A strong seller’s market is a lot like dealing with the craziness of this pandemic. You never know what to expect day to day. Listing agents are flying high with attention on their listings. But, of course, buyer’s agents are always frustrated with the amount of work they are putting in, only to get shot down and have to repeat the process over and over again.
The first offer I lost for my client, I would have almost preferred eating liver and lima beans than having to call and tell them the dreaded words every agent hates, “Sorry, the seller took another offer.” But much like learning to play chess, those early rejected offers forced me to become more tactical in my approach.
Hating to lose more than I wanted to win, I came up with these seven creative strategies to make any offer stand out in a seller’s market.
The motivation of this first strategy is to gain clarity on the seller’s wants and needs, and also to develop rapport with the listing agent. Sellers want to work with buyers they can trust and experience a painless closing. That means you need to open lines of communication with the listing agent to find out exactly what they need and want from the sale. To do this right, email won’t cut it. You need to call.
Determining the needs and wants of the seller on this call not only helps you write a stronger offer for your buyer, it saves you from wasted time in negotiations and just might put your offer above the others. So if you want your offer to stand out, after confirming your buyer wants the home, initiate a call to the listing agent and ask these five key questions to start developing a rapport with the listing agent:
- What is the most important thing for the sellers besides price?
- What is the ideal timing they want or need to be out of their home?
- Do they have a preferred settlement date?
- What are their biggest concerns about the sale?
- How many showings have you had and are you expecting other offers?