Realtors Staging Bidding Wars

[Josh Evans]

Hello BP members! 

I sold my first flip in Vancouver in September of 2015 just before prices started getting really crazy in BC and did quite well on the deal. The realtors told me the plan of how to get the most out of the property quickly, which I thought was a good idea at the time, and it went like this: 

1 - List the property on a Tuesday

2 - First showing would be a "sneak peak" on the Thursday evening

3 - Open house on Saturday & Sunday

4 - Offers are accepted at 6pm on the following Tuesday

I've looked around at listings on the MLS recently, and the realtors are showing very similar processes in their listings. It is obviously market driven and the hot seller's market allows them to get away with setting a date to have offers in for, but is this not an unethical practice? They are basically setting up a bidding war with a structured timeline like this. Has anyone else seen anything similar in their markets?

[Wayne Brooks]

Their job is to get the best price, from a qualified buyer, for their client.  If that method works, then that's exactly what they should be doing.