When the real estate market is especially tough, you may find yourself in a bidding war over a commercial property. If you really want to secure the property, you will have to find a strategy to win.
Fortune Builders explains that a bidding war does not always end if you offer up the best bid. You also need to grab the attention of the seller.
Build your network
Networking within the industry can help you to develop relationships that can come in handy when you enter a bidding war. If you already have a relationship with the seller, you can often have an edge over other bidders. Use your network to your advantage when looking for properties as it can be the one thing that helps you to win the bidding war.
Too many contingencies will make a seller pass up your bid. You can watch out for yourself, but choose what you put in carefully. Make any contingencies something easy and reasonable. You do not want to ruin your chances by being too picky and putting too much on the seller. Keep in mind that contingencies can also slow down the buying process, which you do not want to do when in a bidding war.
Get financing in order
The most attractive buyer is someone who can pay cash. If you cannot do that, then at least have your financing ready to go. Sellers do not want to have to mess with a buyer who ends up not being able to secure financing. Show the seller you are serious and ready to buy right now.