Friday, February 12, 2010
Creating urgency & buyer demand
One of the things missing in today's market is a sense of urgency for buyers to act. Sure the government tax incentive is helping a little and I'm sure we'll see things pick up a little more before we reach that deadline, but then what?
Remember the days of multiple offers and offers that went above listing price? That sure was a lot more fun.
In talking with a RE/MAX broker this week, he shared with me an interesting observation... Whenever one of his short-sale listings goes under contract, or if he temporarily takes a listing off the market, then he gets several calls from other agents who want to know what happen or who have a buyer who wants to write a contract on a short-sale. These status changes are creating a sense of urgency for buyers.
So, is there a better way to create a sense of urgency and demand for a listing?
Yes, there definitely is and I've seen it work many times. It's online bidding and it involves taking a listing and marketing it in a non-traditional way. Marketing it in a way that sets scheduled open house previews with no other access (gets all the buyers in at the same time), setting a limited time for buyers to make an offer (usually 2 weeks or less), open competitive bidding so all buyers know the highest offer at all times and providing an interactive engaging online bidding experience.
If this concept is new to you, it's a lot easier than you would expect and think of the control it gives you and the seller. You now have a solution for someone who needs to sell quickly.
If you're interested in learning how you can use this strategy in your market, RSVP for our next webinar.
It will open your eyes to a whole new world of possibilities!