Multiple Offer Scenarios

New Listing- tons of showings right away

You've put a new listing on the market.  You aren't sure how popular it's going to be (none of us have a crystal ball).  And boom!  you've got 5, 7, 10 showings scheduled within the first day or two.

When this happens, clearly you've priced the property correctly and there is high demand for the property.  It's a best case scenario for you and the seller.

While I typically don't recommend a delayed offer strategy (or a review period of offers), this is a good scenario to utilize that strategy.   

• Contact the seller and ask if they are okay showing the home for 2-3 days and then setting a time to review all offers.
• Set a date/ time the seller wants to review all offers
• Do not drag out for too long.  2-3 days is ideal
• Input a note in Agent Only Remarks: All offers will be reviewed on xx/xx/xxxx at Xpm.  Please have all offers to listing agent 3 hours before review timeline.
• Send a note in ShowingTime indicating the review time of the offers

As offers start to come in, start preparing a spreadsheet.  Items to consider:

• Price
• Closing costs and pre-paids requested
• Escalation amount (if any)
• Inspections
• Down payment
• Type of financing
• Closing date
• Note:  it's important to have a NET sheet for the net price that the seller will receive for each offer.  Price isn't always most important, but it's important to relay properly to the seller.

After the review of offers (and hopefully accepting an offer):

• It's important to remain high agent integrity.  
• CALL all agents and Thank them for their offer and let them know your client accepted another offer.  
• Do Not discuss price or specific terms
• You can let the agent know your client accepted another offer with better terms (general)
• Encourage them to submit a backup offer