Read Time: 4-5 minutes
PROBLEM
Standing Out in a Competitive Market
When making an offer on a property, most first-time buyers focus solely on the price. While price is undeniably important, it's not the only factor sellers consider. Especially when multiple buyers are vying for the same property, you need to find a way to stand out. The challenge is that on paper, all buyers look the same—just two names and a number on a contract. However, sellers often have deep emotional ties to their homes, filled with years or even decades of memories.
Why This Matters
- Sellers are emotionally attached to their homes.
- Buyers are seen as names and numbers, which does little to differentiate them.
- To succeed, buyers need to tap into the emotional side of the seller's decision-making process.
Click here to see our template that your clients can use.
COMMON SOLUTIONS & WHY THEY FALL SHORT
Do Nothing
- Leaves buyers as just two names on a contract.
- Fails to leverage the emotional aspect of the transaction.
Try to Befriend the Real Estate Agent
- Agents are focused on securing the best price for the seller.
- They aren't emotionally invested in who buys the property.
SOLUTION
The 5-Step Letter of Introduction Formula
Using a structured approach like our 5-step template, buyers can craft a letter that resonates with sellers on a personal level. This method forces the buyer to address key aspects that make their offer stand out.
Key Points to Cover in the Letter:
- Why You Wrote the Letter: Express your genuine interest in the property.
- Who You Are: Provide a brief introduction, including your background and what draws you to this community.
- What You Love About Their Community: Highlight specific aspects of the neighborhood and how you see your future there.
- How You Envision Your Future in Their Home: Discuss your plans for the property and how it aligns with your life goals.
- Thank You for Considering Your Offer: Acknowledge the seller’s effort in considering your offer and express your appreciation.
Bonus Tip:
Always include a smiling photo of yourselves as a couple or family. This helps the seller visualize who they are passing their cherished home onto.
Why It Works:
Writing about yourself can be uncomfortable, but it’s necessary if you want to stand out. Sellers often choose a buyer who feels like the right fit for their home, even if their offer isn’t the highest. This letter helps them see beyond the numbers.
Case Studies:
This letter does not work every time, but it has helped our clients win the following properties:
- Tender was $50,000 less than the highest tender.
- 7-way multi-offer competing against 7 other couples.
- Off-market sale from a lady moving into a retirement home.
TL; DR - Too long; Didn’t read
- Why It Matters: Make your offer stand out in a competitive market.
- 5-Step Formula: Write a personalized letter of introduction and address the emotional ties sellers have to their homes.
- Key Elements to Include:
- Who You Are: Share details about yourself.
- Community Connection: Highlight what you love about the community.
- Future Vision: Explain how you see your future in the property.
- Final Touch: Include a photo for a personal connection.
Click here to see our template that your clients can use.
