5 Strategies to Make Your Offer Stand Out—Even in Bidding Wars

5 Strategies to Make Your Offer Stand Out—Even in Bidding Wars

2 min read
Sterling White

Sterling White is a multifamily investor, specializing in value-add apartments in Indianapolis and other Midwestern markets. With just under a decade of experience in the real estate industry, Sterling was involved with the management of over $10MM in capital, which is deployed across a $18.9MM real estate portfolio made up of multifamily apartments. Through the company he founded, Sonder Investment Group, he owns just under 400 units.

Experience
Sterling is a seasoned real estate investor, philanthropist, speaker, host, mentor, and former world record attemptee, who was born and raised in Indianapolis. He is the author of the renowned book From Zero to 400 Units and the host of a phenomenal podcast, which hit the No. 1 spot on The Real Estate Experience Podcast‘s list of best shows in the investing category.

Living and breathing real estate since 2009, Sterling currently owns multiple businesses related to real estate, including Sterling White Enterprises, Sonder Investment Group, and other investment partnerships. Throughout the span of a decade, he has contributed to helping others become successful in the real estate industry. In addition, he has been directly involved with both buying and selling over 100 single family homes.

Sterling’s primary specialities include sales, marketing, crowdfunding, buy and hold investing, investment properties, and many more.

He was featured on the BiggerPockets Podcast episode #308 and has been contributing content to BiggerPockets since 2014, with over 200 posts on topics ranging from single family investing and apartment investing to mindset and scaling a business online. He has been featured on multiple other podcasts, too.

When he isn’t immersed in the real world, Sterling likes reading motivational books, including Maverick Mindset by Doug Hall, As a Man Thinketh by James Allen, and Sell or Be Sold by Grant Cardone.

As a thrill-seeker with an evident fear of heights, he somehow managed to jump off of a 65-foot cliff into deep water without flinching. (Okay, maybe a little bit…) Sterling is also an avid kale-eating traveller, but nothing is more important to him than family. His unusual habit is bird-watching, which he discovered he truly enjoyed during an Ornithology class from his college days.

Education
Sterling attended the University of Indianapolis.

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How can you beat out the competition when buying property these days?

As the real estate market surges again, many investors are finding themselves up against a lot of competition. That can often mean multiple offer situations and bidding wars. How do you stand out and win?

1. Establish relationships in advance.

Having established relationships with real estate agents and brokers in advance can go a long way. You don’t always have to have the highest offer to win. You just need the offer the agent likes the most. That often comes down to confidence in you being able to close and ensuring the agent gets paid their commission fast. If they know you and know you are qualified, you are way ahead of the game.

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Related: How to Make Offers That (Nearly) Guarantee You Can’t Lose

2. Go hard.

Make strong offers. If you don’t want to pay more, then submit higher earnest money deposits so the seller knows you’re the serious one out of the bunch. Just recently, my partner and I submitted an offer with $50k of earnest money on a multifamily property with a purchase price of $900k. The seller took us seriously at that point.

3. Be ready.

Have your financing, inspectors, contractors, and appraisers lined up. Being able to close faster and having shorter inspection periods can give sellers a lot more confidence in your offer. Be sure your team can meet those deadlines and be available at a moment’s notice. Have loan pre-approvals, contractor quotes, and a value estimate ready to roll. Some of this documentation can even be provided to the seller to show you’re ready to roll.

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Related: 8 Tips to Put Your Real Estate Offer in the Best Light — And Get it Accepted

4. Have a large enough pipeline.

Keep your options open. If you have plenty of properties to bid on and you are a serious buyer, then you can choose to walk away without bidding more. Sellers and agents will know this. Then they’ll be chasing you and will have to agree to your terms if they want to sell fast.

5. Buy as-is.

Be the easy buyer to work with. If you are throwing up red flags that you’ll be difficult in the process, try to re-trade, stall the closing, or just generally be a pain, most sellers and agents will shy away, no matter how much you offer. Price your offer as-is and draw up a simplified contract. Many sellers will be willing to take less money in exchange for a low hassle transaction they are sure will close on time. Then, live up to your impression, as you’ll want those agents or sellers to choose you again one day. The better your reputation, the more access you’ll gain, and the better prices you’ll get.

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How do you give yourself the best possible chance when entering a bidding war?

Give your best tips below!