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Closing on a home takes effort, strategy and skill. However, sizzling markets like the one we’ve experienced since 2020 also come with an added layer of complexity because most listed properties end up receiving multiple offers. Even as the market is shifting, we are still seeing multiple offers submitted on homes.
While there may be fewer competing offers, these strategies are still critical for those who want to help their clients get the house and win.
Navigating a multiple-offer scenario is challenging, but there are simple ways to create a winning outcome for agents and their clients. Susan Austin of The Tom Toole Sales Group provides four strategies to get sellers to hold off on accepting other offers, so your client has a better chance of getting the keys to their dream home.
No matter the industry, having a good reputation is crucial to short- and long-term success. In real estate, having a friendly, accommodating attitude brings massive advantages, especially in competitive markets where multiple-0ffer scenarios occur with nearly every listing. When you have positive relationships with other agents, you can leverage them to provide more insight into the popularity of the listing.
When the buyer is ready to submit an offer, immediately contact the listing agent to ask questions like whether there are any other offers in hand, the current interest on the property, and the seller’s preferred terms and conditions.
This information can help you and your client submit a strong offer accommodating all parties. The bottom line is that creating and maintaining professional relationships with other agents will not only lead to more business and greater success for you and your clients, but it could be the deciding factor between getting your client’s offer accepted or lost in the crowd.
Prepare for the process
One of the most successful strategies is preparation, especially in a fast-moving market. As an agent, being prepared means that you have done everything you can to become knowledgeable about the property and have everything in place to submit a same-day offer. Sometimes, the buyer knows they want to put an offer down on a property before leaving the driveway.
If you have a virtual assistant, provide all the information while you are still on-site so they can start the process. If you don’t have a virtual assistant, you should start the process yourself as soon as possible.
Agents should also prepare their clients for the purchase journey. A pre-approved client who knows their price range and has decided how much they can offer as a down payment saves time and positions them for success. Additionally, explaining how the process works before it’s time to put down an offer ensures efficiency and eliminates last-second surprises.
Lastly, It’s also a good idea to remind the client that the market moves fast, and sometimes they only get one opportunity to put down an offer. Remember, time is of the essence, so both you and the buyer should be prepared.
Purchasing a home is one of the most significant decisions someone can make, so they should have enough information to make an informed decision before making an offer. Don’t skip over the buyer’s consult; use it to establish trust and ensure they are educated about the process from start to finish.
As you continue working with the client, learn their preferences and eliminate listings that won’t work before sending over potential properties. You can also send weekly neighborhood reports so the buyer can decide which location best suits their needs.
When a client is ready to close, put together several versions of the estimated closing costs to help them determine what course of action works best for them. Remember, you are the expert, but your client needs to be informed and should have all of the necessary data to make an informed decision before they close on a property.
Have a multiple-offer mindset
When creating an offer, keeping a multiple-offer mindset is essential. You should always assume the sellers are reviewing multiple offers alongside your clients, even if there have been no other offers submitted. Even as the market has been shifting, the best homes (when marketing correctly and priced right) are still selling quickly.
Coach your client on the understanding that since this is still a seller’s market, it will be likely that a seller will get multiple, strong offers on their home. In essence, they are competing with other buyers and may only have one chance at submitting an offer, so going in strong will give them the best opportunity to come out on top.
As an agent, it’s your job to help your client get the best property at the best value. While speed and efficiency are of the utmost importance, leveraging your relationship with other agents, preparing for the process, empowering your clients through knowledge and data, and keeping a multiple-offer mindset will help you and your client win.