0432 273 085

5 Collier Road, Morley 

WA, 6062

Valentino Peric

Senior Sales Executive

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Gest WA Pty Ltd  |  ACN 157 904 142  |  ABN 35 157 904 142  |  gestrealestate.com.au  |  5 Collier Road, Morley WA 6062  |  t: 9275 7766  

HOW TO MAKE BUYERS FIGHT TO BUY YOUR HOME

By Valentino Peric

An increasing number of sales happen as a result of multiple buyers battling it out in a bidding ‘war’.  And no, you don’t necessarily need an auction to have bidding.  It happens whenever two or more buyers ‘out bid’ each other to buy the home of their dreams.

How to make buyers fight to buy your home

Imagine this:  You’ve only been on the market for a week when your agent calls to let you know there are 2, 3 or more buyers wanting to buy your home.

 

There may even be a chance offers could exceed your asking price.

It’s a quality problem right?

 

I’ve been an real estate agent, a seller and a buyer in a scenario such as this and let me tell you, it’s an interesting ride.  If you’re a seller it’s very exciting.

Have you ever wondered what actually goes on behind that sold sign on your neighbour’s house?

Read More: Morley Property Market, House Prices & Suburb Profile

 

Well this is a website for sellers so let me share this with you.

An increasing number of sales happen as a result of multiple buyers battling it out in a bidding ‘war’. And no, you don’t necessarily need an auction to have bidding.  It happens whenever two or more buyers ‘out bid’ each other to buy the home of their dreams.

But this doesn’t just happen.  Some of the most successful selling campaigns are very carefully planned and executed by skilled marketing experts.

The key factor is emotion

 

Four powerful motivators are going to determine how much more a buyer will spend over and above what they originally intended.

 

1. Pure emotion. 

The buyer, having seen the home has mentally moved in.  They see themselves living in the home and any logic about value goes completely out the window…  (I’m guilty, are you?)

 

2. The fact that other buyers are interested and are likely to buy it if you don’t offer more money.

This second motivator is part of our DNA.  There is nothing that quite turns your ‘like’ into a ‘love’ than discovering someone else wants something you want.

 

3. Chances are the property of their desires is a one off. 

They can’t go around the corner and find the same thing because most real estate is beautifully unique.

 

4. Freshness

Every time you get multiple buyer interest it’s always in the first few weeks of a property coming onto the market.  In fact, in more than 30 years in real estate I have never heard of a home being on the market for months suddenly becoming the cause of frenzied buyer interest.  Just doesn’t happen.

So how can you create an environment to produce multiple buyer interest?

 

Some of the factors that will come into play include:

  • Marketing strategy - where and how you advertise and reach your target market

  • Marketing method - how the property is offered for sale

  • Pricing strategy

  • How it looks

  • How it photographs

  • How it ‘feels’, and

  • Your agent’s negotiation skills

As a seller, you can’t do anything about your home’s location or the property market, but EVERYTHING else is on the table and can be influenced.  Knowledge is power.

I recently heard of a home that was listed for sale at $775,000 and sell for close to $900,000 after 4 buyers battled it out for the prize.

 

Depending on your area and real estate ‘beliefs’, an auction can be a great way to really explore multiple buyer interest.  Another article for another day perhaps.

 

But please know this: When it comes to real estate there is no recommended retail price and EVERY owner has the opportunity to profit from multiple buyers.  All it takes is the right marketing plan.

 

As a seller, you are only going to get ONE opportunity to get this right so why not sit down with your agent and come up with the very best marketing plan to make buyers fight to buy your home?