Oh no! Global news dropped a blog post on one of my top secrets for buyers! This could end my career for helping buyer's in Toronto crazy real estate market. You can read the original article from Global news here
So the cat is out of the bag. One of my favourite tricks to win over seller's in crazy hot real estate markets is out.
So you're excited to buy your first property or maybe finally found your dream home. So exciting! You have taken all the appropriate steps and are ready to submit your offer. But bad news! There's another buyer and are now in a multiple bid situation. A bidding war! Oh no! This scenario is very common in Toronto's hot real estate market. Most buyer's have lost out to other buyer's stepping up to the plate and putting in a higher offer. Or have they?
This strategy has seen a lot of success in the Toronto real estate market. Buyer's have started to submit personal letters to the seller in hopes to win over the emotional side of the seller and maybe win the bid. Not only win the bid but maybe at a lower price? Sounds ridiculous right? Well you would be surprise as some seller's are all always concerned about final price being the main point in negotiations.
Many times price is only one aspect of an offer. This strategy works great when used at the right time. But won't ever hurt your offer. Works best when seller's have lived in the property for awhile. As buyer's try to connect with the seller on an emotional level of what they think about the great property and neighbourhood. How they see themselves raising a family and growing old in the property. Sounds like a sappy movie right? Well they can get very emotional that is for sure.
Now in the very competitive real estate market of over 50,000 real estate salespeople some buying agents have picked up on this very successful approach to hedge their clients offer to the good books of the seller. Telling their clients that this strategy works sometimes and more and more buyers are doing this.
With more and more buyer's continuing to do this, will this strategy continue to work for frustrated buyers? Or is this just another manipulated sales tactic used by real estate agents?