What to do when you have multiple offers on a property when you are a listing agent . Let's face it we work for the seller and our fiduciary duty is to the seller . Our job is to get the best possible price and terms for our seller .In some circumstances the highest price is not always the best agreement for the seller to take . Terms are also a very important consideration in the acceptance process. I am not saying price is not important . Hopefully we get price and terms possible for our seller .
- How much money are they putting down ?
- What are their qualification ratios ?
- Who is the lender?
- Is the lender someone local? (my sellers Googled them)
- Is it a cash deal ?
- What are the terms ?
- Are there inspections ?
- What are the dates ?
All these factors and more come into play when deciding on the best agreement for the seller .When reading a post by Debbie Reynolds she made many good points . As a buyers agent it is wise to call the listing agent and ask if there are other offers . In my humble opinion a good listing agent will advise you what the seller needs without breaching their fiduciary duty . They will also tell you if their are other offers on the table . So you do not waste your time and the sellers without disclosing too much information . Hopefully the listing agent is reachable answers phone calls and text messages .Well we did say a good listing agent didn't we . We are all busy aren't we . The smartest think a buyers agent can do is contact the listing agent and let them know an agreement is being sent . If not it may be lost in cyberland
After the agreements have been reviewed and signed by the seller . The buyers agent is called . Which we call here in Pennsylvania offer and acceptance . I thank them tell them their offer was excepted . There is much excitement and thanks . The buyers agent happily is going to make the call to the buyer with much thanks to me over and over again .
Now comes the difficult part . I need to call all the other agents personally and tell them their offers were not accepted . I could text them or I could let them read it when I put it in the Trend MLS Bright . In my opinion that is not professional . The agent worked hard to put together their agreements in the hopes that their clients agreement would be accepted by the seller . I have been in their position many times . They deserve the respect of a phone call so they can personally call their buyer .
This to me is the most difficult part of being a Real Estate Agent . Especially with the way the Internet works . I wrote an agreement for clients and was waiting for an answer from an agent who told me she was meeting with the sellers at 4 pm and would let me know . The buyers called me at 6 pm and said I guess we did not get the house . He saw on the Internet it was sold . The agent never called me text me or ever answered my calls to let me know our offer was not accepted . I thought that was so unprofessional To put me in a position that my buyers knew before me . I was so embarrassed .
I was just getting over the flu . I was exhausted but I called every agent that wrote an agreement and thanked them for their offer and gave them the news . There was one agent whose offer I was going to close she worked so hard her call was the hardest . Right before I met with the seller an offer the sellers could not refuse was sent to me . The agent I had to call with the bad news was so gracious I still feel so bad but the other agreement was best for my sellers
As listing agents our fiduciary duty is to the seller . There are some agents who choose to be pretentious. Be considerate of your fellow agents as one day you may be walking in their shoes . Buyers and sellers come and go but we are here for the long term . Treat your fellow agents as you would want to be treated yourself. Your reputation in the Real Estate industry is worth more then the money you make in my humble opinion as it will follow you throughout all your Real Estate Career
How do you respond to the agents
when the sellers accepted another offer ?
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