Tips For Winning Multiple Offers, Vancouver BC

Advice from experienced realtors for winning multiple offers

Vancouver represents one of the hottest real estate markets in Canada and potentially the world.  When it comes to buying a home, you can almost be certain that you are entering into a situation where there will be multiple offers.  Not only do multiple offers represent a competitive challenge to buyers, but there is an emotional toll involved with dealing with multiple offers as well. 

You may ask, why is this realtor qualified for a discussion about winning multiple offers? Well, Jacob has been licensed for about 2 decades. He has represented hundreds of clients making offers. Jacob has also been on both sides, representing the sellers and buyers, learning what actions win more multiple offer situations. Over the years he’s learned a number of techniques to improve your chances of winning multiple offers buying a home.

Best Tips For DEALING WITH MULTIPLE OFFERS

Multiple offers, often called bidding wars can be incredibly stressful, and if you’re interested in buying a home in Vancouver, you can rest assured you’ll be facing bidding wars.  In fact – on average, you can expect there to be 4-5 offers on any piece of Vancouver real estate, whether you’re looking for condos, townhomes, duplexes, or detached homes.  So then, as top Vancouver realtors, what are Jacob’s best tips for dealing with multiple offers?

Have the right attitude

As mentioned, you are most certainly going to face a bidding war and your attitude can make all the difference.  Trying to buy your dream home and facing multiple situations where there are multiple offers can be emotionally exhausting.  You have to be ready to lose the offer – you literally cannot win them all, and you’ll probably lose more than you win.  But rest easy, another dream home will come available and you’re bound to win one eventually. We recently wrote an article about preparing yourself mentally for multiple offers.

No formula

The idea that the best bind wins is also a misnomer.  In fact, there are many tips for winning multiple offers (which we’ll look at in detail in the next section) that can help you elevate your offer even if you haven’t submitted the largest bid.

There are many elements that factor into winning a bid which obviously includes your offer number but also extends to the judgement of the listing agent of buyers and their realtors, the relationship between the seller’s listing agent and the buyers’ realtors, and even how you communicate your offer.

As you can imagine, it’s important to work with top Vancouver realtors who have extensive experience buying homes and developing effective relationships with other agents, exceptional negotiation skills, and effective communication.

The human touch

Working with an experienced realtor also means working with someone that understands that humans are involved when buying and selling homes.  The best realtors will present the people behind the numbers – while dates, prices, and terms are important factors in making an offer, so are the humans behind the scenes.  Jacob and Jacky are skilled at weaving the human and emotional element into offers on homes and they believe this gives their clients the competitive edge winning multiple offers.

Persevere

The worst thing you can do as a buyer is give up – remember our top tip about your attitude.  You will lose in bidding wars, but you will also eventually win.  When you fall, you have to get back up again because your ideal home may pop up when you take a break.  Jacob and Jacky have been buying and selling homes long enough to know that if you don’t win a bid, it probably wasn’t meant to be and your perfect home is still out there waiting for you.  If you can avoid getting discouraged, you’ll find happiness in a new home soon.

More TIPS FOR WINNING MULTIPLE OFFERS

Fundamentally, a real estate transaction features a seller and their listing agent and one or more buyer(s) and their realtor(s).  In Vancouver, you can anticipate the “more” when it comes to buyers – working as a realtor for as long as Jacob has, he’s seen multiple offers with 5, 10, and even 20 or more potential buyers making offers.  The Vancouver real estate scene can be dynamic and hectic!

So facing competition during a busy real estate market can be challenging, which is why Jacob has shared these tips for winning multiple offers.  Ultimately, it’s important to understand that the biggest bid isn’t always the winning bid, and there is so much more you can do to make your offer more competitive.

Easy living for the listing agent

One of the most important things you can do when trying to win multiple offers is to make the listing agents life easy.  The listing agent is your gatekeeper, they are the person that is presenting your offer to the seller and they are judging all the offers.  Making a good impression on the listing agent can help your situation if it comes down to choosing between two similar offers. 

So remember, that the listing agent is sharing their opinions about potential buyers and you want them on your side.  There may be multiple very similar offers and it’s not always the highest price that wins.

What can you do?

• Respect to listing agents by showing up to showings on time.
• Follow listing agent procedures – no matter how zany they may seem.  Especially in the era of COVID, listing agents may have very specific requests like wearing masks or shoe coverings. Don’t argue, just respect their procedures and make a positive impression.
• As a buyer, always be available for communication – stay close to a computer so that you are ready to approve adjustments in price or terms to offers.  If sellers and their agents have to wait for you to respond, they may go with another offer.

Give them the offer they can’t refuse

We often forget the human element in real estate – but it’s definitely there and it definitely matters.  Many sellers have been in their home for multiple years or even decades and they are attached to their homes.  They want to know that the buyers are people that will care for their home and make a positive contribution to their former (and potentially ongoing) community. 

Jacob and Jacky work closely with clients to create personalized letters that are included with offers.  They also recommend buyers include photos in their offer letters to allow a personal connection to be made.  As skilled realtors, Jacob and Jacky excel at bringing the human element to their clients’ offers and in many cases they have seen success with this strategy.

Clarity is key

Clear, organized, and transparent communication are critical to winning when there are multiple offers.  Among our tips for winning multiple offers, this is one of the easiest to implement.  Imagine you are a seller or selling agent and you are reviewing 10 or 15 potential offers.  One of the offers is very clearly organized and easy to read – terms and prices are clearly laid out.  These kinds of offers stand out and the community of Greater Vancouver real estate agents agree: poorly organized and worded offers come across as unprofessional and could lose to a similar competing offer.

Also, over our decades of working as Vancouver realtors, Jacob and Jacky also understand the impact of last minute bids.  Many buying agents wait until the last minute to submit a bid in order to assess how much competition there is and will then adjust offers accordingly.  Jacob and Jacky believe it’s important to clearly communicate that they intend on making an offer and then to submit that offer early.  Not only does this make a good impression, but it will encourage sellers and their agents to continue to communicate with that potential buyer to allow them to adjust their offer.

Optics matter

What you see is what you get and when you’re making an offer on a home during a bidding war, you want to provide a very clear picture of what the offer entails.  What does this mean as one of our tips for winning multiple offers?

• Demonstrate that your financing is in order.  When selling agents and their clients can see that financing won’t be a concern, they are more likely to accept a bid.  Get your bank deposit organized ahead of time and include a copy of it with your offer.  Obtain a letter from your mortgage broker that shows your mortgage is pre-approved. These simple strategies not only show you’re serious about an offer, but that you’re trustworthy too. These tips still apply to offers which do not have conditions.
• Present a clean offer.  Your offer should be well-written.  A concise and organized document that is easy to read will get more attention.  Speak the sellers’ language and do it with clarity to show you are eager and professional.
• Provide offers with digital signing software so that offers can be accepted quickly and easily.

Jacob and Jacky help their clients navigate the offer process to ensure that sellers and their agents clearly understand and are impressed by the offer.

Sweeten your deal

Finally, do whatever you can to sweeten your deal.  Not only do you want to optimize your bid in the context of your budget and market conditions (ie competitive or highest price), but there are many low- and no-cost ways to sweeten your deal that may be the main difference maker among our tips for winning multiple offers.

• Be as flexible as you can.  Flexibility with closing dates or a sellers’ special conditions can make your offer more competitive without costing you much.  As a buyer, you want to do your best to accommodate the seller and you’ll be more likely to win multiple offers.
• Consider a subject free offer. If there’s a future date for offers to be submitted, take this time to do your due diligence.  In many cases, there will be several days for you to get your ducks in a row before an offer is accepted.  This means you have time to have an inspection, read all necessary documents, obtain a survey from the city, and even confirm your financing before all offers are reviewed.  Multiple offers usually means you have more time for due diligence even if you’re blind bidding.

Conclusion

Hopefully these tips for dealing with and winning multiple offers will help you on your journey buying a home in Vancouver. There’s no magical formula for winning but following some of the instructions laid out above will improve your chances.

Finally, there’s one last tip here for you. Often when there’s a lot of multiple offers, the market is hot and there’s a lack of properties for you to buy. You can sweeten your own deal by considering alternatives for your desired property.  If you’re looking for a small house, consider seeing duplexes and townhomes as well.  You can often find alternative property types that still fit all your needs from yard size to number of bedrooms or bathrooms to neighbourhood features and everything in between.  You can even consider expanding your neighbourhood search – sometimes hidden gems can surprise you.

Remember, whether you’re dealing with the emotional toll of multiple offers or you’re trying to optimize your chances of winning multiple offers, working with experienced, skilled, and a trustworthy realtor like Jacob can help you thrive in the Vancouver real estate market. Reach out today by contacting us.

quick reference list for winning multiple offers

Here are 10 tips for winning a multiple-offer situation when buying real estate in Vancouver, BC:

1. Get Pre-Approved for a Mortgage

• A mortgage pre-approval shows sellers that you’re a serious buyer with financing in place, increasing your credibility in competitive bidding situations.

2. Make a Strong Initial Offer

• In a multiple-offer situation, coming in with your best offer right away can make a big difference. Offer a competitive price that reflects the true market value and avoids lowballing.

3. Increase Your Deposit

• A larger deposit signals to the seller that you are financially secure and serious about the purchase. This can help you stand out against other offers.

4. Be Flexible with Closing Dates

• Accommodating the seller’s preferred closing dates or being flexible with timing can make your offer more attractive without changing the price.

5. Limit Conditions

• Reducing or eliminating conditions (such as financing, inspections, or subject-to-sale clauses) makes your offer more straightforward. Be cautious, though—make sure you’re comfortable with the risks.

6. Include a Personal Letter

• Writing a personal letter to the seller can humanize your offer. Share your connection to the home or neighborhood and why it’s meaningful to you. Emotional appeal can sometimes tip the scales.

7. Have Your Realtor Build Relationships

• A strong relationship between your realtor and the listing agent can be advantageous. If your agent is well-known and has a positive reputation, it may give your offer an edge.

8. Offer Above Asking Price (if justified)

• In highly competitive markets like Vancouver, offering above the asking price may be necessary. Research recent sales in the area to ensure your offer is in line with market trends.

9. Be Ready to Move Quickly

• Have everything ready to go so you can submit an offer as soon as possible. In hot markets, homes can receive multiple offers within days or even hours of being listed.

10. Consider a Bully Offer

• A “bully offer” (pre-emptive offer) is made before the seller’s set offer presentation date. This can sometimes take the competition by surprise and may encourage the seller to accept early.

By employing these strategies, you increase your chances of standing out in a competitive multiple-offer situation and securing the property you want.