How To Get Your Buyer's Offer Accepted In A Sellers Market

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In this market, it can be so frustrating working with buyers and losing out on multiple offer situations over and over. Your buyers might even start to think that it's your fault that you're the reason why their offers keep getting declined and why they keep losing out in bidding wars. And if this is happening to you, don't worry. I got your back. I'm going to show you 10 ways to get your buyer's offer accepted in this crazy sellers market. And no, I'm not going to tell you to offer more than the listing price. You already know that. These are 10 strategies that most likely you've never heard before. And if you use them, you will absolutely get your buyer's offer accepted the next time they find the house they fall in love with. Oh, and at the end of this video, I'll even give you a bonus strategy that virtually guarantees the next time you write an offer, the seller accepts it.

Strategy number one, call the listing agent prior to submitting your offer. What you want to do is you want to have a conversation with the listing agent ahead of time, before you write the offer. Why? You simply want to figure out what's the most important thing to the seller so that you can incorporate that in your offer structure, in your offer strategy and your offer consultation with the buyer? You may find that although price may be important, it might not be the only thing or the most important thing when it comes to the offer. You might find that a piece of personal property is the most important thing to the seller. You might find that timing is the most important piece to the seller. You just don't know. And what you want to find out in a quick conversation when you call listing agent and say, "Hey, just a heads up. Clients love the property. I'm structuring an offer now. We just want to make sure that we put our best foot forward. What's the most important thing to the seller outside of price?

Strategy number two is to always include an offer checklist. So you can see on the screen right now, everything that I would include with your offer checklist. In a situation where a listing agent receives multiple offers on their listing, you want your offer to what? Stand out. Well, one of the easiest ways to do that is by including an offer checklist with your offer so at a glance, a listing agent can see all the highlights of your offer, making it super easy for them to do two things. Number one, review it and understand it themselves. And then number two, communicating it with their seller, with their client. They may even use this offer checklist to email to the seller so it's easier for the seller to comprehend the offer and so make things easier on the listing agent. Don't make them harder.

Strategy number three, deliver your offer in person. Yes, you heard me right. I cannot tell you how many times that we were in a bidding situation and I called the listing agent and I asked them to meet at their office. I've even met at a listing agent's house before to present my offer in person. Why? Because we know when it comes to communication and the effectiveness of different communication channels, we know that a face to face interaction or a face-to-face communication is by far the most effective way of communication, much more than phone, much more than text, much more than email. And so if you can get in front of a potential listing agent and present your client's offer in person, think about the power of that. You want to talk about leaving a lasting impression, making it easier for your offer to not only stand out, but imagine a world the listing agent now fully comprehends all the features and all the benefits of your client's offer. You're making it easier for the seller to sell your offer to the seller.

Strategy number four, present your offer through video. So if you can't, for whatever reason, get in front of the listing agent and use the strategy I just talked about, don't worry. What I would recommend you do next is record a video. Use a platform like Zoom, record yourself going through the purchase contract and highlighting all of the benefits of your offer. The listing agent can then turn around and forward that video to the seller. Now imagine a world if you can't get in front of them face to face that's okay. Pre-record a video, record your screen using Zoom, go through the entire offer. Make sure you do a great job at articulating the features and the benefits of why the seller would want to potentially look at your buyer's offer. Get it on video. Again, we're trying to make your offer stand out. Right? Well, get this in front of the listing agent. The listing agent is going to be completely blown away and then that listing agent can potentially use that video, send it to their seller and the seller is blown away at the same time. And so you can use video as leverage to make your offer be the obvious choice.

Strategy number five is having your client, the buyer, write a larger EMD or earnest money deposit. So many agents are overlooking this in today's market. I cannot tell you how important this is. As a listing agent myself, we pay a lot of attention to that earnest money deposit. This tells us a couple of things about their buyer. This shows us how serious the buyer is, how committed the buyer is, and probably most importantly, a little bit about the buyer's financial situation. With most offers we see today, it's typically a 1, 1 1/2, maybe 2% of an earnest money deposit given upon offer, which is average. Imagine a world you present an EMD or an earnest money deposit with your offer to the listing agent that's double, triple, quadruple the average earnest money deposit. This is what you can do to show confidence in your buyer's ability to purchase the home. This is another way to set your offer apart, making your buyer and your offer stand out, showing the seller that they can have confidence in your buyer, showing the listing agent they can have confidence in you as the agent and your client as the buyer.

Strategy number six is having your buyer write a personalized letter to the seller. Now there're all kinds of controversy around this. So make sure you're careful here. But what you want to do and what we're having great success with is using the letter as an opportunity to explain in detail. Here's the key thing. In great detail about why the buyer likes the seller's home. Specifically, I want them to talk about things maybe that the seller has done, that they have a little emotional attachment to, maybe the updated kitchen or maybe something they did in the backyard and the buyers showing appreciation. We want to stay away from the things that maybe are controversial when it comes to obviously, ethnicity and race and kids and all that kind of stuff, because you get yourself into some mucky waters around discrimination. So you want to stay away from that. And you're tugging emotionally about the property and less about "Pick our offer," because of these reasons from a personal standpoint and make it all about the property. You're essentially edifying what that seller has done with their property and with most sellers, they absolutely love their home. They all think it's worth more than it is. In many cases, very emotionally attached to the property. So if you can have a buyer edify the things specifically that they love, the things that specifically stood out to them, that letter could go a long way.

Number seven is offering free occupancy. Okay. So if you don't know how mortgages work, this is really going to help you a lot the next time you write an offer. When your buyers close on a mortgage, they don't have their first mortgage payment until 45 days after you close. So if you close, let's just say, May 15th, their first mortgage payment... they won't have a payment on June 15th. It won't be due until July 1st. They only have a payment anyways, why not give the seller a week or two weeks or three weeks of free occupancy, not charging them rent. Your buyer's not paying to live there yet. So that's okay. Your buyer doesn't lose out on anything. And this is such a great way to lower the anxiety of the transaction because you take a lot of pressure off the seller when it comes to moving and giving keys at closing or paying rent. Sellers hate paying rent when they live in a house. It's like, "I own this house, but I really don't own this house." So if you can offer a couple of weeks of free occupancy, because let's face it, the buyer's first mortgage payment, again, isn't until 45 days in the future. You might as well use that as leverage during the negotiation to make your offer more appealing and help to lower the anxiety for the seller.

Strategy number eight, write an escalation clause into your offer. Now, if you don't know what an escalation clause is, it's simply a clause that you write as a part of your offer that states that your buyer will pay X amount of dollars over the highest bid or the highest offer. This virtually guarantees your buyer has the highest offer. And so you can do this at $1,000 or $2,000. Whatever your buyer's most comfortable and confident with is what you can write in that escalation clause. So no matter how high the offer gets, in that offer that you submit, your buyers agreeing to pay X amount of dollars above what their highest offer is. And now this strategy, again, virtually puts you at the top of the pile because no matter what offer you get, your client's offering more. And if the other terms of your offer are in line with what we're talking about in this video, it's a great way to virtually guarantee a win for you and your client.

Strategy number nine is to bring your home inspector during the showing. I absolutely love this strategy because it works so well. So here's what you're going to do. Here's my recommendation. If your client sees a home or you find a home for your client and they say, "This is the one. Everything checks out based on what we see in the pictures. We're absolutely going to write an offer on this property." Well, a typical showing is roughly on average, about an hour, hour and a half. Okay. Especially if a buyer really likes the home, they want to spend more time in the home. Well, if you bring the home inspector with you, the average home inspection is what? It's about two hours long. So imagine a world, the buyer's home inspector is with you guys at the showing when they're deciding to write an offer or not and the buyer's inspector has an opportunity to at least look through the property, to see if there're any areas of concern. Here's where the strategy really works well. In most cases, your buyer's home inspector or your home inspector can do enough during the showing to put the buyer at ease to potentially waive the inspection contingency. So this is truly a win-win. No inspection contingency as it relates to your offer, making your offer clean, making it more appealing, and your buyer has peace of mind that their home inspector at least went through the property and did a once over to make sure, "Hey, there's nothing major. Once we own the home, I can come back and go through some of the details, but everything I see today sets up to be okay, and I feel confident and comfortable potentially waiving that inspection contingency on the offer." Now, word of caution. You got to be really careful with that strategy, but if the home's in good shape and your home inspector has great confidence and they can relay that to the buyer, this is a phenomenal way to make your offer even more appealing.

Strategy number ten is to have your lender call the listing agent to present the buyer's approval. Now they can't show, obviously, all the buyers credit scores and income and all the details that they have to... They're not allowed to share that. However, they can share certain aspects of the buyer's approval to instill confidence with the listing agent who then can share that information with the seller because any great listing agent is going to call the lender anyways, right? Every time I get an offer as a listing agent, one of the first things that I do is call the buyer's lender and ask them questions about the approval. And I want to talk about, are they W2? Are they self-employed and verify how much they're putting down, verify what type of loan they're getting. Verify if there's any potential hiccups that we need to deal with upfront. And so if your lender does this proactively, again the goal is to give the listing agent confidence so the listing agent can then sell your offer to the seller. And so this is another great way to do that. And even better than calling, if your lender can put their buyer's financing presentation on video, like you were going to do with your offer, it's even better. They can send the listing agent a video through BombBomb or Zoom through email, presenting the buyer's approval on video. It goes a long way with listing agents, let me tell you. And as promised, here's my bonus strategies,.

Strategy number 11. This strategy virtually guarantees that your offer gets at the top of the pile, which is to have your lender submit the property that your buyer is writing an offer on for what we call a PIW or a property inspection waiver. You see, what is so awesome about a lot of the lenders that we work with, and I'm sure your lender can do the same thing, they could submit because they already have a pre-approval with your client. Your client already has an application number with that lender. The lender can submit the property address through their initial underwriting system and in this market right now with home values being so high, a large portion, maybe 80 plus... even probably even more than that, we're getting PIWs or property inspection waivers on purchases. So imagine a world, you do exactly this. Your lender says, "Yep, don't need to do an appraisal on this property at all." Now you, as the agent can add that as part of the offer. You can put on the offer, "Hey, we're waving the appraisal contingency."

So now you talk about a clean offer. If we've done everything we talked about in this video, your offer is absolutely going to stand out from the crowd, it's super clean, super strong. It should be the obvious choice. Now, if you're working with a ton of buyers and you want to start transitioning into becoming a listing agent, I made this video right here where I show you exactly step-by-step how to get listings in this market, even though we have such low inventory.

Meet Your Mentor:
Brandon Mulrenin
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Brandon Mulrenin

Brandon Mulrenin, founder and CEO of reverseselling.com has dedicated his life’s work to the study of human behavior and communication.

He began his sales career in the mortgage industry as a mortgage loan officer with Quicken Loans in Detroit. He worked his way up the corporate ladder to become the AVP of Quicken Loans’ preferred real estate partner, Rocket Homes, formerly, In-House Realty.

Brandon then decided to go out on his own and built his real estate sales business to the point where he was listing and selling over 100 homes a year with one assistant and one buyers agent. Brandon’s success was quickly recognized as he awarded the #1 listing agent for Keller Williams Premier in 2014. It was during this time that Brandon began to train other real estate agents all over the world with his reverse selling system.

Then in 2018, Brandon launched his own independent real estate brokerage firm in Metro Detroit, Michigan which has quickly become one of the fastest growing real estate companies in the entire state.

Brandon is now the managing CEO of four entities: Brookstone Realtors, National Mortgage Funding, Maximus Title Agency, and reverseselling.com

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