If you’ve been following this short series, you’ll have read about how to price your property, and how to market it so that the maximum number of buyers:
- Find it online, and
- Are attracted to inspect it
If the pricing and marketing have been handled properly, the first one or two open inspections should be crowded affairs, with lots of interest in the property.
Now the final component of the marketing comes into play.
Have your agent market the property on a Letter of Offer (also sometimes known as “Expressions of Interest”) basis, with a near-term deadline for offers (no more than about 2 weeks). Your agent should be able to collect enough offers for you to select the one that best fits your situation – highest price, best terms & conditions etc.
The perceived high level of interest (crowded opens) will encourage buyers to make their highest & best offers, thus enabling you to obtain a price that might be even higher than you expected.