In real estate, some of the most interesting responses come from the other agents. This happens more frequently when a property has obtained a ton of offers and can come from the listing side of the buyer's side.
One of these priceless nuggets come in the way of a statement, "My buyer really loves the home and will do anything to make that happen..." - That works when the buyer is not tapped out at $20,000 below the listings price, which happens to already be lower than fair market value.
"Can you tell me about the other offers you received?" - This is a great question, especially when over 20 offers had been received and only after 36 hours on the market.
"Just tell me where we need to write to get the property!" - Another gem, to do this would ruin my reputation and make the offering process tainted.
"My clients are contingent on selling their home, a home that we have not listed for sale yet." - More of a statement or excuse when I'm reviewing offers. There is a contingency I see, but I don't see any paperwork stating that the buyer's home is in escrow, or even listed for sale. There are many reasons why the buyers may have been reluctant to get their home listed and in escrow, before making an offer on a home they really want to buy. Unfortunately, when in a high competition market, this will place their offer out of the field of competition.
"My buyers really love the seller's home, all we need is how much to offer." I know some people have no issues with this question. I do and to keep the field level and fair, it must go unanswered.
"Ok, I understand that you cannot tell me, specifically, but are the offers 10k above? 20k above? maybe 30k above?..." Again, I have no information to relay regarding this, except to say that yes, we have exceeded the listing price, as I'm sure you are aware of the number of offers we have received.
The agents who are representing home buyers, as am I, are merely doing their job and attempting to get everything they can for their buyers. I do the same and in some cases, I do run into the agent who will give up the farm and answer all of the questions I can ask on my buyer's behalf.
What can an agent do? I handle this type of market by telling my home buyers they are only able to do their best and their best needs to correspond with logic and leave emotions checked with the coats.
Real estate has to be viewed as a business transaction or opportunity. Not an emotional rollercoaster as I see day in and day out.
Try to do this. Sit back and imagine yourself as if you were the seller of the home you had an interest in. The same goes for the seller, imagine yourself as the buyer of the home.
When you do the "shoe on the other foot" exploration, you are able to relax more and not take everything so, well, emotionally.
Sellers want to get the amount of money that they believe their home is worth, they want to pay nothing to get it sold and they want home buyers that will take their word for how great their home is. Heck, they have lived there for 30 years without needing to do anything major, so the house great and worth every penny right?
Buyers want to buy a foreclosure that slipped under the radar and fell off of the truck which has been undiscovered by other buyers in the market. A truly great buy and bargain. Something that can be bought for pennies on the dollar and moved into without any repairs - a Turn-Key Home,
How often does this happen? Both scenarios are mostly impossibilities. I will not tell you that either one does not happen. They do, but they are as rare as finding a Kobe steak at 7-11. (Imagine being the inventory clerk that made that mistake...)
Looking at buying and selling real estate as a business proposition helps. Also, having prepared yourself for the specific market and what to expect helps more.
Your real estate professional should sit down with you in person, or not in person (depending on what you feel most comfortable with) and give you their crash course on the current state of the real estate market.
Zillow is going to tell you one thing, Redfin something else, and Realtor.com another point of view. You need boots on the ground real estate professional who has built their business by referrals and by treating their clients in a protective way.
More like an impenetrable steel box than like a latex sleeve.
Someone who is going to cover the market and the best ways to approach it. By using current examples of errors and mistakes on both the seller and buyer side of transactions.
We hear enough from other agents about where they failed for their clients, we don't have to have that happen to our clients via our hand, we can relay those stories to keep our clients safe.
Then we have many stores of other parties in the real estate transaction, opposite of our clients, that make mistakes, historically. Those stories are brought up to our clients so they can not make the same errors.
Successes are also spoken about, the best practices and premium movements that both buyers and sellers can employ as their real estate strategy to get what they want.
The bottom line is having your line in the sand and not budging. You will make it the long run in real estate without a smaller amount of stress versus the person who hops from line to line in the supermarket.
I'm Connor MacIvor and I'm here for you when you are ready. My Crash Course on real estate is very comfortable. I have a relaxed approach to representing real estate buyers and sellers. When you are ready, call me - yes, the old fashioned phone call, I answer when I'm not with clients. If I am, shoot me a text at 661,400.1720 and I'll take great care of you.