The Multiple Offer Landscape in the GTA
In a competitive GTA market, well-priced properties in desirable neighbourhoods frequently attract multiple offers. As a listing agent, how you manage this process affects your client's outcome, your professional reputation, and your compliance with RECO regulations.
RECO's Rules on Multiple Offers
Under Ontario's TRESA legislation, the listing agent must disclose the number of competing offers to all registered offers. You must tell each buyer's agent how many offers are on the table. You cannot disclose the contents of any offer — price, conditions, or terms — to any competing buyer or their agent without the written consent of the offering party.
Violating this rule is a serious offence. RECO has disciplined agents for "leaking" offer details, even informally. Keep all communications about offer content strictly between you and your seller client.
Setting Up the Offer Process
Before listing, agree with your seller on the offer process. Will you set a specific offer date? Will you accept pre-emptive (bully) offers? What is the minimum acceptable price? Document these decisions in writing.
If you set an offer date, communicate it clearly in the MLS listing remarks and to all agents who book showings. On offer night, prepare a tracking sheet with each registered offer's agent name, brokerage, and submission time.
Presenting Offers to Your Seller
Present all offers to your seller simultaneously. Walk through each one systematically: price, deposit amount, conditions (financing, inspection, sale of buyer's property), closing date, and any special terms. Use a comparison chart so your seller can see the differences at a glance.
Advise your seller on the trade-offs. A $50,000 higher offer with a financing condition and 90-day close may be less attractive than a clean offer at a slightly lower price with a 30-day close. Your job is to explain the risk profile of each offer, not to choose for your client.
Handling Bully Offers
If a buyer submits a pre-emptive offer before your scheduled offer date, you are obligated to present it to your seller. Your seller can accept it, reject it, or ignore it. If your seller wants to consider it, you must notify all other registered interest that an offer has been received and give them an opportunity to submit.
Bully offers create pressure. Coach your seller to evaluate the offer on its merits, not on the urgency. A bully offer that's only marginally above asking is not worth short-circuiting a process that might yield significantly better results on offer night.
After Acceptance
Once your seller accepts an offer, notify all unsuccessful buyer agents promptly. Professionalism here matters — these agents may bring you a buyer on your next listing. Thank them for their client's interest and let them know the property is sold.
Ensure all documentation is completed accurately: signed Agreement of Purchase and Sale, deposit direction, condition timelines, and brokerage copies. A clean file protects your client and your licence.