When you are approaching your final bidding stage and you have only 1 bidder, you have 4 options available.
- If you have users that have Registered Interest, or a list of people who have inspected, here is an effective SMS to send to help ascertain if you do have any other potential bidders:
"Thank you for your recent interest in 123 Example Street. Our final bidding stage is scheduled to take <day/time> and the current bid is <$X>. The seller is highly motivated - please confirm you are not interested so that we can move ahead with the sale. Regards, Agent." **Include a link to the advertisement as well**
If this does not produce at least 1 more bidder, below are 3 more options
- Negotiate with your bidder and get the property sold to a Sole Bidder. Watch these 2 videos:
- Push back your final bidding stage to allow more time to attract new buyers. If you have not had time to advertise your bid online, this is MUCH better than 'Option 3'. If you bidder objects to the delay, explain that other buyers are yet to inspect the property and the current bid is not quite high enough to satisfy the seller:
"If you were to increase your bid, I would love to have another discussion with the seller about selling the property to you today."
NOTE: If the bidder talks about withdrawing altogether, explain that they can withdraw at any time if they secure another property, but as long as they have that bid in the system, nobody else can buy the property for the same price or less, and nobody else can buy it (even for a higher price) without them seeing what price they need to beat.
Also mention that the seller has already adjusted their expectations significantly, and having the bid in the system is helping you to adjust those expectations even further.
- If you attempt Option 2 unsuccessfully and Option 3 is not suitable, let the property pass in and use what has happened to educate your seller on price.
If you advertised your bid online where other buyers (and the seller) were able to see it, why didn't any further buyers come forward?
If the bid was 'very low', other buyers surely would have made enquiries and/or come forward to compete with the 1 registered bidder.