It’s no secret that Toronto is known for real estate bidding wars. While that’s good news for prospective sellers, dealing with multiple offers can still be stressful. Fortunately, with a bit of knowledge and some help from the right local expert, you can help ensure that you make the most of a good situation.
If you’re a seller, here are a few tips for navigating a multiple-offer scenario:
1) Know your options
When you’re weighing competing bids, there are a few different routes you can take. You can accept the most impressive offer, ask everyone to make their best bid, negotiate with one buyer and reject the rest, or counter one offer and circle back to the others later, if need be. You also don’t have to accept any of the offers at all.
No matter your strategy, there are bound to be intricacies involved. Fortunately, a skilled agent can help you weigh the pros and cons of each potential course of action before you decide. To find someone truly helpful, start by looking into the best real estate companies in Toronto, and reading up on the professionals who make them so successful.
2) Consider all elements of every offer
As a seller in a hot market, you have the upper hand. There’s no need to limit your advantages by focusing solely on price. While there’s a good chance that money will be the primary motivating factor (at least, it is for most sellers), you should also consider the other elements of each offer you receive.
Beyond dollars and cents, what would make your life easier when you sell? Is it a flexible move-out date? Perhaps it’s a smooth process, free from the hassle of having to fulfill home-buying conditions. Knowing the answer can help you make a decision when two buyers are offering very similar amounts of money.
3) Think carefully about the bully
Are you thinking of setting an offer date? Stating that you’ll only review bids submitted on a specific day and time could generate more interest in your property. Of course, there’s always a chance that one (or more) buyers will disregard your instructions and make their bid early (this is what’s known as a bully offer).
The decision to look at a bully—or not—is yours to make. If you’d like to avoid temptation, you can ask your agent to withhold any preemptive bids that come in until the designated night. That said, there are a few factors (such as the number of showings you’ve already held) that may make you think twice before completely forgoing this type of offer.
4) Lean on your listing agent
When the offers come pouring in, things can quickly become overwhelming. That’s when a skilled real estate professional can really come in handy. An agent with the right expertise can help you navigate tricky situations—like handling bully-offers or weighing the risks of various negotiation strategies.
It’s important to remember that your listing agent is obligated to act in your best interests. Not only that, but if they’re experienced, they’ll know the ins and outs of any scenario you encounter. In other words: once you’ve chosen someone who’s truly qualified for the job so you can rely on them at every turn.
5) Find the best real estate company in Toronto
As mentioned above, working with the right listing agent is one of the keys to making the right decision in a multiple-offer scenario. The first step is doing your homework, which means hopping online to search for the best real estate companies in Toronto.
Once you’ve found a brokerage capable of meeting your needs, read up on team members who could be a good match for you. From there, it’s a matter of reaching out and asking the right questions. One of the most critical queries will be how they’ve successfully navigated multiple-offer scenarios in the past—and what they’ll do to help you make the most of your position!
Looking for the best real estate company to meet your needs in Toronto? Come see what the agents at Harvey Kalles have to offer!
