How to Optimize Your Success in a Multiple Offer Situation

How are today’s buyers and sellers approaching multiple offer situations, and which approach is the most effective? Let’s discuss some common tactics.

Want to sell your Kansas City Home? Get a home value report here 

Want to buy a Kansas City home? Search all homes for sale here

Whenever a market is swayed to considerably favor either buyers or sellers, multiple offer situations tend to become more common. And when a listing meets certain additional criteria, like being aggressively priced, the likelihood that it will receive a high level of interest becomes even stronger.

With this in mind, what’s the best way for buyers to tackle such situations and what kinds of offers should sellers prioritize?

Back during the recession, sellers would choose a buyer based on which offer was “highest and best.” They would often also impose a deadline for a given offer, which put a lot of pressure on those looking to purchase the home. Having an expert advisor to guide you through scenarios like this was extremely valuable during that time and is actually still valuable today.

Although seller expectations have changed since the recession, most people who have listed their homes still hope to earn the best deal possible.

One common way today’s buyers navigate multiple offer situations is by including an escalation clause in the offer. An escalation clause allows buyers to surpass competing offers up to a certain dollar amount. This allows buyers who find themselves in a bidding war to retain the upper hand (within a particular threshold). 

“

Carefully reviewing all offers with the help of a real estate professional is the most effective way for sellers to achieve optimal price, terms, and conditions.

”

Sellers should also realize that price isn’t everything. Selecting the offer that is highest and best is not the best way to maximize equity. Independently negotiating with each buyer is a far better approach. Carefully reviewing all offers with the help of a real estate professional is the most effective way for sellers to achieve optimal price, terms, and conditions.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

Why an Auction May Be Your Best Bet to Sell a Unique Property

Selling a unique property isn’t the same as selling a conventional property, which is why an auction is a great way to sell them.

Want to sell your Kansas City Home? Get a home value report here 

Want to buy a Kansas City home? Search all homes for sale here

Over the years, I’ve been fortunate enough to have been involved in a lot of sales of unique properties. What’s the best way to sell a unique property, though?

First, you should know that every property will sell, but there are four main components of that sale that have to be dialed in:

• Location: Location is crucial to maximizing the value of a property.
• Condition: If a property is in good condition, it will sell.
• Marketing: A property has to be exposed to the total buyer pool who might be interested in it.
• Price: A home has to be priced correctly for what it is, where it is, and what condition it’s in.

That being said, one selling method that I’ve always found works extremely well with a unique property is an auction. This is because an auction brings together all the competing buyers in one place and bids the property’s price up to what the market says it’s worth.

“

An auction brings together all the competing buyers in one place and bids the property’s price up to what the market says it’s worth.

”

Think of it this way: If you inherited a rare, prized piece of art, you’d never think of putting a price tag on it and seeing if a buyer comes along to buy it. We sell a lot of conventional properties that way through normal marketing avenues, but not with unique properties. An auction isn’t the only way to sell a unique property, but it’s a way that can create maximum demand and maximum exposure in a time frame you can dictate.

If you’d rather sell a unique property through conventional marketing avenues, there are different strategies you need to take. Some of these strategies, for example, involve using social media platforms geared toward the type of buyers you want to attract.

If you have any more questions about selling unique properties or you have any other real estate needs I can assist you with, feel free to give me a call or shoot me an email. I’d be happy to help you.