Mastering Multiple Offers

In today’s competitive real estate market, especially in high-demand areas like the Brisbane, it’s common for buyers to find themselves in multiple offer situations.

As exciting as it is to find a property you love, the pressure of competing against other buyers can be overwhelming. The key to success is preparation, strategy, and staying calm under pressure. Here’s how you can navigate multiple offer scenarios with confidence.

1. Get Your finances in order

In a multiple offer situation, there’s no room for delays. Sellers will prioritise buyers who are financially ready to move quickly. To stand out:

• Get pre-approved, not just pre-qualified: A pre-approval gives sellers confidence that your financing is solid.
• Have your deposit ready: Some buyers offer a larger deposit as a sign of serious intent.
• Set your budget boundaries: Decide your walk-away price in advance to avoid emotional overspending.

2.Know the market value

Before making an offer, research comparable sales in the area to understand the market value of the property. This will help you make a competitive but realistic offer, without getting caught in a bidding war that pushes the price too high.  As buyers agents, we provide our clients with up-to-date data, research and insights from CoreLogic and Pricefinder to guide decisions.

3. Make a strong first offer

In multiple offer situations, there’s often no second chance.  In Queensland, if a sales agent receives multiple offers to purchase a particular property, the agent should inform the potential buyers that multiple offers have been received and obtain a written acknowledgement from the potential buyers that they have been advised of that fact.

This Form alerts you as a buyer to the existence of other offers, and provides you with an opportunity to submit your best and final offer.

In addition, consider adding value by:

• Matching or exceeding the seller’s preferred settlement terms.
• Offering flexibility: This could mean a longer or shorter settlement period based on what the seller needs.

4. Consider Flexible Conditions

The fewer conditions attached to your offer, the more appealing it becomes to sellers.

While it’s essential to protect your interests, waiving non-critical contingencies—like small cosmetic inspections—can make your offer more competitive.

• However, be careful with waiving major conditions, such as finance approval or pest and building inspections, unless you’re 100% comfortable taking the risk.

5. Work with an accredited Buyer’s Agent

Navigating multiple offer scenarios requires quick decisions, local knowledge, and smart strategies. A buyer’s agent can give you an edge by:

• Providing real-time market insights and advice.
• Building strong relationships with local agents to gain information on other offers.
• Negotiating on your behalf to position your offer as favourably as possible.

6. Be prepared to walk away

Not every offer will be a winner, and that’s okay. It’s essential to stay calm and stick to your budget. Don’t let the pressure push you into a decision you’ll regret. If the numbers no longer make sense, be ready to walk away. The right home will come along in time.

In Conclusion

Navigating a multiple offer scenario can be stressful, but with the right preparation and strategy, you can make an offer that stands out. By getting your finances in order, working with an experienced buyer’s agent, and keeping your emotions in check, you’ll increase your chances of success. Remember, every property search is a journey—sometimes the home you miss out on leads you to an even better opportunity.

Good luck, and happy house hunting! 🏠

If you’re looking for personalised support navigating multiple offers, feel free to reach out. As experienced buyer’s agents on the Sunshine Coast and Brisbane, we’re here to help you secure the perfect property at the right price, and guiding you through every step.