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Ways to Win the Deal in a Multiple Bid Situation

March 05 2014

competitive marketIn today's hot market, many homes are receiving multiple offers within hours of the listing going live. If you want to be the one that gets the deal for your buyer, you are going to need to be more responsive than anyone else. Here are five ways to be that agent and get the house your clients want.

1. Always pick up the phone

When there's a home for sale that has multiple offers, time is of the essence. To be able to win the negotiation for your clients and get them the house of their dreams, always pick up the phone. You need to be extremely responsive to the seller's agent and to your client to make sure you answer everyone's questions quickly and tweak the offer as needed.

Believe it or not, the number one complaint from consumers is that agents are not responsive enough, so be sure you go out of your way to answer your phone live whenever possible.

2. Answer emails/texts in real-time

The same premise holds true for answering emails and texts. Consumers are anxious during multiple bidding situations and offers may need to change in minutes so be sure to stay "on deck" and stay close to all of the means by which the seller's agent and your client may contact you.

3. Have paperwork prepped, customer comfortable with buying/bidding process

Get as much of the paperwork for the transaction done in advance. Be sure your client is pre-qualified. There are so many cash offers out there today that will nearly always trump a financed offer, but having all of the pre-qualifications complete can certainly help. Make sure your clients are aware of the disclosures that they will need to read. Have a home inspector queued up and ready to go. If you're located in an escrow state, have the title company lined up. If you're in an attorney driven state, have that relationship worked out as well. Let everyone know that you are prepared to close quickly.

Electronic signatures can help, too. Have all of the documents that need to be signed, loaded up into an electronic signature program like DocuSign. NAR members are eligible for a special offer from them as a member benefit.

The more you can do to have your client prepped and ready to go, the more likely you may get the deal. Check with your MLS or brokerage and see if you have a transaction or document management system available to you. If so, take the time to set up your client in advance and be sure you have been trained on the system so you know how to use it and how to share it with your client.

If neither the MLS nor the broker offers document management currently, there are very affordable and easy to use programs available from Cartavi, Form Simplicity, Realty Commander, and more.

4. Buy them a home warranty they won't be worried about unexpected expenses

One of the dangers of the hot market we're experiencing right now is buyer's remorse. A client gets caught in the throes of a multiple bid situation and doesn't closely examine the house's flaws. They may even overlook some of the issues highlighted by the home inspector because they are simply so anxious to be successful at purchasing a home.

One smart way to ease this problem is to buy your client a home warranty. Having the home warranty will ease the burden if, in their haste, they missed a potential problem. Also, if they bought the home for a little more than they wanted to, they know they have a bit of a cushion if they need to replace an appliance or pay for an unexpected repair.

5. Find the personal connection that will help your offer break through

It goes without saying that the toughest part of a hot market is actually getting selected as the winning bid for a home. There can be intangibles involved. Sometimes, a couple that is retired now but raised their family in the home would like to see a nice young family occupy the home so they can feel good about "passing it on" to another family that will create great memories. Sometimes a personal connection with the current owners can help, too.

See if you can find out the hot buttons of the current owners and make your bid more meaningful.

Good luck with your client in this exciting time and seller's market!