Tips for Sellers when Negotiating in a Hot Sellers’ Market

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With Bōde, you can complete the negotiation process with multiple offers straight from our online platform! As a seller, in this hot market you are completely in control. In order to most effectively negotiate the sale of your home to result in the best outcome, we have some tips to help get started!
 

1.   Set a date for reviewing all offers
A good way to handle a multiple offer negotiation is to communicate to all interested buyers that you will accept offers until a specific date and time. This gives all buyers an equal opportunity to submit offers and avoids you as the seller being cornered into accepting an offer than comes with an expiration – a tactic sometimes used by buyers to get their offer accepted. Having a specific time frame will often result in giving you the greatest opportunity to receive the best offer. To help you stay informed on setting a list price and determining which are fair offers, our market tools are a great resource to research. 

Browse Market DataSold Data and Comparables.

2.    Look at more than the price

Selling your home for the highest value is about more than just price. For some sellers a quick or delayed possession is highly important, having a secure offer without conditions is also worth a lot, as is flexibility from the buyer. As a seller, you must determine what is the most important to you and what will help the process of selling your home be as smooth as possible while still delivering the best possible outcome. It’s a balancing act that is completely different and personal to each seller.

3.   Be empowered to counter with transparency

As a self-represented seller you should feel empowered to share as much information as you like with potential buyers. This could mean having a very transparent conversation when countering an offer and letting a buyer know what it will take to get their offer accepted.

4.   Establish back ups

In case of something going wrong with the offer you choose to accept, having a back-up offer is a great strategy. In a multiple offer situation, you can keep other offers on the table (if the buyer is willing) by accepting them as a back up. The most crucial part of any back up offer is the inclusion of the seller’s condition The acceptance of this offer is subject to the collapse of the already accepted offer collapsing. This protects you as a seller from accidentally agreeing to sell your home to two people, while also ensures that you have plan B should your initial offer fall through. Sometimes back up offers may actually be better than your original offer. Regardless of this, you are legally obligated to follow the order in which you accepted the offers.

When continuing to show your home after accepting an offer, you will have a choice on how you want to disclose that sale:

1. Remain Active

This option results in no change. Active does not notify anyone (the public or agents) that a conditional sale is in place. The status only changes when the deal is firm. As these statuses are a matter of permanent record on MLS, some sellers like to choose this option. A listing that goes Pending and then back to Active has the potential of being a red flag to a buyer. It will be up to you to decide when to make the disclosure. The most common times would be when a viewing is requested or when specifically asked. Of course, if another offer were to be received, you would want to ensure it was only accepted subject to the collapse of the already accepted offer.

If you do choose to keep your property active on the system, it is important to understand that you will still be expected to accommodate viewing requests when provided 24 hours notice per the Board’s MLS Rules.

2. Change to Pending

This option pulls the listing from Realtor.ca and all other listing platforms that we push to. It shows as ‘pending sale’ on Bōde.

Given the state of the market, most of our sellers are opting to keep a listing as ‘active’ until conditions are removed. This allows them to identify potential purchasers and tends to keep a bit of pressure on the existing purchaser.

So... How Do I use Bōde to manage my offers?

When you receive offers through the Bōde platform, you will be able to compare each offer.

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