What’s the difference between the buyers that are winning the bid whether it’s their first time or not versus those who are consistently being bid out time and time again?
If you want to win the bid, you need to listen to this video.
There are 3 different types of buyers:
1. Buyers that have excellent representation (the buyer’s agent) who is very honest, and clear with them about what is happening in the market, they are honest and clear about how they need to position themselves when it comes to making an offer on the property. This agent can give you a heartbeat of the market in an instant, this allows you to walk in and be confident and make a very sound and strong offer that can be appealing to the seller.
2. Buyers that are active and serious about getting the property, however, you are not winning the offers.
Here are some strategies you might want to look out for:
- Assess if the agent representing you a full-time agent? Do they understand the market? Can they show you exactly what is happening in the market in a quick graph? Can they show you exactly what to expect with your positioning? How honest are they with you about the strength of your offer? Are they clear when they write the offer? “Seller will want the best price, terms, and a buyer that will close”
- Look into the strategies of the buyers in set #1 on what they are doing to win an offer, and have an open mind.
- If you are constantly being beaten out in terms of price, you may strategize by looking out for properties that are maybe 10-20% below your maximum budget.
3. Buyers that are completely on the sidelines. These are buyers who are waiting for the market to crash, waiting for properties to be affordable, and hoping to get an amazing deal.
None of us can tell what is going to happen in the market. I can say that the velocity of the market and how quickly the properties sell all have to do with supply and demand. You can ask any agent about the current supply available. Months of supply determine how long it takes for the inventory to sell if no new inventory were introduced. It will take a while for the amount of supply to catch up with the demand.
If you feel like you are buyer type number 2, let’s talk about getting you to buyer type number 1. We can sit down and sketch out a really clear strategy so you can be buyer type number 1.
If you want information, and if you want to talk about strategy shoot me a message and let’s set up a time.
See you on the next video!