How To Handle Multiple Offers - Real Estate Agent Training Tips
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You can generally tell if a property is well-priced by the number of phone calls, emails and showings you get. And when inventory is scarce, buyers are plentiful and the property is priced well...this is the perfect recipe for multiple offers.
Show Your Character and Integrity
How you handle multiple offers as the listing agent tends to show your character and integrity. Some buyers will ask you to represent them in the purchase of the property. Often times thinking that they will have an advantage by enlisting the services of the listing agent. And that actually could be true depending on the terms in the listing agreement.
Know The Laws and Regulations
But if you do decide to handle both sides of the transaction in a multiple offer situation, you need to be extremely careful with how much information you disclose to each party. Every jurisdiction has their own laws and regulations, so make sure you are in compliance. But regardless of the laws or regulations, one thing that should never be done is for the listing agent to have access to the terms and conditions of the other offers, if the listing agent is submitting an offer on behalf of a buyer.
There Should Be A Neutral Party
This most definitely gives the listing agent and the buyer an unfair advantage. If the listing agent knows they will be writing an offer, they should direct any other agents wishing to present an offer to their broker or another neutral party. The broker or other neutral party will review all of the offers with the seller and help them make a final decision.
Remove All Doubt
So to remove any questions or doubts, from all parties concerned, it's just a better way to handle this delicate situation. The other agents involved will view you as fair and ethical and you will keep your good name and reputation in tact.
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