Wednesday, October 17, 2012

How to Manage a Multiple Offer Market

While we continue to wait on a complete market recovery, positive signs are beginning to materialize. One of them is receiving multiple offers. Handling a multiple offer situation is exiting but stressful. But, with the right guidance I can make it as manageable as possible. My main piece of advise is to keep the communication going with all parties involved. Full Article

  • Begin With The End in MindEverything begins and ends with the listing presentation. It is where the tone of the transaction is set. Start with explaining why properly pricing the home is so important. The homes that are receiving multiple offers are priced properly according to the market. I also encourage agents to support their documentation with national news. Discuss what is happening across the country and explain how that impacts their sale from a local level. This will lend credibility and prevent future push back.
  • Maintain Focus- When reviewing offers, keep  sellers focused on what matters most. Rather than looking at homes within their neighborhood that are still sitting on the market, guide their attention towards the homes that have actually sold. Help them make an apple-to-apple comparison of their property, rather than placing hope in a transaction that hasn’t actually taken place.
  • Gain Clarity- It can be very difficult for all parties to take a step back and evaluate the details in a multiple offer situation, especially when the home has been on the market for a significant amount of time. It is human nature to get excited and want to jump at the ‘highest and best’ offer. However, taking a deep breath and truly analyzing all of the details may show that the best looking offer is not necessarily the highest offer.  Sometimes the terms, (closing date) are as important.

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