Seeing multiple buyers place bids on your client’s home can be exciting, but it also means you’ll have to start negotiating prices. There’s no need to worry, as there are ways to make this process simple and straightforward instead of stressful and disenchanting. Here’s what to do:
First, have a conversation with your client. Together, you’ll need to proactively plan for a few things, such as times to communicate with other agents, the way you’re going to respond to multiple offers, and how you’re going to keep track of bids.
Also, make sure potential buyers know to submit their best offer by a certain time you’ve chosen—this ensures everyone will have the opportunity to decide on a price. Once you’ve received the final prices and made a decision with your client, it’s time to make some calls to agents and buyers. You simply need to accept the offer, make a counter-offer (if you choose to do so), or explain that the seller chose to go with a different buyer.
This is the way we do it; it keeps things professional and courteous while leaving nobody in the dark. In the end, the best offer wins, but the open communication we keep will ensure everyone leaves happy. Remember, these potential buyers are still looking for homes!
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