Low Inventory: What’s the plan??
Are you prepared with a strategy, now that you and your clients will likely confront multiple offer situations? Whether you are helping clients buy or sell, you can demonstrate your value by coming to the party with a strategic approach in this scrappy, low inventory marketplace!
For your sellers, talk ahead of time about pricing strategies and how that might invite multiple offers. And if that happens, how will you respond to maximize their net while still successfully appraising? Talk about the pros and cons of calling for highest and best, versus countering one. Talk about the pros and cons of exposing their home on the Private Listing Network ahead of the MLS. When you map out likely scenarios ahead of time, you and your sellers can react thoughtfully and confidently to whatever offers roll in.
What about helping your buyers “win” in a multiple offer situation? Talking ahead of time about the point at which you think they would be overpaying for a property can be helpful. Forecasting for them that the pace of negotiating may be hastened because of low inventory can prepare them to have all their ducks in a row and respond quickly and decisively when it really counts. Understanding the appraisal process and explaining it to them ahead of time helps them with their borrowing plan as well. Explain all of the terms of a contract, other than price, that may help strengthen their offer, and know what matters to the seller.
All of these strategies will make you indispensable in a world of low service, online real estate companies. We train on all of these strategies at Baird & Warner, making it easier help your clients be successful in this historically low inventory market.