Purchasing property, especially a home, can be a very emotional experience. As a buyer agent, it is your job to be the voice of reason, the buffer, and sometimes the peacemaker. While many transactions are completed with a minimum of negotiations, others are fraught with haggling over price, repairs, timelines, etc. You have the power to set expectations and to take all the back and forth negotiation in stride. A few reassuring words can mean the difference between a smooth transaction and a traumatizing one. Here are some tips on how to make the real estate transaction process as smooth as possible for you and your buyer clients.
Making an offer
Constructing a real estate offer is an art. It is a careful balance between price, terms, contingencies, and timeframe. In order to reach an acceptable agreement with the most favorable terms, make sure your buyers are aware of the market and the most important factors when constructing an offer. Factors to consider include:
- Comparable properties
- Number of days on market
- Closing dates
- Requests to sellers to pay closing costs
- Timeliness and types of inspections
- Financing
- Property insurance
- Repairs (if any)
To ensure that this initial stage of the real estate transaction goes well, it’s important to submit the offer in a timely manner. While there may or may not be a definitive time limit in each state (such as 24 hours), it is in everyone’s best interest to submit the offer as soon as possible.
Competing with other buyers
Competing offers can make for an exciting, stressful, and anxious time for the buyer. If your buyers become aware of a competing offer, ask them to think about the value of this property to them. They may want to revise their offer to be their highest and best offer. They should keep in mind that price is only one factor in the seller’s decision. Other terms, such as closing dates and concessions, may play powerful roles in the strengths of competing offers.
Regardless of the strengths and…