Sometimes when you're marketing a home for sale, you'll encounter aggressive buyers who time pressure you to make a quick decision by putting a very short fuse on their offer.
While every offer should be taken seriously, due consideration should be given to the details. For most sellers, 90 minutes isn't ample time to feel comfortable moving forward.
This video offers a few ideas that you may find helpful as the market heats up and buyers try to put the pressure on you.
Someone on our team had an interesting experience the other day.
They had booked a showing for a property for 6 p.m., and when they made that appointment, they were told that there were a couple of other showings that were going to occur there between 4 and 5 p.m., and by the time they arrived for their 6 p.m. showing, they'd received a text message saying that the property had been conditionally sold.
And, as it was, you know, one of the buyers that came through earlier wrote an offer very quickly, left it open for 90 minutes for the seller's acceptance, and the seller jumped on it and accepted it without taking the time to see what else may have transpired from the other showings that were occurring subsequently. And that's their decision to do so, that's fair, but as you begin to think about marketing your home and as the market continues to heat up, supply is falling, demand is increasing, you may want to give some thought as to how you can protect yourself from that type of bully tactic, 'cause that's what it is, right?
This buyer is pushing ahead, they know you have a hot commodity and they wanna wrap it up before anyone else does, and that's totally fair, but it's also fair for you as the seller to want to explore as many opportunities as you can. And I said the other day in a recent video that you should take every offer seriously, particularly your first offer and those that come early on, but it's reasonable for you to expect a reasonable amount of time to view and consider offers as well.
So, three things that you might consider doing as you roll into this season.
Number one, if you have a very hot property that you feel has been priced well and prepared well and it's in a price range and an area where demand is high and you know that there's going to be multiple buyers for that property, you may consider setting a date and time for the presentation of offers. So under that scenario, you would enter into a written agreement with your agent to hold offers until a certain date and time with the hope of having more than one to consider at one time and creating a competitive bidding situation.
Another tactic that's a little less aggressive is you could simply state in your listing that you won't consider offers that are open for less than 24 hours so that you and whoever else may be on the title of that property have an opportunity to sit down and discuss your options when an offer's placed in front of you.
And finally, thirdly, another tactic that we often use for properties that we feel are going to draw significant attention is we may market them exclusively for a period of time, and generally what we do there is we enter into an exclusive listing agreement with a seller that allows us the opportunity to begin to pre-promote that property before the actual MLS listing takes effect days or a week later.
During that period of time, we typically wouldn't allow any showings, but it would give us some time to spread the word that your property's coming, and in an ideal situation with an ideal type of property, we might have a number of showings scheduled throughout that first day of showings, and with a, you know, offers must be left unopened for 24-hour direction, an opportunity for you to really explore the full extent of the market and the opportunities that exist for you there.
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I’m always happy to answer your Saskatoon real estate questions. Reach out by voice or text at 306-241-6676 or email me at norm at teamfisher.com
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