Getting Multiple Offers and Winning With Them!!

Multiple offers can create excitement.....or anxiety! Typically sellers love getting multiple offers as they have more options to choose from. However, they still go through the rigorous examination of those offers with their unique terms and conditions, in order to make the best choice for their needs. Buyers typically feel angst competing with others for that dream home or cash flowing investment they long for. But some thrive on the thrilling race to the finish line. Here in Pittsburgh, PA we are seeing a lot of multiple offer situations. So how do sellers garnish multiple offers and how do buyers increase their chances of winning in those situations? By being market savvy and strategizing.

Sellers can create more excitement and interest primarily by pricing aggressively and competitively. Meaning: Price at or slightly below market value if you want to create a bidding war. It goes without saying, though I'll say it anyway, make sure your property is clean, decluttered and depersonalized. Yes we all love our family photos but they can also become a distraction as buyers want to envision themselves in "their" home not "yours". Sprucing up also means the outside. I've mentioned so many times that first impressions are huge, so make that curb appeal to them as well. Plopping a "For Sale" sign is not enough these days, especially where people are trying to social distance themselves and working/spending more time at home on their computers. So make sure your property has a social media presence bigger than the Kardashians. And I'm not just talking about having a few still pictures. Get a video recorded that portrays your home, or investment property, in the best light. Remember there is always competition out there and you want to stay ahead of it. Now with that said, investment properties have a whole different set of obstacles. Since, as investor sellers you may have tenants, you can't necessarily demand that people get to their floors with a scrub brush. But what you can do is communicate with your tenants the importance of congeniality and making their apartments available for a walk through. A potential investor may shy away from properties because of resistant, or even worse, combative tenants. Always remember, you are the current owner so define and convey rules, and if need be enforce them...of course within the legal limits of the law.

There are many more strategies to consider. Some have differences of opinion. Such as setting specific parameters to showing availability. We all know that if you don't show your property you probably won't sell it. However setting specific time frames for showings when listing it can actually increase the number of legitimately interested buyers. Whereas a very loose and open time frame could encourage a lot of "looky-loos". Now with that said, many others profess having a very open time frame for showing so that you don't miss out on any opportunity. Point here is to try something, and if it doesn't produce results, switch it up and try something else. Real estate marketing is not an exact science, but rather an art, so get creative for your buyers.

Multiple offers definitely create that "flight or fight" feeling with many buyers. In fact many buyers won't even bid if they know there are other offers. My feeling is why let that prevent you from getting something you really want? What's the worst that could happen by making an offer? You lose? Sure, but if you never get in the game you will never become a player, so "Just Do It". Thanks, Nike, But do it with a strategy. No low ball offers. I can't stress that enough. Everyone wants a bargain, but you don't have to go to the basement to get it. Bid it to Win it. Besides price, some of the other tips to make your offer more attractive, can include limiting contingencies, eliminating sellers assistance, increasing hand (earnest) money, flexibility on closing and considering doing a cash offer versus financing. Of course we all don't have the means to make an all cash offer. So then choose the right type of financing for you that can also appeal to a seller. And always, always, always be prepared to counteroffer.

Again, there is not exact science to raising a ruckus in order to generate market interest. But there are strategies you can implement to work towards that goal. Likewise, as buyers, there are things that you can do to increase your chances of winning in multiple offer situations.
So with multiple offers: Go Get 'em and Win 'em.