Secrets to Winning in Multiple Offer Situations

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Presentation transcript:

Secrets to Winning in Multiple Offer Situations Nine Negotiating Strategies Used by America’s Top Agents to Get Their Client’s Offers Considered First

Cleve Gaddis Master Coach, Workman Success Systems (25%). $300-$500k Team Leader – Gaddis Partners, RE/MAX Center (55%). Host Call Cleve Atlanta Real Estate Show on NewsTalk 1160 AM. Atlanta, GA. Married with four daughters.

At the End

Real Estate Sale JANET - Buyer Agent Us Seller Agent Them

Give Directions Pinpoint the destination. What type of market? Give step-by-step directions for success in multiple-offer situations. Either follow directions or don’t…their choice. Who to blame?

Type of Market Seller’s Market: <4 month supply Balanced Market: 4-5 month supply Buyer’s Market: >5 month supply

9 C’s Confidence Communication Convenience Connect Clean Cherish Comps Champion Cap

Confidence Increased Earnest Money Proof of Funds Full Mortgage Approval Strong Pre-Approval

Confidence No unnecessary contingencies. Don’t ask for the seller to contribute toward closing costs. “As Is” offer. Option money.

Communication Talk to the Listing/Seller’s Agent. Find out what’s important to the seller…and the agent.

Convenience Allow the seller to stay in the home a few days after closing. Work within the seller’s timeframe. Anything else important to the seller?

Comps List price has nothing to do with value. Know values in the area. Might be listed low to attract multiple offers. Over list might still be a good value.

Clean Don’t include unnecessary requests for home warranties, termite bonds, personal property, etc. Ask for what you really need, but don’t overwhelm the seller. If possible, don’t include a contingency for the sale or lease of other property.

Cherish Personal letter Short video All the reasons buyers love the home.

Connect Set proper expectations. There will be counteroffers. Look for points of AGREEMENT and tell stories when you cannot agree. Back-up contracts can be a good idea.

Cap (moveable) Use an escalation clause, if appropriate. Special Stipulation State form or document. Have an attorney review.

9 C’s Confidence Communication Convenience Connect Clean Cherish Comps Champion Cap

Sellers Multiple Offer Options: Reject all. Pick one and counter. Highest and best - open. Highest and best w/suggested minimums. Multiple counteroffers.

WorkmanSuccess.com/RESR Cleve Gaddis Workman Success Systems & Gaddis Partners, RE/MAX Center 770-497-0000 Cleve@GoGaddis.com Downloads: WorkmanSuccess.com/RESR