6 great ways to draw more bids this summer

May 24, 2019

Demand is on the wane in some markets and many owners are anxious to sell their homes before the start of another school year. With that in mind, real estate professionals need to have a plan in place to get as much interest as possible from would-be buyers.

Here are six tips that can help them get more interest during the prime buying and selling season:

1) Price it a little lower than you might like

These days, many would-be buyers are on the lookout for a great deal, especially if your listed property is a starter home that has a lower-than-median value already, according to Bankrate. With that in mind, pricing the property a little below what you might normally put it on the market for is a great way to gain initial interest from multiple potential buyers. Then, once they see the property and start bidding against one another, you're likely to make up the ground when the bidding starts.

2) Schedule the open house soon after listing

Often, bidders like to strike while the iron is hot, and experts find that the sooner they hold an open house after a home is initially listed, it's more likely to garner significant interest. The reason why is relatively simple to understand: People like things that are new, and if they get a chance to look around elsewhere, they might find something else that also appeals to them.

Hosting that open house within a week or two of listing can really help people feel excited about the property.

3) Get brokers involved

Some real estate professionals have had greater success by inviting multiple brokers to an open house ahead of the general public, because this effectively means they are inviting potentially dozens of potential buyers into the home. Put another way, if just five brokers representing five would-be buyers each show up to a broker-specific open house, that's 25 people who might be interested in bidding.

4) Fix up a fixer-upper

While there are plenty of people willing to take the plunge on what's acknowledged to be a fixer-upper because of the value they present initially, a little work can go a long way, according to Home Light. The idea of selling a house in need of some TLC may be perfectly reasonable, but putting a few months into fixing up, say, the yard and exterior - while leaving the issues with the home's interior relatively untouched - you're a bit more likely to get multiple people interested.

5) Have a 'moving sale'

Many homeowners who are looking to move will try to shed some of the clutter from their homes by hosting a yard sale, but rebranding as a "moving sale" states definitively that they're moving out and not only are all the items for sale, the home is too. That might give you the opportunity to show the home to numerous interested attendees while getting them to buy some of your stuff, too.

6) Change the paint job

This is a tried-and-true method, but muting many of the colors around a home to make them more neutral - inside and out - will usually help sell a home quicker than homeowners might expect.