Just in the last few days, we learned of one multiple offer scenario where there were 26 offers submitted. How does a buyer compete and hope to gain success in a market like this? And that is just what we would like to share with you this month.
Current Interest Rates
We have found that we have achieved our best results for Buyers when we have as much information as we can gather – both regarding the Buyer that we represent as well as the Seller for whom we are writing the offer.
We work hard at getting to know our Buyer’s needs, but our work doesn’t stop there. Once a Buyer has decided to submit an offer on a home, we begin gathering information on the Seller side that will enable us to write the “best” offer for the Seller.
And, surprisingly enough, it isn’t always money! We start by contacting the listing agent and finding out:
- Can we build a strong level of trust with the listing agent?
- Are there strong points of connection with the listing agent that we can build on?
- Are there concerns that the listing agent might have for his/her Seller?
- What might a perfect offer for the Seller look like?
- What are the timing issues that the Seller might be facing as they sell their home?
- Is the Seller stressed over the potential failure of the purchase and sale contract (by the way, they sure should be concerned)?
- Can we enlist the aid of the Buyer’s lender to help overcome any fears on the Seller’s part?
- Does the Seller need some time following the sale to make his/her/their move?
- Can we facilitate that timing need through a rent-back, or?
- Can we present our Buyer’s offer in person to the listing agent and the Seller? Or present it by Zoom if necessary?
In an offer that we recently had accepted, the listing agent confided to Jim and I that he really wanted to work with us rather than the other agents, and asked if we could come up on price high enough for him to justify our buyer to his seller. Our buyer did come up on the price, but we were still well below the final escalation price that the other offers brought to the table. We won that bid war without the highest price!
Communication is Critical
This is huge! We have listed homes for sale and have handled many, many, multiple offer scenarios for our Sellers, and we have often received offers by e-mail from agents that we have NEVER heard from before receiving their offer.
There is so much information that needs to be conveyed to write a successful offer and many agents choose to simply throw their offer on the table to see if it will stick. And when these offers come to us, they are usually all about the money – often without any communication seeking what the Seller might be looking for.
Our goal is to ALWAYS strive to communicate with the listing agent before, during, and after the offer submittal.
Professionalism in Writing the Offer
Jim is our offer writer for several reasons. For one, he is our best negotiator, but he also (always) puts together a well-written, well thought-out offer, that is complete in every detail. And he is a stickler for detail. These offers are professional in content, appearance, and function and set us apart from
Goal is To Win the Sale
Here again communication is so important. We always ask the listing agent to stay in touch with us during his/her presentation of the offers to the seller. What are they not getting from the current offers that they are looking for? Is there something that we can adjust on our side that would win the day for the seller? Then we communicate with our buyer to see if they are willing to adjust accordingly. If so, we often move into first position at this point.
One offer will always Win.
Let’s make it our’s.