Level Up Your Offer Strategy with These New Features
Sundae is excited to launch a new premium membership program called Edge. Edge comes with a host of new features such as AutoOffer and Offer Position. These combine to help investors save time and create winning offer strategies.
Our team took feedback from investors on Sundae’s Marketplace and built something to give them an edge. We’re thrilled to release a premium membership to the Sundae community called Edge for exactly that reason. It gives you tools and features that increase your odds of winning deals. Two key features included in Edge membership are AutoOffer and Offer Position.
Premium features for Edge members
AutoOffer and Offer Position are separate features, but work in sync to help you win more opportunities.
What is AutoOffer?
AutoOffer’s name does a great job of encapsulating what it does. With AutoOffer, you’re able to automate your offers on Sundae’s Marketplace. Here’s how it works:
- First, you set the initial offer amount and maximum offer. This gives you a starting point and tells the software when to stop offering.
- From there, you decide what increments you’d like your offers to increase by. For example $1,000 adjustments up to your maximum offer.
- Sundae then increases your offer by the predetermined amount on your behalf automatically.
It adjusts to compete against other offers on the same property. All you have to do is set it and keep track of progress.
What is Offer Position?
Imagine being in a dark room with night vision goggles when no one else could see.
Before Offer Position was conceived, investors placing offers on our platform went into auctions semi-blind. This leaves a degree of mystery in regards to what your competitors are doing. You submit a bid knowing there are other buyers, but you don’t know who came in lower or higher than your price. With the Offer Position feature, you can see where your offer ranks amongst all the other offers on a specific house. This allows you to collect vital information to understand other bids and strategies with each offer you submit. It’s a major advantage over those without an Edge membership.
Combining the power of AutoOffer and Offer Position
Part of developing a bidding strategy is knowing what your competition is doing. The beauty of these features comes by combining them as part of a holistic strategy. In doing so, you’ll be able to craft a winning offer by knowing where your previous offer landed.
Let’s say that you filled out the AutoOffer fields as follows:
- $350,000 starting offer
- $410,000 maximum bid
- Increase offers in $2,000 increments
After your initial offer, Offer Position will tell you where you rank against the competition. It might tell you that you’re tenth or third. Regardless of what it tells you, you now have information at your disposal that can inform your offer. If you think AutoOffer can get you to first without adjusting anything, you don’t need to make any changes.
But maybe you want to err on the side of caution and get more aggressive. Investors are able to cancel AutoOffer, then submit normal one-time offers afterwards, or even set up another AutoOffer. Again, Offer Position will give you feedback. This winning combination is designed to work hand-in-hand to craft strong offers from the start.
Save time, spend less, and grow your business
Together, AutoOffer and Offer Position give investors the upper hand on Sundae’s Marketplace because they help solve a variety of pain points. Sundae’s Senior Vice President of Product, Jacy Legault noted that:“At Sundae, we pride ourselves on being customer-focused and solution oriented. Our engineering and product teams work closely with investors on Sundae’s Marketplace to identify the main pain points that they face. After many interviews and in-depth research, we’ve compiled a running list. Rather than stop at the problem, we set out to find solutions. This process led us to Edge.”
Investors are constantly on the road and operating a variety of different functions within a business. As such, you don’t always have time to adjust your offers. That’s where AutoOffer comes in. It automates the offer process so that you can still win deals even when you’re working on other projects. Offer position also saves time. Investors that are constantly bidding too low can adjust their offer right away with instant feedback. Or, it might be a sign that you need to focus on a different strategy or price point based on your budget.
A great benefit to auctions is understanding how other people value certain properties in your market. Oftentimes, investors who win deals wonder if they spent too much to do so. AutoOffer minimizes this because you have control over your bidding increments, which sets the ceiling on your offers as well. Offer Position works with AutoOffer to inform your bidding strategy by showing you where you stand.
Investors that bid too high can save tens of thousands of dollars by spending less money on the closing deal. Remember that money saved is money earned. Combined, these features help you save money on the front end of the deal so that you can maximize your earnings when you go to resell the property.
Grow your business
How much do you make on an average flip? Think about the potential if you were able to do just one more. What if you could do five more?
With hassle-free participation in the auction-style home buying process, you can get involved with more deals. You can see the other offers including who came in at the highest and the lowest. Maybe you land right in the middle which gives you a better understanding of what your budget has to be to secure the property that you want.
With Offer Position, you’ll be able to win more offers by knowing just how far away you were from competing offers. Then, AutoOffer steps in to help you automate the process while still increasing your odds of winning.
Stay a step ahead with Sundae Edge
While some investors have the time to sift through hundreds of listings in order to find the best deal, most are simply too busy. With an Edge Membership, you get a hassle-free experience with powerful tools and resources. Set up AutoOffer and know your Offer Position so you can focus on scaling up your business while saving time and money.