How to Attract Bids at Your Open House
How to Attract Bids at Your Open House - Throwing open the doors to your home and letting prospective buyers flood in is one way to get some offers on the table. However, some open houses are more successful than others. What determines the difference? What's the best way to prepare so that you attract bids at your open house from buyers? Here are some tips for getting that bidding war started.
Advertise the Event
Once you decide to have an open house, spread the word far and wide using apps, websites, word-of-mouth, social media, and any other means at your disposal. Websites that handle real estate, such as Trulia.com, Zillow.com, and Realtor.com, often have channels through which you can post your open house time, date, and other information. You'll probably discover a number of free apps that you can use, like the free real estate app from Realtor.com.Check with your realtor or with friends who have sold their homes to discover the best ways to get the word out about your home for sale in the Miami and Fort Lauderdale area.
Keep It Clean
Hopefully, you have hired a staging company to help you find the right look for your home, including on-trend furniture and accessories. You want a look that's modern and appealing, but not too distinctive, because you want prospective buyers to be able to see themselves and their belongings in the space.Even if you don't hire stagers, make sure that you put away the extra knick-knacks and keepsakes. Store family pictures and any items that might distract from the buyer's vision of the home as their own place. Clear away clutter and give every room a thorough cleaning.Don't forget about the exterior of the home! A freshly cut lawn, power-washed siding, some fresh paint, and a few flowers can do wonders for your South Florida home's curb appeal.
Enlist a Realtor
Some people try to sell their homes on their own, but most sellers recognize the wisdom of having a realtor. Your realtor knows the business, the market value for homes in Southeast Florida, the comparables in the neighborhood, and a wealth of other information that potential buyers may be interested in. In addition, your realtor is probably an expert in the art of working the crowd, finding interested parties and using persuasive techniques to elicit stronger interest.
Set the Price
To stimulate a bidding war, you need to set the price just right. If you overprice it, not many people will come to the open house, and you may wait a long time for the place to sell. If you under-price it, you will lose money and you won't get what the home is worth. That's when your realtor becomes your best asset. He or she knows the market and the comparables and can recommend a price that is just slightly below market value. Don't go too low, or people will wonder what's wrong with the home; but a tiny dip below market value should stimulate some interest.
Switch the Signs
You probably have a "For Sale" sign on your front lawn, probably in a bright color designed to attract the eyes of passersby. Typically, a "For Sale" sign also has a contact number that interested parties can call for information and list price. Since you're planning an open house, you'll want to update that sign with the pertinent information. Purchase a rider to fit on top of your sign, or have an entirely new one printed up that includes "Open House," perhaps with the day or date of the event.Keep it short, because people driving by don't have time to read more than a few words. If the sign says "Open House Saturday" or something similar, make sure that you only put it up during the week of the sale. Right after the open house, take the rider away or switch out the sign for your regular "For Sale" sign.
Set the Mood
Right before your open house begins, do a final check of the rooms. Open up curtains and blinds to let the natural light come in. If it's a gray, rainy day, turn on all the lamps and lights throughout the house. Buy some freshly baked chocolate chip cookies at a local bakery, or prepare some yourself shortly before the open house. Once you clean up all vestiges of the baking process, only the plate of cookies and their delicious aroma remain. The fragrance should waft through the house, making it smell more homey. With the delectable scent and the warm, sweet cookies, you are appealing to all of your guests' senses and giving them a positive connection to the house.
Give Them Space
When the open house visitors arrive, limit your conversation to a few welcoming words. After all, they are here to see the home. Allow them the peace and space they need to wander through the rooms at will. An official showing with your realtor can come later, if they request it.
Make Information Available
Make information available for buyers to take home, along with copies of the termite inspection and pre-sale inspection if you have had those done. Provide information sheets that include key facts about the South Florida community in which the home is located. List some favorite nearby attractions and shopping areas, as well as schools, medical facilities, libraries, parks, and public transportation. On the same sheet, include a list of the house's best features, square footage, lot size, taxes, and other key information.If someone asks you a direct question, don't be negative about aspects of your home, but do be honest. For example, if an improvement is several years old, don't call it "new."
Get Their Feedback
When your visitors are leaving, ask them for feedback about the home. This will help you and the realtor gauge their level of interest and find out how you can better present the property. It also forces your guests to verbalize their impressions, which reinforces their memory of the house, hopefully in a positive way.Ideally, your open house will be full of potential buyers, or at least reasonably busy. When more prospective buyers are present, they start to look sideways at each other and feel the competitive heat rising. With this kind of energy going, you're more likely to get multiple offers right away.