The shortest distance between two points is a straight line. The shortest distance between an offer and acceptance may be a simple phone call or email letter of intent.
Recently, I had a buyer’s broker submit a low offer on one of my listings. There was a nine page purchase contract, HOA addendum, and lender prequalification letter. Of course, there were no comps attached to justify the lower price. The offer was immediately rejected by the seller, and the buyer’s agent was disappointed.
If this agent had simply called the lister before, or after showing the property and asked if the seller would entertain a low offer, she would have been told to save her time and find another property for her bottom fishing buyer. If her buyer insisted on submitting an offer, she could email the details and receive a quick written rejection.
Another agent called on this same property and asked if the seller would entertain a low offer due to a short sale that recently closed in that area. I was disinclined to acquiesce to her petition. Since I was unsure of the exact extent of the seller’s pricing position; I offered her the opportunity to speak with the seller directly. She presented her position to the out of state seller. He declined her price, but did state what he would accept.
This agent saved herself and her buyer a lot of time and false hope. She helped the seller see their property objectively from a buyer’s point of view. She helped the seller quantify their bottom line. And, she helped the listing agent obtain a potential price adjustment.
The KISS formula works well in any market. Keep it simple salesman. One phone call can save a lot of time, and a few trees. An email or verbal letter of intent is a helpful tool to avoid the paperwork jungle.
Comments(3)