One of the biggest pain points around for property buyers is that feeling of rejection and missing out.
You’ve decided to buy a property, whether it be a home to live in or an investment property. Your search starts out exciting and you’re keen to get out there and look at houses.
Saturday mornings become a ritual of open house inspections with coffee breaks in between and you start meeting a few local real estate agents. Some you like and others, well, you can’t believe they’ve lasted in real estate because they instantly come across as an A-hole!
“I would never buy a house off that guy!” How can he be in real estate?!
But the search soon goes south because after a little while of house hunting, week in week out, you start to get the sh*ts with it all.
Frustration sets in because you just can’t seem to find exactly what you’re looking for, and when you do, you’re in a sea of other buyers in what the agent calls a “multi-offer” where you’re basically one of several buyers in a queue to buy the place.
Negotiation power? What negotiation power? That’s gone.
But is it?
This is the scenario I see play out time and time again for buyers and it’s often at this point that you’ll make the phone to call to me or some other Buyer’s Agent in the hope of a resolution to it all.
After a few goes of missing out, you wonder what you can do to get ahead of all these other buyers who seem to be your greatest competition in the race to secure a place.
Why are the sellers choosing to go with the other buyer, instead of you?
This question begins to play on you, and I can tell you right now, here’s the reasons why.
It will be either one of these three…
- The selling agent doesn’t trust that you are the “right” buyer for the property.
Ultimately, they see you as a risk of some sort and are nervous you’ll pull the pin on the deal in the cooling off or conditional stages. If this happens, they will have to try to sell the property all over again and have that awkward conversation with the seller about why the deal fell through.
- You don’t have enough money to buy the property.
Your budget is just too lean for the type of property you’re looking to secure and so the offers you are making are not enough to get a potential deal across the line. Essentially, you’re unrealistic when it comes to your expectations about price and what the types of homes you like are in fact worth.
- Someone else presented a better case than you.
Another buyer was able to position their contract in a way that was more attractive to the seller. (This is something I love doing for my clients.) It might have been the other buyer was able to offer a cash purchase and waive the cooling off period, or perhaps they agreed to give the sellers a longer settlement term because this is what the sellers needed. Either way, you lost out because you weren’t the best “pick” for the seller. They had better options elsewhere.
All harsh, but true.