Thank you to Michael and Tammi Cole at Realty One Group Dockside for all the work you put into your agents. I am glad I was at your agent panel on how to get your offer accepted. Since the topic is absolutely crucial in today’s market. So, here is my take on it. It is definitely a tough sellers market out there. Below are 7 practices to get your buyer’s offer accepted.
TIP#1 GET PERSONAL WITH IT
Connect with the listing agent. Communicate and build rapport. After all, the listing agent is just like you, looking out for their client’s best interest. Therefore, do reach out and try and find out what the seller is looking for or will respond to. Ask questions like “What’s important to them?”. Surprisingly, but Simply being respectful and kind can go a long way.
Although, we understand not every agent will respond. But at the very least you made the effort. You know how the saying goes: if you don’t ask the question, the answer will always be no!
TIP#2 CCO – COMPLETE AND CLEAN OFFER
This should be a no-brainer, make sure your offer is not missing any disclosures or any pertinent information for the purchase agreement. Measure twice, cut once! Double and triple check everything for accuracy before sending. Otherwise, it is wasting time. And make sure you follow the listing agent’s directions to the letter. Do actually read what the listing agent has posted. This shows how respectful you are of the agent and the sellers. Similarly, keep up to date with new rules and regulations. Make sure you do not forget to check or uncheck a certain checkbox in the contract. In a competitive market, even a minor mistake can cost your homebuyer their dream home. Just be aware of that.
TIP#3 CITIUS, ALTIUS, FORTIUS PRACTICES TO GET YOUR BUYER’S OFFER ACCEPTED
Faster, Higher, Stronger! If your buyer likes a property, put an offer on it. Be quick. Homes do not last long in this market. Discuss in advance what your buyer is ready, willing and able to offer. Educate them on the market situation and set their expectations. Let them know, from day one, that their first couple of offers might not be accepted.
Earnest money matters! Especially, when you’re making a cash offer. Accordingly, your buyer’s EMD shows they are a serious homebuyer. It basically tells the sellers that your buyer will not back out. Because, really no one wants to go through a deal that falls through midway to or right before closing. Therefore, make sure your buyer puts down a higher and stronger EMD.
TIP#4 CASH IS KING!
Financing? No worries, make a larger down payment. If your buyer can show that they are in a good financial position, they should do so. This sends the message that you buyer is serious about the purchase and capable of meeting all financial obligations.
TIP#5 AS IS?! OFFER ACCEPTED
Contingencies … none is best! Waive as many contingencies as you can. For example, instead of being contingent on appraisal, offer a cash amount the buyer can afford over the amount financed. Risky? Well, not if your buyer has enough cash to cover any potential shortfall between price offered and the appraisal.
Actually, this is a huge one in today’s market. If the home does not appraise, an offer that shows your buyer is willing to bring money to the table, will most definitely set their offer apart from the rest. Just make sure your buyer is in a strong financial position to take this risk.
TIP#6 SWEETEN UP THE DEAL
Go the extra mile, why not offer more and achieve more. For instance, offer paying the seller’s taxes and/ or title fees. Also, you can offer rent back or even help with their moving cost. Explore all the options, brainstorm what unique benefits your buyers can offer. Of course, within all laws and local regulations. Again, taking an extra step will get you closer to your goal. Probably, one of the best practices to get your buyer’s offer accepted.
TIP#7 GO LOCAL!
Finally, advise your buyers to choose from local lenders and trusted attorneys. Create relationships, partnerships. Even better, have a list of references of experts they can choose from. In my opinion, there’s nothing more frustrating than having to juggle communication between lenders, attorneys and everyone else involved in a transaction. And it always pays to work with someone who is an expert in all the specifics of your area.
In conclusion, be ready and prepare your clients. Take the time and pay attention to details. Even the little things matter. Be proactive, kind and prompt. Wishing you all the best and happy hunting.