In a popular real estate industry Facebook group, one story recently stood out.
A buyer’s agent had submitted an offer. She waited to hear from the listing agent. Hours went by. Days went by. She checked email. She checked voicemail. She followed up. Finally, she saw the property was pending under contract.
The emotional fallout was real. Both agent and client were exhausted and frustrated.
Yes, that listing agent dropped the ball. But just as technology transformed how properties are shown, it will now change the way offers are managed so this will rarely happen again.
Offer Manager from ShowingTime solves a massive issue for the industry: offer communication.
In all fairness, it’s a challenging time for listing agents. Nearly every property on the market right now is under a barrage of offers, forcing listing agents to juggle emails, calls, texts, and notifications, sorting them all out to deliver to their sellers. And buyer’s agents simply have to hope for the best when they send their client’s offer into the fray.
“For the past 20 years, listing agents have been managing offers by email,” said Erik Lovell, VP, ShowingTime, who oversees Offer Manager. “A buyer’s agent will fill out all the forms with DocuSign, dotloop, Zip Forms, or Transaction Desk and then gather other documents like the pre-approval letter and the agency disclosure, and then they email all that over to the listing agent. The listing agent has to sort through all these emails and hope nothing gets lost or missed and then organize all the various information to present to the seller. It’s a huge undertaking and it’s extremely inefficient right now — on both sides.”
Streamline the offer submission process
While receiving offers on a property is an exciting process, it’s also haphazard, inconsistent, and time-consuming. Michael Lane, President, explained that Offer Manager brings order where there once was chaos.
“The buyer’s agent submits the offer through the MLS, just how they schedule showings today,” he said. “The listing agent sets their default offer instructions or even a highest and best date if there is one, so buyer’s agents are updated at the time they submit the offer. Listing agents can even automate who on their team receives the new offers. Listing agents and buyer’s agents alike can get email, text, and app notifications, so no offer communication is missed.”
Joe Kipping from Keller Williams Tampa Bay Home Team has used Offer Manager for a few months now and can’t imagine life without it. “I can view the offer quickly and I know the buyer’s agent will be sent a notification letting them know the offer was received, saving me a lot of time.”
Present offers to sellers in a consistent and easy-to-compare way
Listing agents show their worth when it comes time to help their clients parse the different offers presented to them and help them weigh their options. After all, the offer price isn’t always the most important factor for sellers. Things like earnest money, type of financing, contingencies, and closing date can also be critically important. But the offers arrive like apples and oranges. And watermelons, for that matter. And they all come in by email.
Offer Manager keeps this simple for the listing agent, by automatically organizing all the offers by listing and keeps the buyer’s agent contact information, the offer documents, and a quick-view summary all in one place, making their life a lot easier in many ways.
“Many listing agents re-type the offer terms into spreadsheets so their sellers can understand the differences between competing offers. Again, it’s a huge use of time and effort trying to keep it all straight,” Lovell lamented.
Offer Manager solves this by helping the listing agent organize offers into an attractive and efficient PDF that is branded for the brokerage, or the agent can quickly export to an Excel sheet if preferred. Since the offer structure was configured upfront and customized for each market, the presentation is simple and streamlined.
“The side-by-side comparison is a game-changer,” Kipping said. “I customize it and share it with my client right from my phone.”
Communicate quickly and clearly to all buyer’s agents
Remember that frustrated buyer’s agent who never heard back? If the listing agent used Offer Manager, the buyer’s agent would have known immediately when her offer was received and would have experienced better communication throughout.
Kipping in particular loves how streamlined communication is with Offer Manager. “It’s easy to mass email all agents that have shown my property and ask for ‘highest and best.’ Then all I have to do is mark an offer accepted and all the other agents get a notification their offer was declined.” Kipping goes on to say how this is a problem in the industry, where buyer’s agents often aren’t informed when another offer is accepted. Offer Manager solves that problem and lets buyer’s agents find their buyers another property in a timely manner.
Buyer’s agents can better manage client expectations
Offer Manager helps buyer’s agents avert the uncertainty and stress that the Facebook post mentioned. The agents get instant, clear direction as to the status of their offer, allowing them to better manage and communicate with their own clients in this heated and competitive market.
“I’ve had hundreds of offers submitted through Offer Manager, and the buyer’s agents love submitting offers this way,” noted Kipping. “Many ask how they can get the platform.”
Offer Manager is an add-on to the ShowingTime platform, so users can get started right away without learning a new app. Learn more about options to use Offer Manager for yourself, your team, and your brokerage.