The Case For An Offer Review Period
Last week was R4 - the annual RE/MAX convention. I didn't attend the convention in person but I have been listening to some of the speakers on the live stream.
Nick Bailey, the CEO of RE/MAX - made a comment in the opening presentation that we don't really have an inventory issue. If over 6M homes were sold in 2021 - there's inventory. It's just selling instantly.
That really got me thinking about the "problems" of our market right now. Buyers are frustrated because they're not able to see homes a day after they go online.
Then, if a house is on market for more than a day, buyers are suspicious that something is wrong with it! I also wonder if sellers are going to start wondering if they left money on the table by accepting the first offer.
Nothing worse than a seller having remorse and cancelling the contract to try and get more from a new buyer! Of course, demand is high. But how can we solve this problem?
This is why I love the offer review period.
For example, where you list a house on Friday and review offers on Sunday at 5pm.
But so many listings in my marketing don't have an offer review period - and it feels like we have NO inventory. About a year ago I presented a case study to Savvy Agent Club members.
In that case study I reviewed 3 listings that I had around the beginning of 2021 where the offer review period was used. It was really interesting to see the tactics used by buyers agents, and what the sellers cared about, along with what the sellers did NOT care about.
After reviewing the case study I realized it's still relevant in today's market. So, in this episode of the Savvy Agent podcast, I've included this case study, which you can also watch as a video here! Hopefully all of the lessons I learned and presented in this case study will be useful for you. Sellers are paying us for our expertise.
And when we don't give it to them - but instead recommend they take the very first offer in a fast paced market - is that really giving them the best value? I've found that presenting all of the options to my sellers - with all the pros and cons - and supporting them in their decision is a much better value proposition.