have a confession to make. I hate the multiple-bid market!
Representing buyers or sellers in this low inventory market is challenging, to say the least. When representing buyers, there is frustration with the limited options and increased competition for available properties. When representing sellers, the frustration is from the many brokers and buyers who end up on the losing end of a bidding war.
No broker wants to be the bearer of bad news to those hoping to purchase their dream home.
With this low inventory, ultra-competitive market came what I call “the property love letter”.
On Mother’s Day weekend, I hosted two open houses in a lovely two-bedroom condo in Boston’s South End. More than 130 people attended over two days. By offer deadline, I had six strong offers, each one accompanied by a “property love letter” to the seller.
Some of the letters were passionate and heartfelt. Others combined an emotional plea while itemizing their financial strength and their ability to provide a smooth transaction. All included smiling photographs.
This got me to thinking. Do sellers care about a “property love letter”? Do they appreciate the fact that a potential buyer takes the time to share how much they love their home and who they are? Do they even want to know who takes possession of their home after they leave?
The answer is…it depends.
If one offer is far superior to others, the transaction is usually cut and dry. The seller will choose the more lucrative option and move quickly to seal the deal.
But what happens in cases where offers are on par in price and terms? Will a property love letter tip the balance one way or another?
Even the more pragmatic sellers carry some emotional feelings towards the home they have lived in for years. A well-crafted letter in a very competitive bid situation might make the difference and convince a seller to choose one buyer over another.
Until our market returns to some sense of normalcy, buyers should explore all options, including the property love letter, to better their offer. Sometimes, a one-page plea, on good quality paper, can be the difference between securing your dream home and continuing the search.