Over-communicate how to compete as a buyer in today’s market. Agents should over-communicate to their buyer-clients that they need to be motivated, financially prepared and have a sense of urgency to act on a home they want to purchase, as well as be ready to go when they see a house they want.
Over-prepare on pricing strategies in advance. Agents should educate their buyers on a solid pricing and negotiating strategy before they write an offer. Explain and re-explain what the “over ask price” may be based on the price point of that home and neighborhood. By doing this, buyers will be prepared to go to their highest and best in the moment without losing the opportunity.
Be relentless and resourceful. Agents can help buyers write the very best initial offer by contacting the listing agent to find out their preferred terms for closing dates and occupancy, rent backs if necessary, financing or cash options, so that they can put the best terms in their initial offer. This requires speaking to the listing agent directly, even if that means calling and texting them multiple times.
Prepare buyers to be creative and flexible with terms. It may take an escalation clause for their buyers to offer more than other competing buyers. Other options include using an appraisal gap guarantee or inspection cap on repairs to be creative and keep the buyer’s best financial interests intact while being super competitive and attractive to the seller.
Focus on today’s market price. Explaining the benefits of buying in today’s market to help a buyer maximize their buying power with low interest rates—or for a buyer to maximize the current value of their home as-is and sell at the peak of the market—provides agents with great financial real estate advice to share with their clients. The combination of high buying power, low interest rates and increased value of homes makes for a perfect incentive to buy and sell now.
Go find the inventory for your buyers. It takes more than waiting for the right home to appear in the agent’s local MLS, and in today’s highly competitive market, it has never been more important for agents to go find the listings for their buyer-clients.
It is so important for agents to be resourceful, creative, relentless and devoted to giving their ultimate “A-game” for their clients. Buyers today are stressed out and scared, but agents can add value to their experience by offering the highest level of solutions-based methods to help them purchase.
Sherri Johnson is CEO and founder of Sherri Johnson Coaching & Consulting. Article from RisMedia
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