Multiple offers and pressure it creates
We’re going to totally discuss it from a bunch of angles with luxury real estate broker Shana Acquisto. Nice to see you. Nice to see you. All right. So multiple offers are all over the place already.
Yes, they are. And what I want to stress to you as an agent is how you handle them with your client. So I’m seeing a lot of different things. I’m seeing people, you know, posting on their social media that, hey, we you know, whether you’re listing agent or buyer’s agent from a listing standpoint, hey, we had one hundred and fifty offers.
You know, just think about how that all of your posts are perceived from the public. You know, we want people to value us as a realtor. We want them to feel like they need us. They need us to go through that process with them. So we don’t want it to sound easy because it’s not, you know, it is not an easy process.
It’s very stressful for imagine how hard it is to actually manage that. So there’s different opportunities to speak about that, for sure. Yeah. And now imagine how that looks. So just play that one post forward, right? So imagine you post out one hundred and fifty offers on this property.
Yeah, I’m amazing. Look at me. Look at me. And then you post six days later back on the market. And it’s like, What? How did that happen? I don’t know. You picked the wrong one out of the one hundred and fifty.
Yeah, so really a suggestion is maybe tell the story of what happened, what is happening behind the scenes that people don’t necessarily see, but tell the story of how you are actually helping navigate through that. Hey, we had a ton of offers, but here’s what we did, and we ended up, you know, a positive result is X.
So just I think how you tell that story is going to resonate with people instead of seeing that and being like, well, I can list my home myself. Why would I? Why would I need them if they can? Just if you know, all of a sudden we’re getting tons of offers, why do I need a realtor? Well, we all know why they need us. Let’s just make sure we’re relaying that information properly so they perceive us.
So from your client’s standpoint, so you, as the agent, have put in ten offers and they have not been accepted, right? And you see your client, they’re becoming very weary of this process and they’re going to, you know, tap the brakes.
And they’re going to start submitting offers on like they’re going to take a couple of actions, right? Like tap the brakes or submit offers blindly on anything. And just like hope, it works. And so you can see that happening all over the place. Did the people even see the property when they’re submitting offers in most cases, right?
You know, I think a lot of people would prefer their buyers to have seen in person the property. You know, we’re doing a lot of walkthrough videos with with people to show them the homes because they can’t get there fast enough. And I understand that that we have to do that. But you know, you want to you want to make sure that you as a listing agent, you choose the right one and you have a process for handling them, right?
Just showing off the house, nice house. It is nice, probably in multiple offers in my guess.
But you know, you have to set those expectations with your client up front. You know, you have to let them know that you may go through 10, but don’t give up because here’s the thing there’s a, you know, talk of interest rates rising. When is it going to change?
It’s not going to all of a sudden the light switch click off and we go back to normal. There’s not a normal right. This is where we are in the market. This is how it is, and it’s going to be this way for the foreseeable future.
So rather than be upset about it or any one of those things, I think it’s all a mindset. So consider this consider being to consider it right. There’s pros and cons of every single market that we are. Yeah, all the markets that we’ve seen over the years.
Be thankful, be positive. As you’re going through this with your clients, there’s a whole mindset shift that you can have, right? You can be excited about it. Thrilled. Want to help want to do these things? Be excited about like what it might. All up in the future, like this is fun.
Yeah, let’s talk about those things instead of all the things that are beating them down. Be there. You know, I say therapist, but you know, be there for them to guide them. And if you are so busy that you’re all over the place and you’re like, I know, I know I got this, I’m just going to. I just got to get them a home. Well, don’t forget the middle part that happens right from the time you meet the client.
Until you find a home, you have got to. You’ve got to create value for yourself, and you can do that by your relationship by offering education and guidance of how this process works. And finding out asking questions from them to find out what position are they truly in. So you know how to get them if they’ve gone through nine times of homes? Is there something you should be doing differently? Right?
But most importantly, win because winning is way better than losing. Winning is so let’s win for our clients. Let’s win and do that and then celebrate and have a party there.
You know, I don’t know if you guys know A.J. Mayers. I think there’s other lenders that do this, but he would beat me by a hundred strokes in golf.
Yes, he let us know last week that what they have done is they’ve taken out a line of credit as a lender. So if your client is maybe going a loan program that may not be as desirable as cash, right? And they’re struggling with this, well, they could actually be a cash buyer through a lending through their lender.
Right. So the lender is going to go ahead and give them the cash to purchase it and then their loan terms will be worked out, you know, separately. But that’s a way for them to have an advantage in going in multiple offers. They can actually be a cash buyer, so ask the questions of your lender. What can we do to make our offer stronger? What can we do to compete?
What do you suggest? Talk to it’s a team all of us, from title to lending to, you know, your real estate colleagues, your real estate family. Just stay calm.
Be in charge, right? But you don’t get so busy that you’re missing key details, right? And it it can happen right if you’re just going through motions, but you’re not taking the time to properly do your job. You’re not going to get the referrals that you want. Your client could get frustrated and terminate their agreement. You’ve got to provide that value. That’s it.