The shortage of inventory in the Washoe County market has made it difficult for buyers to find a home that fits their financial and family needs. When presenting offers we are seeing multiple offer situations, and many clients getting beat out in bidding wars. In tight market situations especially a seller’s market special tactics need to be implemented to fight hard for “the buyer.” Some of these tactics most realtors don’t know about or are not interested in using them.
Some tactics when presenting an offer
Having the right information when putting an offer together is key to getting it accepted the first time! So you “the client” has asked your agent to write and offer on a house. What do you expect from your agent? Do you know their process for writing and offer? Are they continuing to work in your best interest? At this point you may be asking yourself, “How do I know?” Well you have to ask the right questions or the agent should have given you the comfort that you are looking for up front.
Some of the methods that we use when presenting offers:
- We know what is most important to our client before we write the offer.
- We know what is most important to opposing party, in this case the seller.
- We try and compromise with our client to meet some of the opposing party’s expectations.
- We present the offer in person.
What is most important to the client and the opposing party?
When you know what is most important to the client and the opposing party it is easier to shape an offer that is ideal for both parties. In most situations I have found that there are certain things both parties are able to compromise on and always some non negotiable items. Non negotiable item maybe due to time restraints or financial needs and cannot be compromised. When I have a client that is interested in writing an offer the first thing my team and I do is call the other agent. This is a fact finding call and to inform the other agent that we have an interested client that wants to write a serious offer. In my call I want to find out what is most important to the seller, so that I can report back to my buyer to strengthen our offer. This is where the compromise is a big deal and can get an offer accepted the first time especially in a multiple offer situation.
Presenting the offer
The representative of the cooperating broker has the right to be present when the offer is presented unless the seller gives written instruction to the contrary.The above quote was taken from a bulletin about Multiple Offer Guidelines for Licensees that the Nevada Real Estate Division put out. Did you know your agent has this right? Have they offered to present your offer in person? This is a great strategy in any market, but especially in a seller’s market and multiple offer situations. This is a great tactic when presenting an offer because you have the capability to talk about the offer before the seller gets a chance to review it and potentially make changes to better suit the sellers. This shows buyer and seller especially that you are a professional and will work to get the job done!