In a multiple-offer situation, a buyer’s needs will be very different from a seller’s. Are you confident you can beat other deals for your clients?
Some Initial Questions to Ask
In a multiple-offer situation, your clients will rely on you to show them how to put the best offer together, strategize against the competition, and triumph at the negotiation table.
There are many, many factors that you will need to analyze in order to advise your clients:
What’s your client’s budget?
Are you shopping in a buyer’s market or a seller’s market?
What’s the seller’s timeline?
What’s the competition’s strategy in putting their offers together?
…and many more.
Buyers and Sellers Have Very Different Needs
With so much going on in a multiple-offer situation, simply dealing with competing offers may seem stressful enough already.
But remember: you also need to understand how to handle these situations for buyers and sellers, because the needs of these clients will be very different, and the strategies you’ll use to represent them and get them the best outcome when multiple offers are flying around will vary.
Are you confident that you can get a seller client the best possible price for their home? What about the factors beyond price – timing, finances, various contingencies – that will affect the value of an offer?
For buyers, you’ll need to have a keen sense of timing and understand the interactions between a seller and the competing buyers. You’ll also need to know when to compromise and when to walk away if that’s what’s best for your clients.
Your Clients Rely on You
Your clients will depend on you to advise them. As their agent, they trust in your ability to accurately read the situation, weigh the factors in their favor and against them, and always, always provide guidance that’s in their best interest.
If this sounds complicated, it may be time to brush up on your negotiation skills.
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