Sell with Confidence
Read More
News

Dealing with competition while making an offer

By George Hadgelias

The quest for a dream home can be a bumpy road, with competition from fellow buyers being one of the biggest challenges.

Establishing whether to make an offer, formulating the price and preparing with due diligence are just some of the tasks buyers need to undertake. Dealing with the competition can be the hardest part for most people.

Even if an agent is willing and able to sell a property prior to auction, buyers should always be clear on the agent’s ‘rules’ for how they deal with competing buyers.

Every agency and every agent have their own unique way of handling competition. The three most well-known processes are: phone calls back and forth until the last person stands; Boardroom auction; Best and Highest (offers).

All three have their pros and cons, but some buyers prefer the transparency of an auction scenario, so if an agent’s method is the latter, buyers may want to think twice about triggering a sale before the auction.

Don’t ever rely on your relationship with your agent for a successful outcome, nor anticipate any special treatment.

Vendors expect that their agent will achieve the best result for them by offering all buyers an equal opportunity to fight for a property.

In a busy sellers’ market, buyers need to do their homework on their price limit before making an offer in preparation for facing competing buyers. Good luck!

Up to Date

Latest News

  • How to prepare your property for sale

    As they say, you only get one chance to make a first impression. And this undoubtedly rings true when it comes to the real estate market. For there’s no question that presenting a home to potential buyers in the best possible light at the first opportunity is key. So, before … Read more

    Read Full Post

  • Six ways to make moving home more eco-friendly

    Moving can be a stressful event for us humans, but have you thought about the stress moving places on the environment? The transition into new living quarters is usually an energy-intensive process involving lots of packing materials, vehicle miles and the disposal of unwanted goods. But there are eco-friendly options … Read more

    Read Full Post