When your buyers find themselves competing to buy the perfect property, you need strategies that will help you win in multiple offer situations. It’s an emotional situation, and you don’t want your buyers to miss out on a home that they love, so you need to craft an offer that stands out from all the others.
Jimmy Burgess, Chief Growth Officer of the Berkshire Hathaway Home Services Beach Properties of Florida, shares how you can navigate this emotional situation, and help your buyers land at the front of the pack.
How to make your offer stand out
- Find out what the sellers need.
Call the listing agent and ask what would take some pressure off of the sellers. An extra week to vacate? The opportunity to lease the house back after closing? Make the situation as attractive as possible to the seller.
- Put your best offer forward right out of the gate.
Some buyers focus on keeping some negotiating power so they have room to move up during the process, but the truth is you’ve got one shot at this. Make sure you have the best terms possible and you’ve removed as many contingencies as possible.
Put the offer forward so that, if you don’t win, your buyer will know this wasn’t the right place.
- Put up more earnest money.
You’re going to have to provide earnest money either way; show that you’re serious about buying this place. Demonstrate to the buyer that you’re not holding anything back.
- Try to be the first offer they see.
Sometimes if sellers get multiple offers, it’s difficult to keep them separate, but they usually remember the first one.
- Submit an emotional letter about why this house is perfect for the buyer.
Sometimes transactions get bogged down in numbers, but a letter that tells the story of the family and why this house is so perfect for them provides an emotional tie. It gives you a chance to be recognized and look different from the other buyers.
You must put your best foot forward. Be ready when the opportunity comes, and differentiate your offer from the others. There’s no guarantee you’ll win in multiple offer situations, but you’ll increase your chances.
“How to Win in Multiple Offer Situations” episode resources
If you like what you heard today, we’d love it if you’d share a rating or review, and then subscribe to the podcast and tell others about it as well. You can find The Real Estate Sales Podcast on Apple Podcasts, Google Podcasts, Spotify, and Stitcher, as well as at our website, The Real Estate Sales Podcast.