Southern Maryland Best Buys

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Did Your New Listing Get Multiple Offers? Dont' Get Too Cocky!

This is really perfectly stated. Put yourself in the shoes of the Agent to make sure you would want to be treated the same way. Agents remember. Usually one stands out. It is the whole picture not just portions of the picture. The one playing catch up is not necessarily the best one. Price is not everything.

This market is bringing an important new challenge:  handling multiple contracts.

In the crazy market between 2003 and 2007, we saw listings that got over twenty listings with escalator clauses that were often several thousands of dollars over the asking price.  And many of the big listing agents ruined their reputations over the way the handled them. 

So if you get a bunch of offers on a home you've just listed, here are some things to keep in mind:

  • Real estate agents have really, really long memories.
  • If you don't treat all of your colleagues fairly, they will get really, really annoyed, and they will remember it forever.
  • If there are multiple offers and one of them is yours, you need to have your broker step in and handle the presentations to your clients.
  • Sometimes offers are like men (or, if you're a guy, like women).  One really good one is usually better.
  • Three days after the sellers choose the best offer, the winners of the bidding war wake up asking, "What were we thinking?  How can we get out of this?"
  • Your seller thing that because they got twenty offers over the listing price that you recommended, that you obviously under-priced their prized possession and don't know what you are doing. 

Like many of my colleagues, I hate bidding wars, whether I'm representing the buyer or the seller.  But when one of my listings goes off the charts, I am unbelievably careful about how I handle it.

It's not just about the price.  It's about the terms, the financing, the time frame, who's making the loan, and to some extent, who is the agent on the other side of the offer. 

But bottom line for me as the buyer broker, if my buyer wins the bidding war and calls me in a few years, I want to think that I'll be glad to get their call.

And if I'm representing the seller, I want to get them the highest price and best terms with the offer that is most likely to actually reach the settlement table. 

 

If you are planning a move to or from the Washington area, I can help.  I am licensed in DC, Maryland and Virginia.   Please email me at Housepat@mac.com or call 202-549-5167. 

Search all listings in the DC Metro area.

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Comment balloon 2 commentsCheryl Ritchie • March 22 2013 07:17AM

Comments

Hey, Cheryl!  Thank you so much for the reblog!  Looks like a real spring market is heating up, even though the temperature hasn't quite caught up yet. 

Posted by Patricia Kennedy, Home in the Capital (RLAH Real Estate) over 6 years ago
What a great reblog. This is a multiple offer time of year (or season) and we definitely always need to do our best and treat clients, customers, and also agents fairly and politely.
Posted by Melissa Zavala, Broker, Escondido Real Estate, San Diego County (Broadpoint Properties) over 6 years ago

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