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

  • 5 reasons why landlord’s insurance is a cost you won’t regret

    Do I really need landlord’s insurance, or can I save by not shelling out for it? It’s a question that’s probably crossed every property investor’s mind at some point. The answer? A resounding yes. “It’s a must for all property investors,” says Michelle Valentic of Advantage Property Consulting. “It’s only a … Read more

    Read Full Post

  • How to survive a rent rise

    It’s the news no tenant wants to hear: the rent is going up. But while no one wants to fork out more cash than necessary, it is possible to survive a rent rise – using a healthy dose of realism and some planning. Belinda White, who runs The Fierce Girl’s Guide … Read more

    Read Full Post