Motivating Buyers In A Slow Market



In the recent seller's market, buyers were at a major disadvantage. They had to make up their minds immediately and get offers in on properties as soon as possible. In some parts of the country, the mad rush led to properties not only receiving offers before they hit MLS, but actually closing on said offers before the ads came out. If you were a seller, it did not get much better than that!

Times have changed. Now buyers have the leverage in the real estate market. While many gurus will tell you this change is the result of interest rates, slowing demand and so on, it is really just a cycle. For the next few years, buyers will have the leverage. Eventually, things will flip and sellers will be back in power. In a nutshell, this is the real estate market.

If you are motivated to sell now, you are probably wondering how you can swipe some of the leverage back from buyers. There are a number of ways, but a few in particular will help you motivate potential buyers to act now and act quickly.

The first step to take has everything to do with showing your home. Simply put, you want to show it a maximum of one time a week. Ideally, you want to get as many potential buyers in the home at the same time as possible. If you can get three or four parties at the same time and they like your property, you should see some pretty quick action on the property.

A second step is to define your motivation for selling. The goal is to focus on the time you want to sell by, not so much the reason. A drop dead date can act as a motivator for buyers to take action. This is particularly true if you tell a group of buyers when they are at your viewing. When using this tactic, it is important to understand it can backfire. If you only have on interested buyer, they may serious low ball you because they know you need to sell by such and such date. You can either risk it and hold to the property if the offers are to low or simply avoid using this strategy.

In a buyer's market, the key to getting offers on your home is to motivate the buyers. These steps may just be the trick.