What is Speed Selling?
As the real estate market heats up, a new strategy is catching the attention of home sellers. It’s known as speed selling, and it’s a great way to way to generate multiple purchase offers in a short period of time. One house in Leawood recently generated 13 offers in one weekend, and sold for $30,000 over list price. While this may not be typical, it gives you an idea of just how effective this new strategy can be.
Here’s how it works:
- Once the home is in pitch-perfect condition--clean, decluttered, with any necessary repairs or updates completed--it’s entered into the MLS on a Friday morning.
- Showings are scheduled throughout the weekend, and offers are accepted until 5 p.m. Sunday.
Preparation is Key
Speed selling differs from traditional home selling techniques in a few ways. First, homeowners need to roll up their sleeves and get to work before the first prospective buyers walk through the door. Walls need to be painted? Carpets need replacing? Landscaping looking a little tired? We help our clients determine where their time, energy and dollars are best spent, and we have a list of referrals to help them get it done. With speed selling in particular, buyers should see a move-in ready home, not a to do list of things that need to be repaired or renovated.
Once everything is in place and the house is opened for scheduled appointments, the real power of speed selling kicks in. Typically, when a seller receives a purchase offer on a house, he must respond by a deadline set by the prospective buyer. With speed selling, the deadline is set by the seller, allowing time to compare multiple offers and to choose the best one. Because buyers know this, they are eager to make their offer as competitive as possible. If a house is priced realistically--and maybe even just below what it is actually worth--there’s a good chance sellers will walk away with even more than they asked for.
Speed selling may not work for every house, but it can be a powerful alternative to traditional methods, particularly in areas where inventory is low. Call us for a free market analysis to see if it can work for you.