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Real Estate Fight Club

29
Jun 2020

Episode 40: Should You Accommodate 2-3 Days of Showings Before Reviewing Offers?

June 29, 2020

In Episode 40 of the Toe-2-Toe Podcast, hosts Jenn Murtland and Monica Weakley duke it out over whether you should accommodate 2-3 days of showings before reviewing offers. Hear why Jenn thinks that you need to prioritize urgency and why Monica feels you should pause and let things play out. This episode will help you determine what you feel comfortable recommending to your sellers and why.

Episode Highlights: 

  • Should you, as a listing agent, accommodate 2-3 days of showings before offers are reviewed?
  • The caveat is that the sellers get to decide.
  • Jenn says no, you should not accomodate 2-3 days of showings.
  • Monica wants to bring her sellers the highest and best price. In this market, a seller can end up getting whoever happened to be able to come through the house first.
  • Monica wants to set them up to receive not just the first offer, but the best offer.
  • Monica feels that if we pause for a minute, we can allow options to unfold.
  • Jenn feels that if you wait before reviewing offers you're losing a sense of urgency.
  • Jenn thinks you can pull the sense of urgency through the entire contract.
  • Jenn says that if buyers are motivated they can figure out a way to get through and she can help them figure that out.
  • Jenn thinks that when there are already offers in you can tell buyers that they could sweeten the pot and that if they do you'll cancel other showings.
  • If you wait, you could lose very good, highly motivated buyers.
  • Monica disagrees that you'll lose the motivated buyer. Monica feels that in Jenn's scenario the person who wins is who can go fastest.
  • Jenn thinks you'll lose your edge if you wait because then people will know they're the best offer and they'll lose some urgency.
  • Jenn always recommends getting backup offers, especially in a seller's market.
  • Monica thinks that allowing showings to unfold positions your sellers for a better opportunity.
  • Jenn likes to list on a Wednesday, have her sellers leave, and get it all wrapped up by the weekend.
  • Monica argues that allowing 1-3 days of showings to happen before reviewing all offers is important so you can let options for your sellers unfold.
  • Jenn reiterates the importance of urgency. If there's a good offer that they accept, your sellers will be happy and they can go back to living in their house.
  • Guest Chris Chiaramonte sides with Jenn during the tiebreaker.
  • Chris feels like the sellers have the most leverage in the first day or two listed.
  • Chris has definitely seen urgent buyers back out. He argues that this can happen with delayed showings as well.
  • In Canada, they handle this differently. You accept offers until someone releases their contingencies and then the property is pending.

3 Key Points:

  1. Some agents feel that limiting the number of showings to one day when there’s already an offer increases the sense of urgency. 
  2. Other agents feel that you should allow options for your seller to unfold across 2-3 days of showings.
  3. In a seller’s market it is always a good idea to get backup offers.

Resources Mentioned: