Now that the market in Charleston is really starting to heat up, agents are starting to see many multiple offer situation's. And while a lot of people would think that this is beautiful thing for us agents, in some ways it's really not so great.
Every time this happens I think about the buyer. They are making a huge financial and emotional decision, and there's a chance that it may not happen for them. With that being said, handling a multiple offer situation while representing a buyer can be a little bit tricky.
Sometimes the best advice is to put a really strong foot forward, but I try to make it a point to find out exactly where a buyer is coming from prior to offering any opinions on the best approach. If the buyer's mentality is that they can "take it or leave it", and they're not 100% sold on the property, then I just suggest that they put a good strong foot forward and not stress themselves out if it doesn't go in their favor.
My personal style is to try to be as non-salesy as possible, so when they answer the question with definitive YES, they want it, it sometimes puts me in a precarious position. I say this because many times there is a fine line between giving good advice when a buyer wants a property and there is another buyer vying for it as well, and coming across as just wanting to make a sale (which is never true - if the client always comes first, I will of course be taken care of tenfold.)
I also have to consider the relationship I have with a buyer. If I have just met someone and one of the first houses we come across that they like has more than one person interested, delivering the news that another offer is coming in can sometimes be met with disbelief. So if someone does not believe that there are other offers on the table, then me suggesting they make a strong offer in some cases can result in buyers not trusting me. If I sense that is the case, then I back off completely. I may even offer that we continue to look, or to just sleep on it. This way they can tell it is not all about me trying to push them into doing something they are not 100% comfortable with.
I do have a very strong track record by winning the bidding war for my clients, and have walked away from just as many. My point? (you may ask). Well, I am not sure if there is one. I just know that asking lots of questions and laying out options that will benefit the buyer based on their interest level in a property has worked well int he past, and forged some pretty solid and long lasting relationships thus far. With all of that being said, I do also know how to get the job done if that is what a buyer really wants.
Tune into the "Must Do's" for Sellers in a multiple offer situation in part 2 of this blog post. I think you will see it is very similar, but also quite different. Thanks for reading!
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