Winning the bidding War - No Contest!

By
Managing Real Estate Broker with The K Company Realty
http://actvra.in/54hP

Winning the bidding War - No Contest! - Debbie Reynolds is offering a contest about hot market strategies and how to win the battle for your buyers. I have a few strategies, but I really like to think outside the box.

Strategy number one, which I did this weekend with a client - We had 10 homes on the list to view lastout of the box Saturday, price range was between $300-400K in a Denver suburb. This, like most markets was extremely hot, 3 of the homes went under contract while we were on the way to show them. We were now down to 7 and had to make some decisions. I beleive the average days on market is 4 in this area, and only because several agents are playing the "list on Friday showings start Saturday, all offers need to be in by noon on Monday and one will be selected by 5 PM Tuesday" game. The buyer understood the market as we had ventured out the previous two springs and he did not have any luck. He is a straight shooter and does not like playing the auction game.

We found a house he liked, I called the agent and asked what the seller needed, quick close, rent back etc., I had called the lender to let her know that we were shopping and we would need quick action on her end. I asked the listing agent what time frame the seller needed for a response and she said 24-48 hours. We asked if we were to bring a solid offer would they consider it today, she called back and said the seller would consider a quick response time on a solid offer. (we are in the middle of the transaction so I will not disclose details of the offer) We gave a 3 hour response time and we were under contract in 2.

The offer was clean and met all the sellers needs and we did not ask for any extra inclusions, just a good solid offer with a strong buyer and a very communicative lender. All three are keys to getting the deal done, Just because a seller says they want highest and best by a certain time does not mean they will not look at earlier deadlines.

againMy out of the box strategy -  and this is one In have done for 4 years now, if my buyers are not having any luck I scan the old expired's. I go back as far as our MLS allows (currently 6 and 1/2 years) and I research every home that fits my buyers needs to make sure it truly was expired. I then present the list to my buyers and tell them here is a handful of off market listings that I think you should take a serious look at, if anything appeals to you I will go to that house and present the seller with a proposal to purchase if they still have interest in selling, in that proposal will be a fair market value report, a letter form the buyers explaining why they want to live in this area, and let them know they can sell their house and close in 45 days and rent back for up to 60 days after, giving them 3 and 1/2 months to move out. This is a strategy that takes some time to research and a little cajone's to door knock, but it works and there is no competition and every now and then you also pick up another client.

 

Posted by

 

John Marshall -Fore!

Low-Maintenance Golf Course Living

I have been involved in the Golf Communities through-out Colorado for the past several years. As a contributing writer for Colorado Golf Magazine I write articles regarding new course development and their surrounding communities.

720-982-6322

"A good agent will learn to dance to the clients music, but a great agent will write the music that attracts the clients he wants to dance with." John J Marshall

If you are a new agent and finding the road more difficult than you thought, please send me a note and I would be happy to help.

I enjoy helping agents to find their niche!

 I am happy to help.

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Debbie Reynolds 04/29/2017 06:00 AM
Topic:
Home Buying
Groups:
Realtors®
Out Of The Box!
Real Estate Rookie
Realtor Referral Network
ActiveRain Contests
Tags:
out of the box thinking
house auctions
buyer wars

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Ambassador
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Dick Greenberg
New Paradigm Partners LLC - Fort Collins, CO
Northern Colorado Residential Real Estate

Hi John - I really like your out-of-the-box idea, and I'm sure Mary and I will give it a try - it makes a lot of sense, and just might work. Thanks!

Apr 26, 2017 04:53 PM #1
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Jeff Dowler
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude - Carlsbad

Hi John

Congrats on working through the issues you needed to in order to present the right offer and get under contract. I like your out of box idea and it's worth trying. I have also contacted homeowners in a particular area that buyers were interested in to see if we could generate interest.

Jeff

Apr 26, 2017 05:12 PM #2
Rainmaker
3,183,806
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Some times we need to try new things to get what we want or need for our clients

Apr 26, 2017 05:20 PM #3
Rainmaker
1,927,371
Myrl Jeffcoat
GreatWest Realty - Sacramento, CA
Greater Sacramento Real Estate Agent

Working expireds to find homes for your buyers is a good strategy, John.  I like it.

Apr 28, 2017 01:38 AM #4
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3,163,641
Debbie Reynolds
Berkshire Hathaway HomeServices PenFed Realty, Your Clarksville Real Estate Professional - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

You go out and find the listings and this makes it a cleaner deal. I like your straategies and knowing that they work, John.

Apr 28, 2017 08:21 PM #5
Rainmaker
371,876
Nathan Gesner
American West Realty & Management - Cody, WY
Broker / Property Manager

I had some clients that were looking for a long time and they just couldn't find what they wanted. I dug through expireds and found one they liked. We called the owners and learned they were still interested in selling. Three months later and the deal closed!

Apr 29, 2017 06:35 AM #6
Rainmaker
528,556
John Marshall - FORE!
The K Company Realty - Cherry Hills Village, CO
Specializing in Golf Course Properties

Nathan Gesner it is definitely an option - How is the market in Cody, beautiful place, I have friends that have a second home up there.

Apr 29, 2017 07:06 AM #7
Rainmaker
544,680
Kasey & John Boles
Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID
Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

Awesome.  I love your out of the box strategy.  That is really working for your buyer clients to scan expireds and see if you can get them a home with no competition if the seller will still consider selling.  Great job!  

I also appreciate that you called the agent asking if a shorter time frame for response would be considered with a solid offer.  That is respecting the agent and seller but also working to get your buyer an edge.  It can be frustrating as a listing agent and seller to get a contract with short response time, and sometimes there is a reason for the 24-48 hours requested, but if it has been discussed before the offer is submitted that can curb frustration and work to everyone's benefit.  -Kasey

Apr 29, 2017 09:47 AM #8
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Praful Thakkar
eXp Realty - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

John Marshall - FORE! - indeed this is a great way to get a win-win for everyone!

May 05, 2017 10:35 PM #9
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John Meussner
Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA, - Costa Mesa, CA
#MortgageMadeEasy Costa Mesa, CA 484-680-4852

Great job & definitely an outside the box approach that benefits your buyers.  

May 09, 2017 12:11 PM #10
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John Marshall - FORE!

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