Experienced realtors will know very well what it’s like to have to think on your feet and be able to help clients navigate challenges without delay as they present themselves. Multiple offers on homes for sale may not be anywhere near the norm in rural areas of Canada (although that’s changing with some of them) but if you are a real estate agent working in one Canada’s big cities it’s about as commonplace as can be. If you’re one of them you know how surreal these scenarios can be, and you never to what extent they’re going to go to.
We’ve gone on at length here many time how being all-knowledgeable about the real estate business takes years, but the sooner you get to that point the sooner you’ll have established yourself as a preferred choice for people who want to buy or sell real estate. Clients will look to you for your expertise, and providing it to them and then having them reap the rewards of working with you goes the longest way possible in making a name for yourself in the business.
As with anything, you need to start at the start and that means generating clients in the first place. That can be challenging if you’re new to the business, but our online real estate lead generation system here at Real Estate Leads is an excellent way to hit the ground running in this business and bring clients into the fold with maximum efficiency. It’s all based on the power of Internet Marketing, and candidates are determined based on their responses to voluntary user polls.
But enough about that, and let’s get back to our focus here this week – helping clients come out on top and successful in buying a home when there’s multiple offers on it.
1. Play to Win & not to Lose
If you want to look behind the insane soaring of housing prices you’ll see that a primary reason for them is that the sellers are engaged in a numbers game. Putting lower listing prices in place means they’ll get more initial offers with higher values as buyers look to strike while the poker is hot. It’s true that bidding wars do usually push up prices well beyond the true market value of the home. As an agent, you should know an approximate ballpark value point based on market statistics and if you feel sure that the over-asking price is exceeding your client’s budget then you should retract their offer. If not, you’ll be just increasing the competitive drive. Let the market balance itself out.
2. Due Diligence is Best
You should also do what it takes to get complete information on the sellers. These are the types of questions you should try to answer:
- Who are they?
- How are they employed?
- Why are they selling?
- Where are they going?
The best way to obtain this seller information is to talk to the neighbours. An estimate is to be in touch with five or so surrounding houses. Do that and you’re almost sure to dig up valuable info about the house and the people who are selling it. Info that’s going to help you in the offer situation.
3. Compliment the Agent
All agents working together representing clients speak to each other, and you should know how to tailor your communications with them to further your clients’ interests. Tell them you want to bring an offer and you have a few questions. In advance of that take some time to learn something about the agent. They will almost certainly have some type of online profile that you can reference to know more about them.
It’s a good idea to compliment the agent first to start and then go into the seller info. The key is in building rapport, emotions and relationships.
4. Evaluate What Else Might be Included in the Offer
A common example here could be with furniture and belongings in the house, items that you might put in the offer where there might be benefit on behalf of the seller. This could make your offer stand out, and a good spot to try this is with sellers who you know are moving long distance or out of country.
5. Provide Deposit Cheque or Approval Letter with the Offer
Providing the seller’s agent with a non-refundable deposit cheque along with your offer will strengthen the offer. Including an approval letter with your offer is an option too. The aim here is to show your client’s financial freedom as well as show the seller (and their agent) how much your clients want the house.
6. Send Texts 15 minutes Before the Offer
Discourse with a seller’s agent can include letting them know you’ll text them in advance of the offer as a reminder. Say the offer presentation is at 5:00, then you’d text them at 4:45 and mention lightly that your clients like the home very much and then ask them what might improve their chances of winning it
7. Send a Letter or Video
It is wise to represent your client’s best interest by giving sellers an idea of just what type of person is going to be purchasing the home. Sending a short video of your clients talking about how much they love the house or showing their little kids in front of the house can go a long way in swaying the home sellers if there are multiple similar bids they’re considering.
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