Putting a property for sale is much like cooking a delicious meal - you do the prep work and prepare all the necessary and finest ingredients so you cook up a storm. When selling a home, the goal is to cook up a bidding war and eventually get the best offer and have that deal signed. To pull multiple offers to your property, the keys are doing research, setting up a strategic plan, and applying adjustments when necessary.
"Preparing a property listing can be like preparing a Fourth of July barbecue: If you prepare properly, you can have a full-scale banquet with dozens of guests at your door," says Melanie Siben, a certified negotiation expert and licensed real estate agent with Rutenberg in New York City.
In order to draw multiple offers to your listing, here are what you need to be equipped with according to Trulia:
Choose the best sous-chef
A real estate agent recommended by friends is not a bad idea, but you have to consider that their needs may be different from yours. Just like hiring a sous-chef - find one who can deliver to your preference, one who will suit your taste.
"It's similar to hiring a sous-chef," says Justin Udy, a real estate agent with Century 21 Everest Realty Group in Midvale, UT. "You need a fantastic direct assistant to oversee the work. They should be seasoned in the art, have the right tools, and be aggressive to get the job done. A track record of award-winning recipes and ideas - or listings - will give you a good indication you have hired a pro."
Research, research, research
After successfully finding one, let the sous-chef know of the kind of meal you want to serve and have him research on how to make the best version of it. In other words: have your real estate agent research on comps and prices to come up with the most competitive listing.
"Even though we've done the shopping for our meal or property, so to speak, my buyers still need to see what the competition looks like on the market, which means looking at the comps and making sure not to overprice the listing," explains Lee Williams, a certified negotiation expert and licensed real estate agent with Rutenberg in New York City. "Even if that means lowering your price just a little below the comps in the area to draw buyers' attention, sometimes it's what needs to be done to sell a home and generate multiple offers ... fast."
Prep accordingly
Most kitchen disasters result from a disorganized and messy kitchen, and keeping the area clean and clutter-free should prevent that from happening. Just like in real estate; a clean, uncluttered, and updated property is sure to draw the right buyers and whip up multiple offers.
"When I walk through a home with a homeowner is when I tell them things they don't want to hear, such as what they need to remove or add to a space to make it appealing to buyers," says Williams. "Paint is a really inexpensive fix and makes such a difference in refreshing the home. It's like using fresh ingredients versus dried ones - the final product is so much better once things are clean and pared down."
Stir up interest
Appetizers make first impressions, so you want to make sure to tickle customers' imagination and make them look forward to the main course.
The same goes for real estate: "Just seeing others around you and their interest validates a buyer's decision to write an offer and compete in a multiple-offer situation," says Jenelle Isaacson, owner of Living Room Realty in Portland, OR. "A good agent can elevate the demand for a house with strategies like drastically reducing showing times so that buyers pass each other or even wait in line to view the house. This intensifies the experience of demand for the home."
Set the table
Once you had them hooked to the appetizer, the pressure is on for the main course to taste as good or much better. In real estate, an interesting listing will have potential buyers look forward to your open house to see if the property is as good as it is hyped.
"You want potential buyers to taste what living in the home would be like," says Isaacson. "Create the fantasy of what living in this home would be like. Preview the home with a wine tasting on the back deck, show what a great home for entertaining it would be, and get your buyers to associate the experience of the house as open and inviting."
Get ready for the main course
A good restaurant should feel comfortable; it should feel like home. And to ensure an overall good experience, a good meal should be paired by a nice ambience, and in real estate, a good host.
"A great agent makes sure everyone feels welcome to the party," says Isaacson. "They will follow up with all interested parties and make sure they have the information they need to write their strongest offer."
Cleaning up
In cooking, cleaning up is the least amusing part. But in real estate, it should be the most exciting especially for those who cooked up serious bidding wars.
Since there can only be one buyer in the end, it's nice to recognize everyone's participation. "A great [agent] ensures that even if you're not the ultimate highest or best bidder on the home, you leave feeling good about the experience - and if the buyer backs out, they know you are happy to take their seat at the table," explains Isaacson. "I like to send the other folks who didn't get the house a bottle of wine thanking them for their help and acknowledging their hard work. We have all been on the other side of not getting the house."
