With so much competition among buyers and low inventory, buyers agents have their work cut out for them in 2021. The usual advice of putting in an offer that’s at or under list price, along with other common tips, can make it harder for buyers to win bids in this year’s seller’s market. As a buyers agent, how can you help your clients have their offers accepted? Keep the following tips in mind to improve your clients’ chances of winning bids on homes.
1. Manage Expectations
Buyers agents should prepare clients for the current real estate market. This means letting buyers know that they should be willing to make aggressive, competitive offers that are at least at list price or higher. In this market, buyers agents should also let buyers know that they need to be able to make room in their schedules to see homes as soon as possible when they’re listed.
2. Work with Knowledgeable Professionals
Helping your clients buy a home in a seller’s market involves having ties to highly knowledgeable and experienced professionals, such as mortgage lenders. These professionals can help make offers more attractive to buyers and ensure a timely closing process. For example, your buyers’ chance of having their offer accepted might depend on how quickly they’re able to receive a pre-approval letter from a mortgage lender or how soon they can close. Having a team of trusted professionals at your side who know how to navigate this type of market gives your buyers a big advantage over the competition.
3. Encourage a Wider Outlook
Some buyers are set on purchasing a house with certain features or in a certain community. However, low inventory and stiff competition can make this difficult. Buyers agents should encourage buyers to widen their options, such as looking in different communities in the area or focusing on one or two must have features and being willing to do without the rest if needed.
4. Make Sure Buyers Have a Pre-Approval Letter
In today’s market, offers from buyers who do not have their lending lined up typically aren’t considered. Buyers agents can improve clients’ chances of having an offer accepted by making sure they are pre-approved. A pre-approval letter shows sellers that buyers are serious about purchasing a home and have taken the first step toward securing money for it.
5. Find Out What the Seller Considers Important
Having an offer accepted isn’t just about the price. Buyers agents should talk to the listing agent about the seller’s priorities in accepting an offer. For example, some sellers are looking for offers with a faster or slower closing date, while others might be looking to do a rent-back agreement after selling. Including the seller’s priorities in offers can make them much more enticing.
Contact Simple Title Closing and Escrow today for your next closing. Our team can help your closing go smoothly for you and your clients.