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

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Automate and Manage
In hot markets such as California, a bidding war is almost a foregone conclusion. In these locations, it’s most important for agents and brokers to effectively manage sales and maximize profit. Hubzu’s online marketplace automates the entire offer process, allowing agents to spend more time with their clients. Rather than manually fielding offers, Hubzu places everything online. In fact, a comprehensive dashboard displays the status of all your listings, along with a real-time summary of each offer and action item.

Fuel the Competition
Creating competition among interested buyers is a highly effective way to increase the intensity of a bidding war. One way to create competition is to host a joint open house with agents and private brokers immediately after you list the home to create an air of exclusivity. Additionally, state on the MLS that no offers will be considered until a pre-determined date to build a sense of anticipation. Listing a home for online auction is chief among competition strategies. By their very nature, auctions pit buyers against one another, creating a sense of urgency and excitement.

Remember Social Media
Social media plays a vital role in how listings are marketed. Start by using an enterprise social media platform to promote your listings. There are also several mobile apps that push video and images through your own social channels. Linking your listings to Facebook, Twitter and Google+ is also a great way to broaden exposure and attract multiple buyers.

For more information, visit www.hubzu.com.

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