To say that a bidding war can be stressful for home hunters would be an understatement. As an agent, it’s your job to help your buyer clients navigate the process, which means ensuring they know their options and offering thoughtful advice based on your expertise. It’s not always easy, but approaching multiple-offer scenarios in the right way can greatly improve their chances of success!

Here are six tips you can use to help your clients in competitive buying situations…

 

1) Learn what the seller wants

Every seller is different. While it’s safe to say that price is usually the most important consideration, there are often other motivations in the mix. Some sellers (often those who are relocating) are looking for a quick and efficient closing. Others would happily take a cash offer over higher bids.

While respecting a seller’s privacy is crucial, learning what you can through conversations with their agent is often helpful. Your best bet is to ask friendly questions—and be authentic about it.

 

2) Help them make it clean (no conditions)

It’s no secret that clean offers appeal to sellers. That said, eliminating conditions isn’t the right decision for every buyer, which is why education is so crucial. By carefully laying out their options—and the potential pros and cons of each one—you can help ensure that your client makes a decision they won’t later regret.

While your buyer should know how valuable a clean offer can be in a seller’s eyes, they’ll likely also want to feel protected against worst-case scenarios. Make sure they’re aware of the precautions they can take if they remove their conditions (such as relying on a pre-listing inspection).

 

3) Consider offering an amount above the typical price break

Offer acceptance almost always hinges on money. Having said that, your buyer probably has a ceiling when it comes to price. While they should know the dangers of offering more than they can comfortably afford, there are steps they can take to make the amount they do put forth as attractive as possible.

One strategy to try is offering a sum that’s slightly above a typical price break. For example, if your client is planning to offer $1,250,000, bumping that number up to $1,252,900 could give them an edge over their closest competition.

 

4) Suggest including a certified deposit cheque or bank draft

We all know that in multiple-offer scenarios, time is often of the essence. One of the best ways to help your buyer show sellers they’re prepared—and ready to move quickly—is by encouraging them to include their deposit with their initial bid.

If your buyer has the means to make a cash offer, their best bet is to submit a copy of their certified deposit cheque along with it. Knowing that the finances are in order will help ensure that sellers feel confident about accepting an offer.

 

5) Present the offer in-person

Impressions matter. That’s why presenting your buyer’s offer in-person (instead of simply sending an email) could work to their benefit. While it may seem like a small thing, showing up may help ensure that your client’s bid stands out.

Of course, this step far from guarantees that their offer will be accepted. That said, every little thing can make a difference when buyers are in close competition. So show up, respect the seller’s time, and conduct yourself with the utmost professionalism! And be sure to adhere to any Covid-related precautions set into place.

 

6) Advise them to be ready

Last but not least, make sure your client knows when their offer will be presented, and to be ready to communicate with you 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 your job to ensure that they always know what comes next (and impress it upon them that acting decisively is key). At the offer presentation stage, their availability and willingness to respond quickly could make all the difference!

 

The truth is, many buyers are unaware of what it takes to compete in a multiple-offer scenario. By providing clarity, advice and expertise, your clients can put forth a compelling bid that serves their best interests!

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