What happens if my property on the Gold Coast receives multiple offers? How should I proceed?
If your home on the Gold Coast receives multiple offers, it’s a positive sign that there is strong interest in your property.
Managing multiple offers effectively requires careful consideration and a strategic approach to ensure you get the best possible outcome. Here’s how to do it:
Review Each Offer Thoroughly
The first step is to evaluate each offer that comes in carefully, and it’s not just about the highest price. Take a close look at:
- The offered price: Is it competitive and aligned with your expectations?
- Deposit amount: A larger deposit often signals a more serious buyer.
- Settlement date: Does the timeline suit your needs?
- Conditions: Are there any contingencies, like finance approval, building inspections or special requests that could slow things down?
A high offer with risky conditions may not be as strong as a slightly lower offer with more favourable terms — it’s all about balancing price with certainty.
Assess the Strength of Each Buyer
Not all buyers are created equal. Beyond the dollar figure, you’ll want to assess each buyer’s financial position:
- Pre-approval status: A buyer who has mortgage pre-approval is less likely to pull out due to financing issues.
- Cash buyers: Offers that aren’t subject to finance are generally faster and more reliable.
- Deposit size: A larger upfront deposit indicates commitment and financial stability.
Choosing a buyer who’s in a stronger position could mean a smoother, faster sale, and less risk of the deal falling apart later.
Notify All Interested Buyers
Once multiple offers are on the table, transparency is key. Let all buyers (and their agents) know that there’s competition. This can create a sense of urgency, encouraging buyers to put their best foot forward, which may lead to higher offers or better terms.
Set a Deadline for Offers
Establish a clear deadline for final offers, giving all buyers a fair chance to submit their best and highest bid. A deadline:
- Creates urgency: Buyers know they need to act fast.
- Prevents drawn-out negotiations: You avoid endless back-and-forth discussions.
- Keeps things organised: It provides a clear timeframe for evaluating offers.
Communicate the deadline clearly; serious buyers won’t want to miss their chance.
Invite ‘Highest and Best’ Offers
Once you’ve set a deadline, ask all interested buyers to submit their “highest and best” offer. This signals that no further negotiation will take place after the deadline; it’s their one shot to impress. This approach often results in stronger, more competitive offers, as buyers won’t want to risk losing the property.
Carefully Evaluate All Final Offers
Now comes the crucial part: comparing all the offers. Beyond the price tag, weigh up the overall terms:
- Settlement dates: A quicker settlement may be worth more to you than a higher price with a longer wait.
- Deposit amounts: Larger deposits demonstrate commitment and reduce the likelihood of buyers backing out.
- Contingencies: Offers with fewer conditions are less likely to fall through.
- Buyer reliability: Have they made previous purchases? Are they working with a reputable lender or solicitor?
The goal isn’t just the highest offer, it’s the offer that’s most likely to lead to a successful, stress-free settlement.
Select the Offer that Best Aligns with Your Goals
Based on your evaluation, select the offer that best meets your goals and expectations. This may not always be the highest bid; other factors, such as the likelihood of a smooth transaction and the buyer’s financial strength, should also be considered.
Counteroffers
If none of the offers meet your expectations, you can make a counteroffer to one or more buyers. This can help you negotiate better terms while keeping your options open.
Inform Buyers
Once you’ve accepted an offer or are in negotiations, inform all buyers of the situation. Transparency is crucial and ensures that all parties are informed about the current status.
Work with Your Agent
Managing multiple offers can feel overwhelming, but that’s where having a skilled real estate agent makes all the difference. Your agent will:
- Provide insights into buyer motivation and reliability.
- Help you weigh up offers beyond just the price.
- Handle negotiations professionally to maximise your outcome.
With the right agent guiding you, you’ll feel confident knowing you’re making the best possible decision.
Formal Acceptance
Once you’ve chosen the best offer and negotiated any necessary terms, you’ll formally accept the offer by signing the contract of sale.
Continue Marketing
Until the contracts are exchanged, it’s advisable to continue marketing the property. This provides a backup option in case the selected offer falls through.
Remember that managing multiple offers requires careful consideration, and each situation is unique. Working closely with an experienced estate agent can help you manage the process effectively and maximise the benefits of having multiple interested buyers.
THIS IS HOW YOUR JOURNEY TO A SUCCESSFUL GOLD COAST PROPERTY SALE STARTS
My simplified guide below will take you through a 20-step process for selling your property anywhere on the Gold Coast;
I proudly sell homes across the entire coast.
1. PREPARING YOUR GOLD COAST PROPERTY FOR SALE + SOME OF THE LEGAL REQUIREMENTS
- Tidying gardens and decluttering everything inside and out.
- All homes for sale, are legally required to have hardwired photoelectric, interconnected smoke alarms.
Non-removable 10-year battery smoke alarms can be installed as an alternative.
- By law, you are required to complete a pre-contractual seller’s disclosure statement: generally related to limitations, restraints, or defects in the property title, such as easements, covenants, leasing, zoning, etc.
- A pool safety certificate is also required if you have a swimming pool or if the property has a shared swimming pool (Body Corporate).
2. COMPARATIVE MARKET ANALYSIS REPORT FOR YOUR GOLD COAST PROPERTY
After showing me around your property, I will provide you with a Comparative Market Analysis (CMA) report. This is a detailed, legally required analysis of your home’s market value.
The CMA is based on recently sold and for-sale properties similar to yours in the immediate area. I will need to view your home to prepare this report.
3. SETTING A MARKETING BUDGET FOR YOUR GOLD COAST HOME
The third step in selling your home is to create a marketing budget.
By law, this must be based on actual costs.
There are various marketing options to consider, such as:
– Internal, External and Drone Photography.
– Property and House Plans show potential buyers the exact layout of your home and property.
– Internet Advertising on platforms such as RealEstate.com.au, Domain.com.au, Facebook.com, Instagram.com, etc.
– For Sale Sign on the street is still essential to attracting potential buyers. Even though many buyers start their search online, they often drive around neighbourhoods to see what’s available.
A simple fact: Not having a For Sale sign can significantly reduce the number of people who see your property and may be interested in buying it.
4. PREPARING AND APPROVING THE FORM 6 AGREEMENT WHEN SELLING A GOLD COAST PROPERTY
A Form 6 Agreement is a document provided by the Queensland State Government. It outlines all relevant details of the property sale, including the marketing budget.
Our administration team will prepare this form for you and send it for your review and approval.
5. PAYING THE MARKETING BUDGET FOR YOUR GOLD COAST PROPERTY
Once you have approved the Form 6 Agreement, the next step is to pay for the marketing budget that you have chosen.
6. STARTING THE ADVERTISING PROCESS
Once your payment is received, the advertising campaign will commence.
Advertising strategies will align with the choices you made within your marketing budget.
7. MONITORING MARKET RESPONSE
If your property hasn’t received offers within 30 days, don’t assume there’s no interest.
It often means the price isn’t aligned with what buyers are willing to pay at this time.
This is your signal to review and adjust your pricing strategy so your home remains competitive and receives the attention it deserves.
8. ARRANGING BUYER VIEWINGS
When buyers express interest in your property, viewings will be arranged to allow them to see your home in person; you need to be away from the property during these viewings.
This helps potential buyers feel relaxed and visualise themselves as the new owners, thereby forming a deeper connection with your property.
9. CONSIDERING A BUYER’S OFFER
When you receive an offer on your home, it means a buyer is serious and ready to move forward at a certain price.
This is a key moment in your selling journey. Take the time to go over the offer carefully.
Look beyond the price; check the terms, conditions, and settlement timeframes. Make sure it works for you before accepting, countering, or declining.
10. ACCEPT, COUNTER, REJECT
When an offer is presented, you will need to respond by accepting, countering, or rejecting it.
Accepting locks in the agreed-upon price and terms.
Countering proposes changes and initiates further negotiations. If countering, present revised terms clearly; open, respectful communication is key for a smooth sale.
Rejecting means the offer is unacceptable; in this case, respond promptly and professionally, explaining your reasoning for the decision.
11. YOUR LEGALITIES
When you finally accept an offer, you will engage your conveyancer or solicitor to facilitate the legal requirements to complete the sale.
If you are part of a Body Corporate, you will need to provide a Disclosure Statement from them.
Your solicitor will use PEXA to settle your property. Part of the process requires Verification of Identity. Also, anyone selling a property must complete an ATO Clearance Certificate.
12. BUYER’S DEPOSIT
The buyer’s deposit is a crucial step in the property purchase process; it will be held in the agency’s Trust account.
This is a tangible expression of the buyer’s commitment to purchase your property.
13. BUILDING AND PEST INSPECTIONS
Typically, a buyer will arrange for a building and pest inspection report to be completed, usually within 14 days of the contract date.
Additionally, they may have the contract subject to finance, which is generally applicable for 21 days from the contract date.
14. COMPLETING YOUR GOLD COAST PROPERTY SALE
Based on the outcome of the building and pest inspection report, as well as any finance being sought, the buyer will proceed with their offer or withdraw it.
At this point, the sale either falls through or becomes unconditional.
15. LOOKING FOR YOUR NEW PROPERTY
If the sale becomes unconditional, it is time to start looking for a new property. Remember, there is no need to rush.
It is essential that you take your time, as this needs to be a very considered purchase.
Your new home is of substantial value and can be costly if you change your mind. Something you may want to investigate is Short-Term Bridging Loans.
16. ALTERNATIVES YOU SHOULD CONSIDER
An alternative to seriously consider when deciding where to live between selling and buying is renting while you look for a new property.
Renting for a short period gives you breathing room; it allows you time to clear your head, make a confident, considered decision, and ultimately buy where you truly want to live, with no pressure or panic.
17. TIME FOR YOU TO MOVE
Leaving your home opens doors to a new chapter full of new beginnings. Embrace the excitement of a fresh start and cherish the memories you’ve made.
Every box you pack brings you one step closer to a new adventure full of possibilities that lie ahead.
18. YOUR SALE CONCLUDES
The culmination of the property sale is settlement; it marks the transfer of the property to the new buyer.
As the final chapter concludes, this marks a sense of achievement: your property has now SOLD.
19. YOUR FUTURE OPTIONS
If you have chosen to rent, you will continue to look for and eventually purchase a property, apartment, or perhaps even buy land and build; now there’s something to consider.
20. TIME TO UNWIND AND MAKE YOUR NEW HOME YOUR OWN
As you unpack and furnish your new home, embrace the gradual process of creating your haven.
Enjoy the transformation, one room at a time.
Relax in the tranquillity of your surroundings and immerse yourself in the gentle sounds of your new neighbourhood.
Explore the nearby parks and cafes; enjoy the unique charm of your new community.
Remember, settling in is a journey in itself; it’s not a race. Embrace the process of creating a home that reflects your unique style and personality.
Whether you’re downsizing, relocating or just ready to move on, I’ll guide you through every step of selling your Gold Coast home with confidence and ease.
Navigating the intricacies of selling your property can be complex, but it doesn’t have to be.
My 20-step guide provides a simplified general overview; as you would naturally expect, your steps may vary.
Author – Craig Douglas
Are you ready for a conversation about selling your Gold Coast home?
Let’s get you Selling
LET’S GET YOU SOLD
Craig Douglas 0418 189 963
Professional | Knowledgeable | Experienced
You can find me working at a Boutique Real Estate Agency
These are just some of the suburbs that I proudly sell homes in:
Pacific Pines
Please Note: The information contained in this document is for general information purposes only and does not constitute legal advice. The laws and regulations governing the sale of property in Queensland are complex and constantly changing. It is important to seek the advice of a qualified property lawyer or conveyancer before making any decisions about the sale of your property. This document does not take into account your individual circumstances and may not apply to your situation. By reading this document you agree that you have not relied on the information contained herein and that you will seek independent legal advice before taking any action.
This page was proudly created by Craig Douglas, your local independent Gold Coast real estate agent, working for a Boutique Real Estate Agency. Selling residential and commercial properties, from those that are awe-inspiring, through to a diamond-in-the-rough, otherwise known as a “renovator’s delight“.
I negotiate and sell on behalf of property owners who want to get the best possible price with the least amount of hassle. Let’s talk about the process of selling your property over a coffee to get you started – 0418 189 963
