NEGOTIATION TECHNIQUE #3: Bring on the Bidding War
Did you know there is such a thing as a bidding war? This is usually a carefully crafted situation that can bring the bid on a home above the price the homeowner asked for in the first place. Allow me to explain. >THE PROCESS + + The first thing you do is to put your desirable home on the market. + + You ideally schedule an open house for just a few days later. + + As you put your home on the market, you also put in a disclaimer that you’re not going to entertain any bids made on said home until after the completion of the open house. You’re probably thinking this is ludicrous! How is going through all this trouble going to help you sell your home quickly, and for top dollar? You could be missing out on real bids! But there’s more to this story. Human nature will take over. We’ve just created a prime situation for competition to abound. Everyone who sees the home and loves it will want to make a bid. Some competitive players will bid just to see if they can win the prize! They’ll know from the start that you’re potentially getting offers from countless other people. You have just been set up to take multiple bids at once, and this gives you the freedom to go with the best one. Potential homeowners who really want your house for their own are going to start bidding high, and they might keep overbidding each other. In this type of situation—a bidding war—it isn’t uncommon at all for the seller to come away with more than their asking price. The reality is, you might get one bid out of the whole shebang. However, the bidder isn’t privy to that information. The fact they know they could be competing against other offers also works in your favor. They’ll try to make an offer better than everyone else’s, because they don’t have a clue that no one else is bidding. Who does the winner turn out to be? You!
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