Navigating Multiple Offers – with Success!

In a market with limited inventory, many agents use "Coming Soon" marketing. This marketing is likely used ineffectively and may even operate in a manner that actually hurts their clients. If you want the highest sales price for your home, the worst thing you can do as a Seller is to allow early showings. The problem with an early offer is that you don't know if other buyers could be interested, so you might miss out on competing offers. Be wary of any impulse or recommendation to sell your property "off-market."

Don't fall for the "We're the Big Office..." line

Why limit yourself to a single showing or even showings from just one firm? Many agents who promote early showings seek to promote their own interest or those of their firm and co-workers. Early showings can lead to less desirable offers. Your home sale will benefit most from having many people see the home. Look to maximize the number of showings!

Concentrate demand for showings.

By utilizing a system that enhances viewings both online and in person to the first few days of marketing, we're able to engage numerous interested buyers. The end result? The possibility of multiple offers and potential for the best offer possible for you, the Seller. It's the approach that allows the marketplace to work.

Handling Multiple Offers

When we have received multiple offers or sense that we're likely to receive multiple offers, we will set a deadline for each buyer to submit their highest & best offer. We will follow these best practices:

  1. 1

    Set a deadline that allows a full weekend of showings.

    This ensures that all motivated buyers have had a chance to view the property. We generally recommend reviewing offers on Monday morning.

  2. 2

    Notify parties of multiple offers only when that information is requested.

    Buyers will often choose not to view homes that already have offers. We want as many buyers as possible to view your property. Set an environment that encourages buyers to take a look!

  3. 3

    Keep all specific details of any offer strictly confidential.

    If you allow buyers to bid against each other by small increments, you run a high risk that the winning buyer will terminate after they have "calmed down". By offering blindly, the buyers have a much higher likelihood of following through with their contract.

  4. 4

    Offer non-winning buyers the opportunity to submit a backup contract,

    which not only allows you to have a backup buyer in place, it may increase your leverage with the winning buyer during any negotiation for inspection repairs.