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How to Manage Multiple Offers, and Win

Real Estate Back Office n

Supply is low, demand is high, and an intense sellers market rages on after the spring real estate season. Feeling the heat? You’re not alone. Agents in almost every market are strapped for time and frustrated trying to manage the ever-lengthening transaction process. Especially the offers. 

In NAR’s latest survey, agents reported managing an average of six offers per home sale. (Up from 4 even in the prior month). And that’s just the average. You’ve probably heard or experienced much more extreme multiple-offer scenarios. 

These offers are complicated situations too. Sixty-one percent of buyers’ price offers were above the list price (57% in the prior month, 53% one year ago). Half of the buyers had made two prior offers and lost before succeeding on the third try. Managing the nuances of each offer situation, and the multiple offers in play can feel like a job in and of itself. And, typically it’s a high-stakes and emotional process for your buyer clients. 

It’s crucial to arm yourself with tools to easily manage each offer, track the progress, and glean insights into what’s working and what’s not. When you’re organized and leveraging the data at your fingertips, you can explain situations to your clients, and offer clarity and confidence in your expertise. (Not to mention free up some time to focus on all the other fires that are burning!). 

So what does that mean? No more spreadsheets, no more scrap-paper-call notes, no more sorting through pages of documents for each client. Systems are the only sustainable way to scale this process, keep yourself accountable, and give your clients the edge. The right technology will streamline a multiple-offer situation, and blend seamlessly into your transaction process. Here’s what to look for: 

  • A feature to organize and track all outgoing offers for your buyer clients (and all relative documents).
  • Proactive notifications for offer updates 
  • The ability to quickly check the status of a transaction, compare offers, add comments, send emails, sign documents, and more. 
  • Built-in communication so everything is logged and tracked, automatically
  • Incorporation into your transaction flow once an offer is accepted. 

 

When these capabilities are put in place, it’s easy to stay on top of each transaction and get clear insights into the status of each. You can make better, data-backed decisions because you know where each offer stands in the marketplace, and which ones moved to transactions. When you’re on the house hunt with a buyer client, and you’ve put out a dozen offers, the right technology will keep track of all those feelers, keep each detail organized, and move seamlessly into transaction mode once accepted. 

With Brokermint, we make it easy. The new Offers Module is providing relief to agents, and clarity on the process. 

How it works:

  1. The house hunt is on. Offers are submitted, and the system helps you track all the feelers, notes, and communication, and organize what is accepted, rejected, or withdrawn.
  2. Offer Accepted! It’s go time. Now, all the details are automatically moved into your Transaction Module in the system. No manual entry, no switching platforms.
  3. Transactions are effortlessly managed in the system, and you have a full-funnel view with insights into every detail of the process. 

 

Get a better view of your pipeline and transactions, and stay on top of every offer, all in one system.