The Best Way to Buy in Today's Market

James Nelson

Over the last few years, countless buyers have approached me looking to pre-empt a bid process. “What number will the seller take the property off the market?” I am often asked. I advise clients against the dangers of pre-empting, as they may end up leaving money on the table.

We typically like to be in the market between four to six weeks to make sure that we have fully exposed a property to buyers and brokers around the world. Once a dozen or more offers are in place, a seller can be properly educated on pricing and call for final bids, ensuring they receive maximum price. And yet, many times, sellers do accept pre-emptive bids. I remember selling a Hudson Yards development site for $238 million dollars where the buyer said his investors would not compete in a bid process. They contracted on the property within the first few weeks of our going to market.