A Little Humble Goes A Long Way
Multiple offers are happening regularly in some areas of Northern Virginia right now and while it’s wonderful for sellers it can take a toll on buyers and their agents. How the listing agent handles a multiple offer situation makes a world of difference. I have been on the listing and buying side of multiple offer situations many times and a little humble goes a long way when you’re the listing agent.
There’s no way around the fact that only one offer can be “the chosen one” and delivering that news is as equally important as delivering the news to the agent whose buyers weren’t chosen. First, make sure you actually tell them their offer wasn’t selected. Seeing that the property is now under contract is not how a buyer’s agent wants to find out their clients offer wasn’t selected. Personally I prefer to call or email each buyer’s agent to deliver the news. If we’ve mainly spoken on the phone I call and if we’ve mainly emailed then I email. If you just don’t feel you have the time to reach out individually at least send a group email with everyone bcc’d to deliver the news. Ignoring an agents calls, texts, or emails is not the way to make the right lasting impression.
Recommend to your sellers they select a backup offer. While you always hope it’s a smooth path to closing with the offer they select it never hurts to have a backup. Nothing is guaranteed in a Real Estate transaction and having a plan B is like buying insurance. You never need it until you don’t have it.
The market isn’t always going to be experiencing low inventory and there will come a time again when multiple offers aren’t happening regularly. Listing agents who remain humble, practice excellent communication, and who treat the buyer agents with respect will always be remembered in a positive light. Those who don’t surely won’t be forgotten either but, not for the right reasons. How you treat other agents should not be dependent on market conditions. When trends change it would be such a disservice to your future sellers to be remembered as an agent that was less than courteous and could even cost you showings on a listing in the future. We all play in the same sandbox and just as we learned in elementary school treat others as you’d like to be treated.