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Real Estate Fight Club

11
Mar 2020

Episode 24: What Is the Best Way to Advise Clients on Multiple Offers?

March 11, 2020

In Episode 24 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out over the best way to advise clients in situations with multiple offers. Hear why Jenn thinks taking the emotion out of it is important when working with sellers. Then hear why Monica is a big fan of the escalation clause when working with buyers.

Episode Highlights: 

  • What is the best way to advise clients on multiple offers?
  • When working with sellers, Jenn suggests using a spreadsheet to take the emotion out of the situation.
  • Agents know that the top line offer is not the full story.
  • With buyers, you can always suggest doing a thousand dollars over highest, with best up to a certain amount.
  • Monica is a big fan of the escalation clause.
  • It’s ultimately the seller’s decision.
  • Monica suggests advising clients with their top motivator in mind. Make them aware of things they may not know.
  • Some may say the agent attached to the other offer is an interesting aspect of the deal.
  • If Monica has more than two offers she'll put it on a spreadsheet. Otherwise, they'll just talk about it.
  • Realtors play an important role in interpreting what the contract is saying.
  • Monica doesn't encourage buyers to write letters, but if they ask if they can, she will allow it.
  • Those letters can sometimes bring up legal questions and potential territory for disaster.
  • The escalation clause is where we can make a huge difference in advising buyers.
  • The role of agents is critical when you are trying to win a house for your buyer.
  • Jenn points out that communicating with the other agent can be important here. Find out what's important to that seller.
  • Is there anything that would just alleviate all the stress for a seller?
  • Monica states that the best way for agents to advise clients in multiple offers is understanding what is most important to them.
  • Monica reminds us that it's important to show up as a leader in the transaction.
  • When you show up as a leader you can advise in a higher way.
  • The value of a strong agent is critical.

3 Key Points:

  1. When working with sellers who have multiple offers, create a spreadsheet to compare the various deals and take away the emotion.
  2. When representing buyers, make good use of the escalation clause.
  3. Understand the dynamics of the deal. Know what’s most important to the buyers and sellers and you will win. 

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