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6 ways to create competition for your property

19th March 2021

We know that selling property quickly is the aim of many home movers but what if you want to sell for the highest price too? Here at quick sale agency Open Online, we have the winning formula for both.

Our expert negotiators can help create competition for your property, which encourages multiple offers and gets your sale off to a flying start. We’ll let you in on some of our trade secrets, with these 6 ways to maximize the chances of a bun fight over your property.

1. Use attractive pricing

You’ll want numerous buyers to have their head’s turned and that can be achieved with an attractive price – a figure not so high that it puts people off. As soon as more than one purchaser is interested, offers and counter offers should follow – especially if more than one party is keen.

2. Ensure your home is seen by the biggest audience

It's a simple probability – the more people who see your home for sale, the more chances of people wanting to make an offer. We sell property fast at Open Online by reaching the biggest online audience possible – achieved by submitting your property for sale to more than 20 international online portals, including Rightmove, Zoopla and Prime Location, as well as listing it on our own website.

3. Sell when supply is low

Coming to market when there are more purchasers than properties for sale will naturally create competition – and current conditions really favour sellers. New data released in March 2021 by Rightmove revealed buyer demand has reached record levels – especially with the stamp duty holiday extension.

4. Sell at an auction

If you want more than one person offering on your property, an auction is the most trusted route to a competitive scenario. Open Online’s remote property auctions are well advertised and well attended, and we often see multiple buyers vie with each other for the same property - pushing the sale price up from its guide in the process.

5. Hold an open house event

An open house event works on the premise that lots of potential buyers will view a property at the same time. Overheard conversations – a couple discussing if they’re going to make an offer or a potential purchaser asking the agent for a second viewing - does create an air of competition. If a buyer knows others are interested, they are more likely to make a quick offer and be prepared to increase it.

6. Request offers via ‘sealed bids’

If a buyer who loves your property knows there are other interested parties, they will not want to lose out – and they may be willing to pay more to fend off competition. Asking potential purchasers to submit their offer via a sealed bid – a figure written down, placed in an envelope that’s then sealed and passed to the agent – can encourage buyers to go with their maximum budget to ensure they beat rival offers.

Offers and beyond

‘Who deals with all the offers?’ is something we hear often at Open Online and we answer that, along with other frequently asked questions, on our FAQ page. Take a look but if you still need more information or want to discuss an express property sale, contact us today.

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