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

Schedule Free Coaching Consultation

In this market, it can be so frustrating working withbuyers and losing out on multiple offer situations over and over. Your buyersmight even start to think that it's your fault, that you're the reason whytheir offers keep getting declined and why they keep losing out in biddingwars. And if this is happening to you, don't worry. I got your back. I'm goingto show you 10 ways to get your buyer's offer accepted in this crazy seller'smarket. 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 neverheard before. And if you use them, you will absolutely get your buyer's offeraccepted the next time they find a house they fall in love with. Oh, and at theend of this video, I'll even give you a bonus strategy that virtuallyguarantees the next time you write an offer, the seller accepts it.

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

Strategy number two is to always include an offerchecklist. So you can see on the screen right now, everything that I wouldinclude with your offer checklist. In a situation where a listing agentreceives multiple offers on their listing, you want your offer to what? Standout. Well, one of the easiest ways to do that is by including an offerchecklist with your offer. So at a glance, a listing agent can see all thehighlights 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 thisoffer checklist to email to the seller so it's easier for the seller tocomprehend the offer. And so make things easier on the listing agent. Don'tmake 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 biddingsituation and I called the listing agent and I asked them to meet at theiroffice. I've even met at a listing agent's house before to present my offer inperson. Why? Because we know when it comes to communication and theeffectiveness of different communication channels, we know that a face-to-faceinteraction or a face-to-face communication is by far the most effective way ofcommunication, 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 yourclient's offer in person, think about the power of that. You want to talk aboutleaving a lasting impression, making it easier for your offer to not only standout, but imagine a world, the listing agent now fully comprehends all thefeatures and all the benefits of your client's offer. You're making it easierfor the seller to sell your offer to the seller.

Strategy number four, present your offer through video. Soif you can't, for whatever reason, get in front of the listing agent and usethe strategy I just talked about, don't worry. What I would recommend you donext is record a video. Use a platform like Zoom. Record yourself going throughthe purchase contract and highlighting all of the benefits of your offer. Thelisting agent can then turn around and forward that video to the seller. Nowimagine a world, if you can't get in front of them face-to-face, that's okay.Prerecord 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 ofwhy the seller would want to potentially look at your buyer's offer. Get it onvideo again. We're trying to make your offer stand out, right? Well, get thisin front of the listing agent, the listing agent is going to be completelyblown away. And then that listing agent can potentially use that video, send itto their seller and the seller is blown away at the same time. And so you canuse 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 overlookingthis in today's market. I cannot tell you how important this is. As a listingagent myself, we pay a lot of attention to that earnest money deposit. Thistells us a couple of things about the buyer. This shows us how serious thebuyer is, how committed the buyer is, and probably most importantly, a littlebit about the buyer's financial situation. With most offers we see today, it'stypically a 1%, 1.5%, maybe 2% of an earnest money deposit given upon offer,which is average. Imagine a world, you present an EMD, or an earnest moneydeposit, with your offer to the listing agent that's double, triple, quadruplethe average earnest money deposit. This is what you can do to show confidencein your buyer's ability to purchase the home. This is another way to set youroffer apart, making your buyer and your offer stand out, showing the sellerthat they can have confidence in your buyer, showing the listing agent they canhave confidence in you as the agent and your client as the buyer.

Strategy number six is having your buyer write apersonalized letter to the seller. Now there's all kinds of controversy aroundthis. So make sure you're careful here. But what you want to do, and what we'rehaving great success with, is using the letter as an opportunity to explain indetail, here's the key thing, in great detail, about why the buyer likes theseller's home specifically. I want them to talk about things maybe that theseller has done, that they have a little emotional attachment to, maybe theupdated kitchen, or maybe something they did in the backyard, and the buyersshowing appreciation. We want to stay away from the things that maybe arecontroversial when it comes to obviously ethnicity and race and kids and allthat kind of stuff, because you kind of get yourself into some mucky watersaround discrimination. So you want to stay away from that. And you're tuggingemotionally about the property and less about, "Pick our offer because ofthese reasons," from a personal standpoint and make it all about theproperty. And this is a great way to have the sellers. You're essentiallyedifying 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.They're, in many cases, very emotionally attached to the property. So if youcan have a buyer edify the things specifically that they love, the things thatspecifically stood out to them, that letter could go a long way.

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

Strategy number eight, write an escalation clause intoyour offer. Now, if you don't know what an escalation clause is, it's simply aclause that you write as a part of your offer that states that your buyer willpay X amount of dollars over the highest bid or the highest offer. Thisvirtually guarantees your buyer has the highest offer. And so you can do thisat a $1,000 or $2,000. Whatever your buyer's most comfortable and confidentwith is what you can write in that escalation clause. So no matter how high theoffer gets in that offer that you submit, your buyer's agreeing to pay X amountof dollars above what their highest offer is. And now this strategy, again, itvirtually puts you at the top of the pile. Because no matter what offer youget, your client's offering more. And if the other terms of your offer are inline with what we're talking about in this video, it's a great way to virtuallyguarantee a win for you and your client.

Strategy number nine is to bring your home inspectorduring 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 clientsees a home or you find a home for your client and they say, "This is theone. If everything checks out based on what we see on the pictures, we'reabsolutely going to write an offer on this property." Well, a typicalshowing is roughly, on average, about an hour, hour and a half. Okay. Especiallyif a buyer really likes the home, they'll want to spend more time in the home.Well, if you bring the home inspector with you, the average home inspection iswhat? It's about two hours long. So imagine a world, the buyer's home inspectoris 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 theproperty, to see if there's any areas of concern. Here's where the strategyreally works well. In most cases, your buyer's home inspector, or your homeinspector, can do enough during the showing to put the buyer at ease topotentially waive the inspection contingency. So this is truly a win-win. Noinspection contingency as it relates to your offer, making your offer clean,making it more appealing. And your buyer has peace of mind that their homeinspector 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 gothrough some of the details, but everything I see today sets up to be okay, andI feel confident and comfortable potentially waiving that inspectioncontingency on the offer." Now, a word of caution. You got to be reallycareful with that strategy. But if the home's in good shape and your homeinspector has great confidence and they can relay that to the buyer, this is aphenomenal way to make your offer even more appealing.

Strategy number 10 is to have your lender call the listingagent to present the buyer's approval. Now they can't show, obviously, all thebuyer's credit scores and income and all the details that they have. They'renot allowed to share that. However, they can share certain aspects of thebuyer's approval to instill confidence with the listing agent, who then canshare that information with the seller. Because any great listing agent isgoing to call the lender anyways, right? Every time I get an offer as a listingagent, one of the first things that I do is call the buyer's lender and askthem questions about the approval, right? And I want to talk about, are theyW2'd? Are they self-employed? Verify how much they're putting down. Verify whattype of loan they're getting. Verify if there's any potential hiccups that weneed 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 thensell your offer to the seller. And so this is another great way to do that.Even better than calling, if your lender can put their buyer's financingpresentation on video, like you were going to do with your offer, it's evenbetter. 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 waywith listing agents let me tell you.

And as promised, here's my bonus strategy, strategy number11. This strategy virtually guarantees that your offer gets at the top of thepile. Which is to have your lender submit the property that your buyer iswriting 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, andI'm sure your lender can do the same thing, they could submit because theyalready have a pre-approval with your client. Your client already has anapplication number with that lender. The lender can submit the property addressthrough their initial underwriting system. And in this market right now withhome values being so high, a large portion, maybe 80-plus, even, probably evenmore than that, we're getting PIWs, or property inspection waivers, onpurchases. 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 youas 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 abouta clean offer. If we've done everything we talked about in this video, youroffer is absolutely going to stand out from the crowd. It's super clean, superstrong. It should be the obvious choice.

Now, if you're working with a ton of buyers and you wantto start transitioning into becoming a listing agent, I made this video righthere where I show you exactly step-by-step how to get listings in this marketeven though we have such low inventory.

 

Meet Your Mentor:
Brandon Mulrenin
Read About Brandon and Reverse Selling

Contact reverse selling.

We welcome you to contact us for more information about any of our products or services

Schedule a Free Coaching Call

How to Set Quality Listings Appointments (Even If You're A New Real Estate Agent)

In this video, you'll see how I coach one of the real estate agents in my coaching program on how to set quality listing appointments.

25 minutes

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

In this video, I'll teach you how to get your buyer's offer accepted in a sellers market as a real estate agent.

17 minutes

How to Handle The 4 MOST Common Real Estate Seller Objections

In this video, I'll teach you how to handle the 4 most common real estate seller objections.

21 minutes

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

x

Contact Reverse selling

Download The Reverse Selling Script Book For Free! Get The BEST Scripts For Effective Real Estate Prospecting.

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.
x