5 Strategies to Make Your Offer Stand Out
How to beat your competition when making an offer.
The local Real estate market is once again experiencing low inventories with many buyers, often resulting in multiple bids and homes often going for above-asking price. But there is more to an offer than the price. What other methods do I deploy to make your offer stand out?
1. Relationships
Having prior dealings with real estate agents is more important that you may think. Agents that have worked together and have had a great experience will often influence their clients to choose that offer if everything else is the same. Having the confidence that the agents will be able to work through anything together can make the difference.
2. Be strong
Make strong offers. If you don’t want to pay more, then submit higher money deposits so the seller knows you’re the serious one out of the bunch. A seller when comparing offers will notice when one offer is putting down 30% and the other is only putting down 5%. This is an indication that you are a serious buyer.
3. Be Ready
Have everyone lined up and ready to go. Offering a quick closing will often mean a lot to the seller. Letting them know in advance that we have a fast attorney, great inspectors, and our lender ready to go shows that we are not messing around and want to close the deal ASAP!
4. Don’t be afraid to walk away
This may be your favorite home, but never but all of your eggs into one home. There are many reasons why your offer may or may not be accepted, so be ready to move on to the next home. Don’t worry, more will come. This is more relevant if you are not in a multiple offer situation as one of the best tactics when negotiating it to walk away. Sellers will often then be chasing you down.
5. Buy as-is
Be the easy buyer to work with. If you are throwing up red flags that you’ll be difficult in the process, try to re-trade, stall the closing, or just generally be a pain, most sellers and agents will shy away, no matter how much you offer. Price your offer as-is, and specify you will only pursue inspection issues that are structural or safety. Many sellers will be willing to take less money in exchange for a low hassle transaction they are sure will close on time. Then, live up to your impression, as you’ll want those agents or sellers to choose you again one day. The better your reputation, the more access you’ll gain, and the better prices you’ll get.