to reach them.
In a seller’s market you might normally attract multiple offers anyway – but the more offers you get, the better. Use these 5 ways to attract multiple offers in a seller’s market in Kansas City.
Now we get it. Not everyone has the time, the money and the desire to get their home ready to sell. Nor do they have the time to spend talking to neighbors and holding open houses. Because just because you get an offer on a home, still does not mean it will close. You need to make sure the buyer has the cash or is pre-approved to buy. And if they are getting a loan, the house will still have to pass inspection and get appraised, that takes about 30 to 45 days in today’s market and during that time all kinds of things can happen that would disqualify the buyer from getting the loan, causing them to back out and you to need to start over.
Selling in a seller’s market might has it’s advantages, but if you don’t have the time, the money or the desire to fix up and market your home, consider listing it with a Realtor, like our friends over at Realty Resource we mentioned or asking us for a cash offer for your house. We’re buying properties in the Kansas City Kansas & Missouri area and we’d like to make an offer too. Click here now to fill out the form or call us at (816) 800-9044 and we’ll get in touch with our best cash offer.