Building Demand to Encourage Multiple Offers
Most agents use Coming Soon Marketing ineffectively and many operate in a way that actually hurts their clients. If you want the highest sales price for your home, the worst thing a seller can do is to allow early showings. Many agents will allow early showings to their friends & co-workers, who will then bring an early offer. The problem with an early offer is that you don't know if other buyers could be interested, so you could miss out on competing offers.
Coming Soon & Listing Timeline
Pre-MLS Marketing Implementation
List on MLS!
Email Blasts to Buyers & Agents
This schedule is a guideline for general best practices. We will tailor your schedule to your specific priorities & situation.
Handling Multiple Offers
When we have received multiple offers or are certain that we will receive multiple offers, we will set a deadline for each buyer to submit their highest & best offer. We will follow these best practices:
Set a deadline that allows a full weekend of showings.
This ensures that all motivated buyers have had a chance to view the property. We generally recommend reviewing offers on Sunday evening or Monday morning.
Notify parties of multiple offers only when that information is requested.
Buyers will often choose not to view homes that already have offers. We want as many buyers as possible to view your property.
Keep specific details of any offer confidential.
If you allow buyers to bid against each other by small increments, you run a high risk that the winning buyer will terminate after they have "calmed down". By offering blindly, the buyers have a much higher likelihood of following through with their contract.
Offer non-winning buyers the opportunity to submit a backup contract,
which will increase your leverage with the winning buyer during the repairs negotiation.