Is your market competitive? Are you in a seller’s market? Our Phoenix market is hot! Right now, homes are going under contract with double-digit multiple offers in a matter of hours.
It’s not just homes listed at $350,000 or less either. I showed my buyers a home in the $950,000 price point, and within 13 hours, they had multiple offers. One had an escalation clause up to 1.2 million.
So, as a buyer’s agent, what do you do to get your offer accepted? Do you put in an offer, and send hopes and prayers? Perhaps you have your clients write a love letter to the seller? Is there any danger to that?
Maybe you’re the strong type who just tells it like it is and points out how overpriced they are and how fighting for your clients is who you are! All I know is this, if you are doing any of these seven behaviors listed below, it’s time to stop now.
1. Stop being aggressive
Nobody wants to deal with a jackass. If you are pushy and aggressive when you call the listing agent, you could be hurting your client’s negotiation.
Building rapport at a personal level and then showing the other agent you’re a skilled professional can make or break your deal. People want to deal with who they like. They also want to deal with individuals who make things easy because they’re skilled at their job.
2. Stop asking listing agents to justify their price and do your job
Asking the listing agents for comps might seem reasonable. But what may seem reasonable in a neutral market may not be seen as reasonable in an aggressive seller’s market.
From the listing agent’s perspective, it might also be reasonable for you to understand that not all properties will comp at the list price. Guess what? The seller will probably still get their asking price, even if it’s listed high.
It’s your job to educate your clients on the facts and guide them to decide if they want to take the risk with inspections and appraisal. This is why it is called a “seller’s” market. The buyer has less negotiation power. If you’re expecting the listing agent to do your job, stop it.
3. Stop shuffling papers
If you are a paper shuffler who just submits an offer with no conversation, you may as well forget it. Your client’s chances of winning just went way down.
4. Stop lying
“Lying? Michelle, that seems a bit harsh. I do not lie.” Right about now, you may be feeling annoyed at the mere suggestion of it. Well, if I had a dollar for every time someone called and said they were going to write an offer and didn’t, I would be rich.
What’s more, if I had a dollar for every time I discussed an offer with a buyer’s agent and then received something completely different, again, I would be rich. Heads up. Both behaviors are lying. If you are going to change something, communicate it to the listing agent. Keep your word.
5. Stop texting
Don’t get me wrong — I love texting. Texting is for quick things like “sent” or “on my way” or “did you receive the addendum?” Texting long scrolls of information about negotiations is not OK. If you’re doing this, just stop it.
6. Stop being so one-sided
“But you don’t understand, I represent my client and take that very seriously!” I get it. I do. Representation is what we do, and, as Realtors, we also agree to a Code of Ethics to cooperate with other Realtors.
This isn’t tough, people. If you’re ticking off the agents and their clients on the other side by getting positioned, stop it!
7. Writing love letters to the seller
This is dangerous. If the listing agent has six other offers and selects your clients’ offer over all the others, could it be because they submitted a photo of them with their two and a half white children who, by the way, attend the Christian school around the corner?
If so, you just opened up a can of Fair Housing. It’s best to leave the love letters to the lovers and not have them be a part of your real estate transactions.
Bonus: Submit an offer — and wait
If you write a timeframe on the offer, understand that is when your offer expires. This has nothing to do with when the seller will accept an offer or the seller’s timeframe. Calling and checking in regularly with the listing agent is offering great representation to your buyer.
It also allows you to give client updates of “nothing yet”, so your clients can see you are on top of things. If you are submitting offers and then waiting for the deadline with no communication to the listing agent or your clients, stop it!
There are so many things that can be done to help the other agent and the seller understand why your client is the one for their home. This is why they call it work. The truth is, when you work the work — it works. When you don’t, well, you sell fewer homes.