These four tips will help your buyers win out in this seller’s market.
What does it take to secure the home your buyers want in today’s fast-paced, low-inventory market? Given that our team is 75% to 80% on the listing side of things, I thought I’d share some actionable suggestions for how you can help your buyers win:
1. Find out what’s most important to the seller. Perhaps they’re fishing for a leaseback or want to sell the property as is. If you’re basing your strategy around the assumption that price alone wins the day, your buyers will get left behind.
2. Make sure the contract is complete and communication is clear. Cross your t’s and dot your i’s. Also, just be as responsive as possible to any requests for information.
3. Consider escalation clauses and leasebacks. Some folks aren’t fans of the former option, so tread lightly there. The latter, however, is almost always a great way to take some stress off the shoulders of a seller who’ll have to turn around and find a new house themselves.
4. Consider appraisal contingencies. Low appraisals are an issue these days. That’s why we have attorney-drafted language in our offers stating that, if the property doesn’t appraise, the buyer is willing to pay above the purchase price. Address this elephant in the room preemptively.
This ultra-seller’s market won’t last forever—nothing does. That said, as someone who’s been in the business for 17 years, I believe our current market is even crazier than ‘07 and ‘08.
I know you’re all working hard out there for your clients, so if there’s anything I can do to help, please reach out to me. I’m happy to discuss more strategies for how you can win in these conditions.