Multiple offers continue!
Multiple offers continue. 2022 multiple offers? that is Shana Acquisto, she’s a luxury real estate broker and we need to talk about this and is this. You guys are luxury agents? Yes, that’s right. As you are and every one of you. Go ahead, Shana. All right, guys. So let’s talk about this.
So we kind of saw a little taper off at the end of last year of twenty twenty one, and now it’s the ninth or tenth. It’s the 10th of January. And whoa, are we seeing multiple offers? Ok? The inventory is still very low. Yes, so but we still have the buyers, so we are seeing multiple offers. So I just want to kind of have a housekeeping reminder and a refresher on how to handle these.
Ok, so we are seeing them on a four hundred thousand dollar property up to three and a half million three and a half million dollar property is in multiple offer.
We talked to a guy yesterday or Saturday, and he’s like this. You know, I’ve gone through, I think, seven homes, seven times missing out and my offers are great three and a half million. So we are seeing multiple offers.
I don’t see them going away and I just want to remind you guys, so let’s talk about if you represent a buyer, OK, OK, if you represent a buyer man, you’re in a pool with a lot of people, so you’ve got to stand out as a buyer’s agent, connect with the listing agent, immediately connect with them, let them know who you are, be the squeaky wheel. So let them know, Hey, I’m going to be my client. Loves your property.
Establish that relationship. Ask them questions like, Hey, we’re looking at this offer. What do you think? We don’t want to waste time. They really, really love it. What do we do? Make that connection? Talk to them, get as much, extract as much information from them as you can,
You know, and you talk about that all the time that sometimes it’s the the real little thing that totally connects with the person it is, whether it’s a short term lease back, whether it’s no repairs, whether it’s whatever those things happen to be.
Yeah, if you just ask them what’s important to your seller, what is the most important thing to your seller? Let me see if I can accomplish that with my buyers. Then lets you
Know it’s often not money. You’re negotiating. They’re all right and you are trying. And that is part of negotiating. Negotiating isn’t always getting the the best price, obviously, in our market, you know, it’s basically getting it accepted. That’s negotiating and communicating with that seller, give the seller something they want and then the buyer, what do they want and mesh it together and make it happen?
Ok, so you have to have these, you know, an open communication with listing agent. What if you can’t reach the listing agent?
Can’t reach a listing that could be something to. So I suggest calling them emailing, texting, call the office, do everything you can to reach out to them. Sometimes they have one office number, and it’s just unfortunate that you cannot reach them.
But you need to explore all those avenues of ways to reach out to them. So, you know, they’re going to see it right, they’re going to see it. One of the most important things, if they are not cash buyers, is a local lender, guys, a local lender, fine.
If they want to go to Rocket Mortgage, they want to go to some online mortgage company because they think they’re getting some crazy low, right? No problem. You are wanting them.
You’re wanting the seller to feel super comfortable with that buyer. So don’t submit a Rocket Mortgage or any type of online brokerage lender. Please get them approved with a local lender. That’s going to make you feel comfortable, too, that you know that there’s nothing standing in the way of the no obstacles for them to be able to to move forward with this, OK?
The other thing we’re seeing are the option periods. I strongly suggest that you have an option period. I mean, you need a day or two to be able to, you know, understand this property because you’re making these decisions fast, but don’t make it ten days, even seven days, I think is is a little long.
Have that conversation with inspectors in advance and know what your options are. Be prepared. You know, if any of you all were in scouts, you know, always be prepared.
But then you can. When you submit that and change that date, you can be logical about it with the other party and say, like, we’ve already discussed, that we need to do this quickly and we have it scheduled so we can do the inspection. Within three days, you know what I mean, that’s why we’re able to shorten this time frame.
Yeah. And do some research. Go back and find out if this property was listed before and by chance. If they have any disclosures that you can pull up so you can kind of do your homework and see what challenges they might be up against and questions to ask.
Right. But if you start doing all this before your offer is accepted, you could have an issue. But it could save your client some money because if they’re putting up option fees and then all of a sudden you find out, man, there was a fire there, something that was, you know, really important to a buyer that I would never buy a home under this circumstance. Right.
So you need to do your homework and you can dig and find previous documentation on these listings if it was listed before. So, OK, so just a couple of things on that. If you have a seller, it’s a lot of fun to go through 50 offers, but that’s your job.
Ok, so we have multiple offer worksheets that you can keep track of them, but you need to in the beginning, have a conversation with your seller on how they’re going to handle the multiple offers.
How are they going to do it? What can you disclose to the buyers, right? Because they’re all asking if I put it in at this? Am I going to get it accepted? What’s going to be, you know, what do I need to do? So you’re limited on what you can give.
If you give it to one, you have to give it to all. So you know, we need to be very, very careful that we’re staying in guidelines, you know, following guidelines. So talk to the seller. Do you mind if I tell them that they’re above list, right?
To make sure that you are not in violation when you’re disclosing certain things right? The other thing is you’re a professional if you want to be remembered later down the road when you’re on the other end of a of a of a deal.
Communicate, communicate with the other agents, whether they receive it or whether they win the offer or not. Reach back out to them and let them know. Hey, thanks for the offer. This is what you know. Your offer wasn’t accepted. You know, I’m sorry.
It’s a good rule for building.
It is a good rapport building opportunity. And if you’ve got 20 offers or 50 offers, that’s 50 agents that you can communicate with.
Oh, wow, how amazing is that?
I think that’s great. It’s a lot of work. It is a lot of work. But that’s your job, you guys. So if you need help, seek help. All of us will sit and go through the offers with you and even make the calls like, Hey, I’m calling on behalf of the listing agent.
We want to just thank you for the offer, but you didn’t know your offer wasn’t accepted and then know what you can tell them. You know, I’m sorry they’re going to want to know. I need to tell my buyer why I didn’t get accepted for the 10th time. Please tell me why.
So you need to know what you can tell them as well. So be a professional. Don’t get into big of a hurry. These relationships matter going forward. Right? And when you’re representing a seller or a buyer, you want referrals. You’re building your business, so do it correctly.
You know, in the weird thing is, people set deadlines at certain times, right? So if you want to work super late on a Sunday, then go ahead for four o’clock on Sunday.
Yeah, like, it’s crazy, right? You’re scheduling yourself when you’re setting these deadlines.
And you know, I suggest Deadline is imagine that this time decisions will be made by this time. So it gives you time to go through those offers. If you set a deadline for Sunday at five o’clock at five fifteen, they’re going to want to know who you pick.
So you need to just, you know, give those instructions out there to people so they, you know, I’m going to go back for a second when you’re submitting an offer. All right. So Logan has a listing right now in Logan multiple offers. Ok. It is insane. The contracts come over.
They don’t follow any directions, any blanks filled out. This isn’t filled out. I’ll send the approval letter later or oops, I didn’t send the disclosure back. Send a complete
Packet. It’s amazing what percentage of oh contracts are actually filled out that you can sign, right? So I would wonder that when Logan’s all completed with this, I’d like to know how many offers, how many offers number one you received and then number two when it’s all said and done.
How many of those offers could you actually have signed and sent as is, as is like, right as it is? On signature, and I’m sure the numbers can be really low because there’s going to be a lot of questions in them that aren’t filled out rightly or all the documentation not been provided in the one message. Yeah. So that’s the easiest way to stand out.
And, you know, in our in-person agent workshops, we’re going to have a list. You’re going to see these coming soon, but a listing presentation going through a listing presentation and overcoming obstacles that you may have in the same with the buyer, right, when you’re filling out a contract.
How do you go through it with the buyer and how do you explain these things to your buyers? So these are going to be exercises that we’re going to do in our in-person workshops coming up.
Ok, so you talked about in the beginning that, you know, sometimes it’s hard to find a person on, you know, on email or text or phone calls, and they’re not responding. Mm hmm. Are there other methods that you could consider like should they go to maybe farmers, only to try to find the person’s profile there?
No, you can. I mean, just going your last call, the office do all all that you can. We had one recently that we are working a deal and all of a sudden the agent disappeared. So we had to, you know, fortunately, we knew the broker. We engaged the broker and kind of got it back on track.
But her license had expired, so she couldn’t. She couldn’t do the business. So you just never know what the situation is. So don’t just stop. If you can’t reach that listing agent, you’re going to have to. You’re remember who you’re working for.
Chat in now, if you’ve done any business as it relates to farmers only for your real estate transactions. So if you have Chat in, we would like to know. Interesting. Let’s wait a minute. We might have a lot of chats, probably a lot untapped market. Oh man, let’s get out of here.