Blog Title "How to Find a Deal" from the category "Buying" featuring a man scrolling his phone and smiling
April 3, 2023 | Buying

How to find a deal

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Is there such thing as a deal in Toronto?

It’s no secret that the Toronto Real Estate Market is competitive, and that a good deal is hard to come by. But if you want to find a deal in the Toronto housing market you have to have the right agent. And at TRG, knowing where and how to find leverage when representing a buyer is something we take great pride in. With the right mix of experience and just a touch of patience, we’ll not only find you what you’re looking for, but negotiate the best possible price!

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A Buyer Success Story

Last year I had a couple that weren’t exactly sure what they were looking for, but knew they wanted to move up and had pieces of criteria in place to make any move worthwhile. As with any new client, I discussed their criteria at length to best define the target property, and presented some options that were likely of interest.

It doesn’t always happen this way, but after a few weeks of touring some of their options, we found a house that was a perfect fit for them that had actually been on and off the market over the last twelve months.

It was a well done house, but I suspected the bulk of the buyer pool at this price point had taken issue with a very small backyard and narrow driveway, among some other shortcomings. That said, it made sense for my clients and they wanted to put an offer together right away.

But knowing the history of the listing and the listing agent, I told my clients to hold off. I was sure the house wasn’t going to sell that week, and knew I could save my clients money with just a little patience. Naturally, they were a little worried about the risk of losing out, but they trusted my advice and let me get to work for them.

person scrolling through phone wearing business attire

The Agent Call

My next step was to get in touch with the listing agent and see what more leverage I could gain before submitting any offer. That very first phone call went exactly as I had expected; the agent was defensive and fairly uncooperative. But throughout the conversation, I proved my initial hunch that there weren’t any other buyers interested – and with my clients blessing, I said “thanks but no thanks.”

And now the real waiting game began.. a week went by and there was no word. After two weeks passed, my client started to get antsy; their motivation to purchase the house at the list price was growing daily, but I knew we could have it for less. They trusted my knowledge and experience, and after a few phones calls on a daily basis, I had them convinced the right move was to wait.

At the end of the third week, which I’ll admit had felt like an eternity, the agent finally called me back to inquire if my clients were still interested. This was surely a win for my clients, but even then the agent was hesitant to admit her sellers were ready to negotiate. But it was clear, they were also out of options, so after speaking with my clients again we decided to wait one more week until booking another showing.

handshake for a deal

The Deal

We booked a showing on a Tuesday to tour the property once again the following Wednesday afternoon. And again, as expected, the second we booked the showing, the agent called me.

The plan was clearly working, but to really make sure we could get the deal done, I told my clients they had to have all their ducks in a row and any due diligence completed. For most sellers to accept a less than ideal offer, it has to be firm with a deposit in hand, and so my clients got their financing in place and we went back to inspect the property one last time with an offer ready to go.

After the final review, we signed the offer to purchase and made the irrevocable – the time in which the offer expires – for that same evening.

We were getting close, but I knew there would still be objections to overcome once I submitted the offer to the listing agent. And sure enough, after we submitted the agent called to tell me that it wasn’t good enough. But I knew they would have to present the offer to their clients and if they didn’t have any other options, they’d be in a tough position to play hardball. I said something along the lines of; “okay – but it’s the best we can do, so do what you like with it.”

Those next five hours were a little torturous for my client as the agent called back multiple times to tell me they were not going to accept. But again, with my clients’ blessing, I told them to throw it in the garbage. It was a firm offer, we had the bank draft for the deposit in hand, and they hadn’t seen another offer in months – I knew we had them.

The Result

And sure enough, ten minutes before the offer expired, the listing agent called me back to “congratulate” me – although it was halfhearted. Bottom line – The Seller had accepted the offer and I had effectively saved my clients $150,000. They were obviously over the moon and grateful for the patient approach I had advised them to take.

At Toronto Realty Group, we have the patience and the skills to navigate any homebuying deal. For more details on how we can guide you through the home buying process, read through our Buyer’s Guide or other Buyer Success.

Written By

Richard McNutt


p: 416.322.8000


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