Multiple Offers
How to Maximize Your Sale in a Competitive Market
In today’s fast-paced North Texas real estate market, receiving multiple offers can be a powerful tool for sellers. With the right strategy, you can create a competitive environment that drives up the value of your home. Here’s how we approach multiple offers to ensure you get the best deal.
Building Demand to Encourage Multiple Offers
One of the key strategies we use to maximize your sale price is to create demand even before your home officially hits the market. This approach, known as “Coming Soon” marketing, is often misused by many agents, who may allow early showings to friends or colleagues, resulting in early offers that don’t fully leverage market interest. The danger of accepting early offers is that you might miss out on potential competing offers from other interested buyers.
The Ideal Listing Timeline
We follow a carefully crafted listing timeline to ensure we capture the maximum buyer interest. Here’s a general guideline:
- Coming Soon Announcement: We introduce your property to the market with a “Coming Soon” phase that builds anticipation without allowing early showings.
- Open House Weekend: After the official listing, we recommend hosting an open house during the first weekend, encouraging as many buyers as possible to view the home.
- Offer Review: After a full weekend of showings, we typically review offers on Sunday evening or Monday morning to ensure every interested buyer has had a chance to submit their highest offer.
Handling Multiple Offers
Once we’ve received multiple offers, or if we anticipate receiving them, we take a strategic approach to ensure you receive the highest price with the least hassle.
Set a Deadline for Offers: We set a firm deadline that allows for at least a full weekend of showings. This ensures all motivated buyers have the opportunity to tour the property and submit their best offer. Reviewing offers early could mean missing out on potential competing bids.
Keeping Buyers Interested: While some agents notify everyone about existing offers, we keep this information confidential unless directly asked. Buyers may be discouraged from viewing homes with active offers, so we focus on maximizing exposure by keeping the property as attractive as possible to all buyers.
Confidentiality of Offers: To avoid small bidding increments and buyer remorse, we keep the specifics of offers confidential. This ensures that buyers submit their highest and best offer without getting caught up in a bidding war that might lead to contract termination later on.
Backup Offers: We also offer non-winning buyers the opportunity to submit a backup offer. This strengthens your position during negotiations, especially if repairs or other issues arise.
By following these best practices, we ensure that you not only get the best price for your home but also secure a committed buyer who will follow through on the contract.