Create an Offer That Shines in a Competitive Market
The market is hot right now. The National Association of REALTORS® reports that housing demand outweighs supply, which has driven up home prices and created quite the competitive market. That means buyers have to put their best foot forward when submitting an offer for homes that are getting snatched up after less than a month on the market.
As your client’s trusted real estate agent, it’s important to make sure you are doing everything in your power to help these buyers attain their dream home in this hot market. Educate your clients on what makes a good offer and why, so you may manage expectations and point them in the right direction.
Transparency is one of the most important parts of this process. When you communicate with clients at the beginning of the homebuying process on what they can expect, they will be more confident and ready to act when it’s time to place that offer.
In today’s hot market, the homebuying process can feel much quicker than usual. If your buyers do not know what’s coming down the line, this can leave them feeling anxious and stressed, and give them a sour taste in their mouth when it comes to the real estate process.
The last thing you want is a dissatisfied customer after the transaction — this will hurt your likelihood of getting referrals from these folks in the future. That’s why it’s essential to keep your lines of communication open and set the expectations early on to prevent any awkward or stressful situations later.
There are a few more steps you can take to move your clients in the right direction when it’s actually time to place the offer. The first is to connect with the listing agent to make sure the home is still available, and find out about other offers currently on the table. Determine if there are any requests from the seller that your clients may want to consider. This contact is vital, and can leave you with a valuable advantage over agents who do not reach out.
When drafting the offer, keep it straightforward. The more complex an offer appears on paper, the less desirable it can become. Try not to clutter it with contingencies. As for the price, you definitely want to keep it competitive, however, you probably won’t have to go way over the asking price if you can also sweeten the deal within the terms of the offer. Present the information in a way that is clear, straightforward and shows the seller and their agent everything they need to know right upfront.
Creating an offer isn’t easy, but with the right skills and knowledge, you can confidently navigate even the hottest market and leave your clients feeling stress-free in their beautiful new home.
For more real estate training to guide you through this competitive market, check out The Pathway to Mastery®—Essentials. This eight-week real estate agent training program will take you through the fundamentals of great business, and set you up for success. Sign up today!