As parents, you’ll never hear us advocating for being a bully. As real estate agents, though, and when it comes to Toronto’s spring market – it has its place. In fact, one of the key strategies to securing your dream home is what we call a “pre-emptive offer” (or, a “bully offer”).
If done correctly, a bully offer can beat the competition and get you in the front door – or, it can cost you the perfect place. Let’s dive into what you need to know, and how we can help, when it comes to throwing your weight around and making a bully offer in time for spring…
What is a Bully Offer?
A bully offer is one that’s submitted before the scheduled offer date (typically 6-7 days after a house hits MLS). If the seller decides that they like what they see, the listing agent notifies all the agents who have shown the house to give them an opportunity to submit their own offers, essentially moving up the original offer date.
What makes a bully offer a strong tactic? When done properly, there’s a big element of surprise to reduce potential competition and increase your chances of securing your dream home. Basically, you try to bully your way to a win!
Building the Perfect Bully Offer
Bully offers are tricky because they involve timing, strategy, and skill. Here are just some of the things you should consider when putting one together, and why partnering with the right agent can keep you from getting bullied back:
Get On Collab
Bully offers are all about making the first move! That’s why you need to see homes the moment they reach the market. Collab is a platform which grants you instant access to homes, as soon as they’re on MLS, to keep you in the loop. Seeing a house first gets you ahead of the curve and on track to make a bully offer.
Timing Is Everything
A bully offer should be submitted quickly, usually within the first 2-3 days of a home being listed. Essentially, more days on the market means more showings and a more confident seller who may just sit around and wait for the scheduled offer date.
No, Really, It Is…
It’s not just about striking first, you even need to be choosey with the time of day to submit your offer. Whether morning or evening, your agent needs to be strategic, but respectful to the seller. Limiting the potential for competing offers is your ultimate goal.
Get Your Ducks In A Row
It’s a general rule in life: never come to a party empty-handed, and the same applies for homes! Ask for everything ahead of time: financing, deposits, home inspections, and more. Review the neighbourhood data or book a second or third showing to get the answers you need – just because you’re playing the bully doesn’t mean you can’t do your homework!
Make an Offer They Can’t Refuse
Make no mistake about it: your pre-emptive offer needs to be a good one. We’re talking really, really good. Good enough that the seller will question whether they might see that offer again. Bully offers are not about making deals, they’re about beating the competition and getting a higher chance of securing the home you’ve always wanted. Make it count!
Spread the Love
We guess that with all this talk about bullies, one of the most important elements often gets lost: being nice! Compliment the listing, thank them for their help, and remember that this is a cooperation not a confrontation. In coordination with your agent, use strategic questioning to see if you can find out any intel about the seller and their direction regarding offers – and do it with a smile!
The Truth About Bully Offers
Submitting a bully offer does not always mean you will get the house. There is a chance that submitting a bully offer will simply accelerate the offer night and you may not come out as the winner.
When done properly, though, a bully offer can get you closer to a decision (and closer to potentially closing the deal in your favour).
Need to know more about bully offers and how to best navigate Toronto’s daring spring market? Work with agents who can give you the low down and the local insight you need to make informed decisions. Reach out today to get Nested.