LET YOUR OFFER HAVE TIME

©Copyright 2011 Ian Keightley. All rights reserved. Feel free to forward and distribute but copyright is retained.

Hi [name] and welcome to my Weekly Insight for Monday 11th July 2011

  LET YOUR OFFER HAVE TIME!

 

Quote for the week

"Negoiation is the art of letting some one else get your way."

Ian Keightley

When I started real estate in 1981 (Yes that long ago) one of my first lessons was, "Never go to sleep on a deal".

With everything a general listing, it was first in first served and there was a fear drummed in to you that the buyer would change their mind.

This style of selling is fortunately nearly a thing of the past and yet it creates its own momentum in a boom market or a competitive auction or tender. The buyer's own fear of loss makes them take immediate action.

Today, we are in many markets, still seeing offers/bids below sellers expectations. This may be because they have ignored the market facts and feedback, or their agent was too gentle with them.

When an offer comes in, or the auction stops below their expectations, it may take time to get the seller to "live with" the offer." Placing a time constraint on a seller under pressure runs a risk of immediate rejection.

I have seen several auctions recently where the sale has been closed 24-48 hours later by using the following stratgey.

The pass-in figure was at a level the seller was vehemently rejecting. So the property was passed in, the buyer was then asked to put their best offer on paper and to add a little "good faith money".

You can then tell your seller you got them more money! Tell them they still won't like it. Ask them to do one thing. "Only react immediately if you are accepting it. If you want to reject it, tear it up, or counter offer, let's do that later." (Even tomorrow!)

I am amazed at how many sellers see reason the next day. The only catch is a buyer who lacks 24-48 hours patience.

Give it a go when you get stuck. It sometimes brings the sale together without any more effort from you.   

 Have a truly awesome week.

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