Counseling Buyers In A Multiple Offer Market
Is it just me, or is counseling your buyer on writing a winning offer a bit stressful?
They want answers to things like “how high should I go” that you can’t answer. And price is just a portion of the conversation. That one seems easy compared to the waiving of contingencies that is going on right now.
So how do you counsel buyers, and feel like you are representing and protecting them, so that they are successful?
Here are some things you can do to counsel your buyers for success:
- Don’t apologize for the market. The reality is that for many of you, your buyers are competing against escalation clauses, waived financing and inspection contingencies and more. Yes, it’s a lot to ask of a buyer, but it is the way the market is. You didn’t create it. Your job is to position your buyer in the best possible position to be successful in it. Honesty, while uncomfortable, is definitely best in the long run.
- Every buyer comes to terms with the market in their own time. The honest truth of the current market is a lot for a buyer to wrap their head around. They might not be willing to “go there” on their first offer, because while they trust you, it all seems a bit insane. Let it go. How they write the second offer will tell you if they are ready to truly get in the game.
- Shift your mindset to “My buyers win on their first offer.” It’s possible. Make it so.
- Help your buyers set boundaries for each house. Have conversations about under what terms is it the right house for them, and at which point are they comfortable letting someone else have it. It’ allows them to feel empowered no matter what the outcome.
- Don’t underestimate the power of a well packaged offer. Did you email over 15 different attachments that the listing agent has to compile and dig through to determine what your clients are offering? Or is it all neatly packaged with a letter from the lender, a love letter from the buyer and a summary sheet highlighting what makes their offer amazing? Sellers and listing agents are looking for the easy “yes” to stand out. Make it easy for them to say yes to you.
Properly counseling clients is about giving them the information that they need to be successful, and then letting them make the decision.
Yes, you can absolutely bond with them over the fact that some of this stuff is just crazy, but it doesn’t change the market. So have a good laugh, and then get down to business.
Your clients will appreciate the value that you bring, and you will be much more successful in our offer negotiations.
To your success!
Nicole
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