Today, I want to talk about how to win a multiple bid situation in the Sun Coast area.
When we train new agents, the biggest complaint we receive is that they don’t know how to win a multiple offer situation. As a local real estate professional, I have some insight and tips to succeed in this type of situation.
How does this concept relate to ham? Let’s see if you remember this story. A daughter asks her mother why she slices ham a specific way. “Your grandmother did it like this,” her mom explains. The daughter visits her grandmother and inquires about it. “Your great grandmother did it like this,” she says. It becomes a recurring cycle, and everyone was cutting ham this way because it’s all they’ve ever known. That’s the case with bidding wars.
Remember your ethics class? I think there’s relevant information taught there that can be used in bidding wars. If you’re making an offer on a home with multiple bids already, you may have heard, “Give me your highest and best.” I can’t stand that. The reality is, you’re bidding against everybody else, not yourself. And if you inquire about other offers, sellers will say they can’t tell you about them. That’s just not true. That’s the ham here; they’re recycling a phrase they’ve heard forever.
According to Ethics and Standards Practice 1-13, the seller or seller’s representatives may not treat existing terms, conditions, or offers as confidential. These rules explain explicitly your offer isn’t secretive! They’re allowed to tell other people.
Sellers can benefit from disclosing other offers, so buyers can bid against them. If you’re on the buyer’s side of this, ask the listing agent about the highest offer. They are allowed to tell you. Your client might not be able to top or beat it, but at least you’ll know! You’re armed with important information to prepare the best offer your buyer possibly can submit.
If you have questions about this topic or anything else related to real estate, reach out by phone or email. I’d be happy to help you!
