All You Need is One Good Offer

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Real Estate Agent with Online Real Estate Agent Training

All You Need is One Good OfferIn a seller's market, the seller feels as though they hold all of the cards.  They have read all of the articles about "hot" real estate markets and how receiving multiple offers is common.  As a result, when they put their house on the market they are expecting to receive more than one offer.

Set the Right Expectations

Often times the listing agent plays into this mind set.  They go into the listing appointment talking about the "hot" market and how so many properties are receiving multiple offers.  Some listing agents even tell the seller to price their property below market value to encourage multiple buyers.  This sets a false expectation for the seller and  only makes the situation worse.

Let the Data Do the Talking

At the listing appointment the agent should let the data do the talking.  After taking a tour of the property, taking note of the condition and any repairs that need to be made, the agent should sit down with the seller to review the most recent comps to see which properties are most like the sellers' house.  Every seller thinks their house is better than the house that sold around the corner, and therefore their house should command a higher price.  This is where the agent gives the seller a dose of reality and help the seller understand the differences between the comp properties and their property.

Just One Good Offer

It may be true that a market is experiencing multiple offers, but not every house receives multiple offers.  Plus, not all multiple offers end up going over the list price.  If the seller wants to price their property lower than market value to entice multiple offers, the agent must then ask the seller if they would be willing to accept an offer at that price if only one offer is received.  If the answer is "no", than they need to discuss a different price and strategy.  It is the job of the real estate agent to get the seller to understand that all they really need is one good offer.

Buyer's are Very Savvy

Like sellers, buyers watch neighborhoods very carefully and will not even consider making an offer on a property that is severely overpriced.  Often times they won't even look at the property because they feel the seller is being unreasonable.  They will wait until the price comes down.  The listing agent should help the seller understand that even though it may be a seller's market, they still need to attract the buyers.

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Candy Miles-Crocker

Real-Life Real Estate Training

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Rainmaker
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Tom Arstingstall, General Contractor, Dry Rot, Water Damage Sacramento, El Dorado County - (916) 765-5366
Dry Rot and Water Damage www.tromlerconstruction.com Mobile - 916-765-5366 - Placerville, CA
General Contractor, Dry Rot and Water Damage

I guess we do need to watch the words we use and the expectations that we convey Candy!

May 25, 2015 10:47 PM #1
Rainmaker
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Ann Hayden 636-399-7544
Berkshire Hathaway HomeServices Select Properties-St. Louis Missouri - Chesterfield, MO
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Candy Miles-Crocker ,

Not all properties sell.  Sometimes they linger and then the seller is unhappy.  Sellers should listen to their agents and if there is no offer or showings, the price is too high.

May 26, 2015 12:06 AM #2
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