Negotiating the sale of a home or rental can be tricky. People put a lot of emotional value into their home and it can be difficult to negotiate directly with a buyer or seller. Platinum Properties agents negotiate thousands of deals per year, and we make sure our agents have all the tools they need to negotiate winning bids for their clients.
Additionally, in this market, many properties are receiving multiple offers. A seller can reject an offer for almost any reason, so it is beneficial to have a Realtor on your side to advocate for you against the competition or to smooth things over if the deal takes a turn.
A few of our Platinum Properties agents have provided tips, tricks, and stories to navigating a competitive market and bidding war scenarios.
What’s your best advice on winning a bidding war?
Reagan Consalo: Apply for and submit your documents before you even see a rental property in person! This sounds crazy but those are the people I’ve seen win the bidding wars. Their application and paperwork is already submitted so all they have to worry about is responding with their offer when the time comes, and they will be considered first since the rest of their requirements are already complete.
Have you seen more competition in the market lately? Why do you think things are picking up?
Rachel Schwarz: I have absolutely seen more competition in the market over the last two-to-three months, compared to this last spring and winter. As New York City reopens, colleges are allowing students back in person, more companies are going back to their offices and people need a place to live, and they want to move ASAP. I’ve had clients who were informed they needed to be back in the office and needed to move sooner rather than later. No matter the situation, people are coming back to New York at a rate that couldn’t have been predicted.
Tell us about a recent real-life bidding war you won:
Reagan: The client applied before seeing the apartment – it was a one-bedroom in the West Village. They couldn’t make it to the open house and raised their offer without seeing the apartment first because they just loved the location and could tell from the pictures/video that it was what they were looking for. They had everything submitted, put in an offer over asking, and after their app was approved they finally saw it in person and signed the lease.
Chimere Meerschman: There was a property on Park Avenue listed at $399,000 and my clients offered $375,000. Then another offer came in at $380,000. When the other party realized my clients had submitted an offer, both parties wanted to negotiate to win. So, we both came back at $385,000 and then my clients offered $395,001 to win the bid. It was a lot more than they wanted to spend, but it was better than losing out on the home!
Whether you’re looking to secure a rental, or purchase a property, a Platinum Properties agent can help you make your real estate goals a reality. Message us with any other questions you have about the real estate market, how to submit an offer or to get your search started!
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