Strategies Sellers NEED To Know In Real Estate Bidding Wars – Vancouver Real Estate – Gary Wong


[Intro music playing] Navigating a bidding war if you are a seller Number 1
Strategic Pricing Obviously don’t over price your home. um, you could price it–
There’s a few different strategy: price it low,
price it at market value, price it high,
or price it a tiny bit below market value In this market, most sellers are pricing a
little bit below market value to generate a high number of bids. So, uh, definitely you have to be careful
how to price your home. Just because it’s a sellers’ market doesn’t
mean you can just like slap the ad on. And nonetheless then it won’t sell. You have to still have to market it
You still have to write a good sales copy. A good description for your listing. You still need to do high quality photography,
videography if needed, floor plans– all that stuff. ‘Coz, um, it’s still–
It’s still about, um, the first impression. We want to do a first—like, you wanna do
an open house. You wanna impress the buyers. And then you wanna get as much as interest
and that kind of thing. So Create Boxing Day Frenzy
Very typical and common in this market. Even in a balanced market,
a lot of people use this strategy. They, uh, they have one open house, uh
They list the mark– They list the property on the market on Tuesday
and then they– it shows up on the public MLS on Thursday
and then open up Saturday, Sunday. Then people take offers on Sunday nigh
or take offers on Monday. So they wanna create the boxing day frenzy
where you’d go into the open house and they’re [indiscernible]
so then you feel like that there’s a competition a frenzy
that kind of thing. so that’s called the Boxing Day Frenzy
Set Offer Date and Time which I mentioned. Once again, let your realtor play the game. So the selling– the listing agent has got
to play the game and solicit. If I were the listing agent, I would try to
solicit all the offers and not just the top 5. And I’ll try to get over it all, like, all
ten of them. And, like, ‘oh you know you’re pretty close,
you just got to move up a little bit.’ Then, you know,
play the game and try to get the best price for yourself. Thanks guys for watching my video. Please subscribe and share with your friends. Email me if you have any more questions. Thank you.

Leave a Reply