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Ask the Expert: How Do You Capitalize on a Bidding War?

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Attractive Hispanic Female Real Estate Agent Handing Over New House Keys to Happy Couple.Today’s Ask the Expert column features Eric Eckardt, the Vice President, Direct to Broker for Hubzu.

Q: What are the top five ways to capitalize on your next bidding war?

A: Every agent dreams of a bidding war breaking out over their listings. Who wouldn’t want multiple buyers vying for a property and driving up offers in the process? Any real estate professional lucky enough to have lived this reality knows that by capitalizing on this opportunity, you can move inventory faster while building customer loyalty.

While market conditions create the foundation for bidding wars, you can capitalize on the current market to maximize profit and minimize the amount of time and effort it takes to manage listings.

Set Your Price
One of the easiest ways to draw attention to your listings is to work with your seller to set an appropriate starting price. A home priced higher than similar homes in the area is far less likely to receive numerous offers. Encouraging your seller to price a home close to its true value—or to slightly underprice it—ramps up interest and creates a sense of urgency.

Sell Online
By listing a home for sale online, you automatically expand your audience and can leverage targeted marketing capabilities to increase both the quality and quantity of offers.

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