Blog: How Do Buyer's Get Their Offer Accepted In This Competitive Market?!

Buying a property can prove to be a very frustrating affair especially in these highly competitive times. Today I will be sharing some helpful tips for buyers looking to get their offers accepted in today's competitive housing market.

Connect with a professional property negotiator.
In my recent public speaking engagements for potential buyers, I emphasized the importance of having a real estate negotiator who is both professional and well-connected in the real estate industry. A REALTOR must be connected to his clients and to other REALTORS.  He must have a good reputation, be visible in the communities he serves, and be trusted by both buyers and sellers.

The state of the housing market today is extremely competitive, and attending open houses does not work as well as having someone qualified to negotiate on a buyer’s behalf. Finding properties for clients is no longer a REALTOR's main task. The job of your REALTOR is to write up an attractive offer, negotiate that offer with the seller's agent, come up with the best price and terms, and "babysit" the entire transaction from start to finish.

Learn to recognize when it becomes a seller's market.
Again, having an expert negotiator who is well-versed in the local housing market can greatly benefit a buyer. February and March are the best times to buy a house because of the amazing rates. By April, the market has statistically picked up 5 to 10 percent. Right now is still the best time to buy a house, but inventory is low. Beware of houses that linger on the market. These houses are usually overpriced, may have feng shui problems, it may be difficult to obtain a loan to purchase the property due to its condition, or the property may have a challenging layout.

Act quickly and make an informed offer.
Properties of great quality get an average 5 to 10 offers off the bat, and dozens of offers if priced right. Good properties in the San Gabriel Valley, for instance, tend to be gone in the span of just a week. This is why buyers need to act quickly to make a strong and educated offer.

I try to be upfront with buyers when recommending the kind of cash offers and the sort of financing involved, especially with stiff competition for a certain property. I advise them on the best offer to present to the seller in order to acquire the property, and trust me, you have to be creative in this market!

Personalize your offer with a letter and photos.
While the right cash offer typically seals the deal during property buying, I encourage buyers to add a personal touch. One of my tried-and-tested techniques involves encourage buyers to write a letter to the seller along with their best offer, and I ask them to describe why they like the property, (using descriptions like “I can picture raising my kids here”).  I also ask them to include a picture, (preferably a family one), with their letter and offer. Doing so puts a face and story to the buyer and makes a better impression as opposed to generic pitches. More often than not, sellers respond positively to those who submit personal letters and pictures. While the highest bidder is still likely to snag the deal among potential buyers, a small personal appeal could be enough to push your offer over the top.

This article brought to you from the mind of Ryan Asao * Not Just Another REALTOR. A Friend For LIFE!