This is the first post in a multi-part series about bidding wars.
I’ve been on both sides of bidding wars hundreds of times through two insane seller’s markets. I’ve learned a ton and I’m always able to get my sellers the best price and terms, but I’ve also developed a near-perfect strategy for helping my buyers win.
Today I worked with a buyer’s agent who did a great job of with one of my tactics–being helpful, but not annoying to the listing agent.
I was helping my client who was about to get multiple offers on the home he was selling. The first offer came in at list price waiving everything. We had knowledge that an aggressively-priced all cash offer was coming in. Rule #1 is that we don’t count chickens until the eggs are hatched.
The first offer knew other offers would be coming in, but he wanted to protect how much his buyers would have to pay. So he stayed in very close contact all day, night and morning in a helpful, not annoying kind of way. Most of the time he gently sweetened the offer, all which served to keep us engaged.
When the cash offer came in, it was significantly higher. Normally this is a case closed situation where the cash offer wins and the other offer is rejected. However, the first offer was top of mind because he communicated so well that it was easy to give them a shot at bridging the gap.
It’s too early to share how this played out, but the takeaway for helping a buyer win a bidding war is to master the art of staying top of mind with the listing agent.