Reminder on Multiple Offer Situations!

Read the blog below:

Anthony : Multiple offers situations. When you have the buyer it can be frustrating. When you have the seller it’s like a blessing you love every second of it. I want to go over a couple of reminders. There’s some things that have come up in the last week that are making me realize maybe I should talk about this out loud. I feel like I’m the peacemaker lately. I’m just seeing too many agents get frustrated about different things. Get frustrated with each other. Sometimes I think people lose sight of basic principles when they get really busy or they get a frustrated client. There’s a couple of things that I want to go over.

Number one, when you’re representing seller, obviously when you get 15 offers on a property, getting back to everyone right away can be a lot of work. It can be a big task. When you have everybody calling you and everybody trying to kiss up to you because they want their offer accepted, it can feel like a lot, but you got to try to do it. When you’re representing seller you need to get back to people, let people know what’s going on, update them, set realistic time frames, talk to your sellers about trying to set timelines that will be somewhat feasible to the agent community to give people a chance.

I’ve even heard stories of properties that not everybody gets a chance to go into because there’s just so many showing requests that the listing agent says, “Hey, this is the only time that we have available. If you can’t do it. Sorry.” Then when they book up, “Hey, sorry.” That is the right of the seller and the listing agent. It’s frustrating for a buyer’s agent if that happens and I don’t recommend that listing agents do that, but they can do it. Just remember when you’re representing seller and you’re in a multiple offer situation, you’ve got to make sure to communicate. You’ve got to get back to people. If you set a deadline, try to stick to the deadline. If you don’t, you’re going to irritate a lot of buyer’s agents. Buyer’s agents are going to start thinking you’re being unethical.

I will say, I think agents run to, “That agent’s being unethical,” way too fast. I see this in all areas, outside our company, inside our company. They came up a couple of times today. I just want to remind people that, sellers run the show here. The seller can set a deadline and then an hour before the deadline say, “I want that offer and that’s it. I want that offer and I’m not countering anyone else.” They can do that and everybody needs to remember that. As a listing agent, you want to try to communicate. As a buyer’s agent, you need to make sure to let your buyers know the possibilities. Let them know that they’re in a competitive situation, that they might not get it. When there’s 15 offers, odds are against them.

I’ve heard stories even today. “Oh, I had an offer of 75 over asking and I can’t believe I didn’t get it. There must be something fishy going on.” That doesn’t always mean there’s something fishy going on. I heard from some agents outside the company asking questions about ours inside. I heard some from inside the company, questioning things with agents outside. Every single day I talk to agents outside the company, literally every day, and I hear all different things.

We’ve got to remember that the seller runs the show. It all comes down to communication, setting realistic expectations, and understanding that when you’re a listing agent and you get 15 offers, it’s a lot of work to get back to everyone, but you really need to try to do it. I’ll say it again and again, I feel like a preacher lately, but guys, we are realtors. We’ve got to be professional. We’ve got to work together. We’ve got to communicate with one another. I really do think that people need to not run so fast to unethical. That word is thrown around just way too easily. At the same time, I think realtors got to make sure they’re doing a good job communicating with everyone.

You got to remember, if you mistreat a buyer’s agent that’s got an offer on your listing, they’re going to remember that. Let me just say this. Even if they feel mistreated. I remember when I was selling sometimes I’d be negotiating multiple offers, I’d be targeting one, hoping they get it because their offer was it’s better or something. Sometimes I do an email, a bc, a blind copy email that 15 people or 10 people, and I say, “I just want to let you all know the seller decided to go with another offer. Thank you so much for your offer. I’ll be in touch in the next day or two.” I would literally, in the next day or two, call, not text not email, every single one of them. Sometimes I’d be like, “Should I be doing this? This is so much time to call them all,” but I’ll tell you, I’m glad I did because you want to try to stay in good graces with other agents. When you do they’ll remember that and they’ll work to work with you in the future and that’s what you need.

Guys that’s just a reminder that I wanted to mention. I got a whole bunch of other videos I’m going to be doing in the next couple of weeks. If you have ideas on things that you want me to go over, go ahead and post them, but I will be back at you probably before the weekend. That’s all. Have a good night my friends. Going in to get my kids into bed.