How buyers can make the best offer on property

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Many buyers think that offering the highest price is the key to securing a property, but experienced buyers know that vendors have different motivations for selling aside from money.

“We have found over time that there are three primary drivers for sellers. Each person will have different priorities but the three main things are price, privacy, and timing,” said Meighan Hetherington, principal of Property Pursuit.

Those who value privacy either do not want nosy neighbours or do not want everyone to know that they have a personal situation forcing the sale.

“If someone is very high on privacy, then sometimes getting in and doing things very quietly is going to be more attractive to them than if the agent suggests an auction campaign, with open houses, that might be quite frightening,” said Hetherington.

For vendors who are selling their property but has not yet bought another property to live in yet, timing is essential. Buyers should consider offering a rent-back in order to allow vendors to still stay in the property after the settlement.

“Sometimes sellers actually want a delayed settlement because they haven’t found anything else yet or they might even want a rent-back for six months,” said Zoran Solano of Hot Property Buyers Agency.

Offering an unusual number might also help.

“Don’t put $550,000 or $555,000. Go $556,500 or something like that because there have been numerous times where I have secured property for $1,000, $2,000, or $2,500 more, which is a really small, insignificant number in the scheme of it,” said Solano.
 

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