I’m joined today by Robert Johnson, the president of our company, to help me discuss something that a lot of home sellers in the market are unprepared for—how to handle bidding wars. This is one of the biggest challenges in the market right now.
It’s no secret that we have low inventory. A lot of homes in the mid-level price range are seeing fiercely waged bidding wars. Many sellers aren’t ready to deal with this, since often these bidding wars lead to their home selling quicker than they expected.
What do sellers need to know about handling bidding wars and how to process all the offers being thrown at them?
No matter what advice real estate agents give, it will always be the client’s call. Even though some think that a bidding war is a great problem to have, you still need to understand how to navigate that situation and how to trust your team to help you select the best offer. On that note, it’s important to remember that, sometimes, the best offer isn’t always the best price; it might be the one with the best terms that fit your end goal.
No matter what advice real estate agent’s give, it will always be the client’s call.
As agents, one of the things we do to help clients make a good decision is to look for the highest and best among the offers received, and to give the offers a chance to come back with their absolute best shot, given the seller’s needs. There are always risks involved with this ‘highest and best’ approach, so discuss these with your agent.
I’ve seen agents make the mistake of sitting in the driver’s seat of the transaction. The seller needs to be involved because a lot of times, the buyer and their agent assume the highest and best offer is just a matter of price or of how quickly they can get to close. The seller might want a longer closing, or to lease the property back—you really never know.
In instances where there are 40 or more offers, a seller can’t be expected to have a conversation with every one of those agents. Sometimes those agents will get angry about not hearing a response to a question they asked, but we can’t do their jobs for them; we just have to present everything to our client and let them decide what they want to do.
That said, for this to work, sellers should be honest with their agent about their goal, whether it be about money, time, or connections.
If you’re thinking about selling your home, reach out to us. One of the great agents on our team will give you the best advice on how to accomplish your real estate goals.
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