Win More Multiple-Offer Scenarios
In a competitive market, buyers are looking for any strategy that could give them an edge when it comes time to make an offer on a property. Use these tips to help your clients win more multiple-offer scenarios.
Offer a larger option fee.
This shows your client is serious, and a large option fee is another financial incentive to buyers.
See if the lender can contact the listing agent.
If your client would like, having the lender contact the seller’s agent can offer additional assurance that the sale will close.
Consider a personal letter.
A letter from your clients explaining why they are right for the property can offer an emotional pull if done correctly. However, some listing agents warn their sellers against reading personal letters because of the potential for fair housing-related claims.
Ask about variable commission rates.
If the listing broker discloses a dual or variable commission arrangement (or it’s listed in the MLS), ask what the rates are, taking the difference into account when helping your client craft the strongest offer. The Code of Ethics requires you to inform your buyer of the rates if you know.
Pay for the extras.
If offering more isn’t an option, consider paying for items such as title policies, surveys, or residential service contracts.
(Remember that listing agents are only required to disclose if there are multiple offers when they have the seller’s approval to do so, per Standard of Practice 1-15 of the Code of Ethics.)