How To Compete In a Bidding War and Win!
Wednesday Feb 17th, 2021
So you’ve found yourself in a market full of bidding wars. What now?
You’ve been hearing stories for years about bidding wars in the Toronto real estate market. Everyone has a story…and like a fisherman with his tall tales, each one seems more and more unbelievable.
But I’m here to give it to you straight; these stories aren’t just click bait. Take it from a realtor who has been fielding offers from multiple buyers on homes in the wee small hours of the morning. This market is truly a seller’s market and handling multiple bids is practically inevitable.
Being involved in a bidding war can be stressful for buyers. As your realtor, it’s my job to help you navigate the process and make sure that you know your options. My training and skills as a negotiator mean I’m prepared to offer thoughtful advice that can greatly improve your chances of success!
What are some concrete ways you can prepare to bid and win?
Learn what the seller wants
We can safely assume that a high price is probably the most important thing on a seller’s wish list. But there are often other items that motivate a seller as well. Some would prefer cash over a high bid.
Some sellers require a quick and efficient closing, and not all buyers are equipped to provide that. I’ve even encountered sellers who want to make sure that someone who appreciates their heritage home
moves in, price sometimes taking a back seat.
Keep it clean!
Eliminating conditions isn’t the right decision for every buyer, which is why education is so crucial. While a clean offer can be gold in a seller’s eyes, you will need to be protected against worst-case scenarios.
I can help you put precautions in place if you remove the conditions (such as relying on a pre-listing inspection).
A bank draft is sometimes worth its weight in gold
We all know that in multiple-offer scenarios, time is often of the essence. One of the best ways to help show sellers that you’re prepared—and ready to move quickly—is by including a deposit with your first
bid. Knowing that your finances are in order and you are serious about the offer will help ensure that sellers feel confident about accepting an offer.
Present the offer in-person
First impressions matter. That’s why presenting your offer in-person (instead of simply sending an email) could work to your benefit when possible. While it may seem like a small thing, showing up (and respecting
the seller’s time) may help ensure that your bid stands out.
Be available and on call
I always make sure my clients know when their offer will be made, and ask for them to be ready to communicate with me during that time period.
The pace of a multiple-offer scenario—and the speed at which decisions must be made—can feel overwhelming for many buyers. It’s part of my job to ensure that you always know what comes next
and when we need to move quickly!
I treat every transaction like my buyers and I are in it together…because we are!
Want to know more about what it takes to compete in today’s hot market? Please feel free to reach out. I’m always available to “talk shop” and help you make sense out of what can feel like a turbulent time.