How to attract more buyers this spring

Promoted by Openn.

The spring sales season has started – or has it started? For many agents, they are experiencing an increase in seller discounts, an increase in days on market and a decrease in the number of buyers competing for properties.

In a market characterized by falling real estate values ​​and rising interest rates, buyers are more uncertain, choosing to wait and see where prices and rates land before committing.

Social proof is essential to give buyers the assurance and confidence they need to make a competitive offer. This is why the transparency and timed imperative of an auction is often a popular option in cooler markets.

But with a traditional auction, there’s a nervous wait of 3-4 weeks to find out how many buyers will actually show up and bid. However, if you receive a pre-auction offer, you cannot know with certainty before accepting it whether the competition on the day of the auction would generate a higher result.

This dilemma is one of the main reasons agents choose to use Openn’s online auction tool, Openn Negotiation, in a changing market where pricing a property is more difficult.

Openn Negotiation is an online auction that starts from the moment the property is listed. This means that the agent can start accepting legally binding offers, digitally, from day one. As this is technically an auction, the current bid is revealed at all times, including on online portals such as Domain and

While the Openn platform supports all sales processes (tendering, private treaty, auctions), for agents who are struggling to get deals right now, Openn Negotiation can help rekindle the buyer interest.

3 Ways to Attract More Buyers in a Colder Market

1. Make buyer engagement easier

When buyers are scarce, you want to remove barriers to participation and create as large a pool of buyers as possible.

By incorporating a digital medium for accepting and reviewing bids/offers, it gives remote buyers, and those who don’t like the scrutiny of a public auction, more opportunities to engage.

While competing buyers in an Openn Negotiation sale are always subject to a non-cooling period, unlike a traditional auction, conditional buyers can participate (subject to seller approval).

With rising interest rates, many buyers are unable or unwilling to bid unconditionally, but are happy to bid subject to financing approval (or with other conditions attached). The flexibility of the Openn negotiation process means that if the agent and seller happily agree to the terms requested, the buyer can still be involved in the bidding process.

2. Remove Price Uncertainty

A price will attract or repel a buyer, which is why pricing a property is the most critical and stressful part of the listing process.

By running a transparent sales process with Openn Negotiation, it allows the market to decide the true value of the property, helping you avoid the pain of an overpriced ad and tense conversations about price cuts.

Any auction, advertised for about a week, will attract other buyers who may raise the main bid or put the agent in a position of confidence to advise their seller if they need to adjust their expectations.

3. Create social proof and trust

In a private treaty scenario where an agent informs the buyer that there is a competing offer, the buyer may assume this is a tactic to get them to increase their offer. Openn provides social proof, giving buyers confidence that there is interest in the property by allowing agents to be transparent about the number of buyers participating and the top price.

This makes it much easier to engage with buyers when asking for a price guide, you can simply say, “The current bid is $575,000 and the property could sell at any time. When are you available to inspect? »

Seeing real-time offers is the powerful match that ignites the certainty of demand for property and, like moths to a flame, attracts additional buyers.

Do you have a property that has been on the market longer than expected, with buyers or offers that are not meeting your sellers’ expectations? Discover in 15 minutes or less how Openn can help you get more requests and manage your suppliers, with a free demo. Book here.

How to attract more buyers this spring

Openn Blog Sep 22 xerdvj

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Last update: September 21, 2022

Posted: September 21, 2022

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