Real Estate Tip of the Week: Too Many Bids, So Little Time
The real estate market has been red hot for some time now – and while the projections seem to expect cooling, competition will probably remain high.
As an agent, you know the struggle of balancing offers for your sellers – especially when you’re receiving 10 or 20 at a time! So how can you present all of the bids to your seller, and what makes a contract stand out among the rest?
Organize, Organize, Organize
It might sound obvious – but being organized and outlining all of the bids in a simple matter will help your clients. You don’t want them feeling overwhelmed and randomly picking a contract just to get it over with.
Place the bids on a spreadsheet and separate them by columns with what is most important to the sellers. Think about adding the price, closing timeline, financing the buyers have, and their contingencies.
A cool and calm spreadsheet is a great presentation for your clients – they’ll be able to see all of their offers clearly laid out, and can quickly eliminate offers that don’t meet their important needs.
Agents Help Agents
To be successful in this industry, you have to network, connect, and above all: be courteous and helpful to other agents (who knows when you might need the help!). If everyone is a team, then everyone can come out on top at the end of the transaction.
If you’re the buyer’s agent, and you’re wondering why your client’s offer was declined, call the listing agent for education! You’ll have a leg up the next time you submit an offer, and you might be able to help direct your clients in a different direction the next time you submit.
Most seller’s agents explain that the reason a bid slipped through the cracks (especially when there are 10 others on the table), is when the contract was submitted sloppily. As a buyer’s agent – be sure you’re completing all forms properly and that you’re not missing key information. When you submit the contract, reach out to the listing agent to discuss the offer and verify your client’s funds. A great agent will follow through with their bid by communicating with the other agent – not by staying silent.
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