This summer, and as we head toward Labor Day, real estate inventory is continuing to fly off the shelves across many major markets. Representing buyers in these types of conditions becomes an art form: the initial offering price, how much earnest money to put down, the terms, the re-negotiation during inspection. Each broker has their own way of advising clients on how to make their offer shine in a sea of many. Here are a few of mine:
Tighten up your timelines- The Seller wants to sell. Period. Why not offer to make that happen in a shorter amount of time? If possible, offer to shorten the inspection period down to just a few days. Do you have a cash offer? Lucky you! Shorten the closing date.
Adjust your financing- Depending on your client’s financing situation, there are some effective ways to strengthen your offer. Rather than delve into it here, I read a great article on Active Rain by Craig Blackmon that outlines some interesting ideas on how to strengthen an offer.
Write a cover letter- I have seen this simple, yet effective, technique win the deal many times. Including a short letter from your buyers that details a little about them with the initial offer is key. Even if your offering price is not the highest, the cover letter gives a face to your clients and can overcome the price disparity. Additionally, when negotiating the inspection points, I have found that an honest, fair, and well-worded letter accompanying the requests goes a long way to help both parties reach mutual agreement.
Have your own techniques you would like to share with others? Leave it in the comments!
Robyn Woodman is the head of Househappy Business Development and a regular blog Contributor. For more information about Robyn and her experience as a real estate broker, click here.