Buyers are always in competition. Here’s how to best help them

Even if the market cools, low inventory will continue to drive competitive offers. Try these strategies to help them stand out.

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We just walked through the most competitive real estate markets ever. And, although the market is thankfully cooling in some areas, let’s keep things in perspective – the market is still considered competitive for buyers. Here’s how to get your buyer’s offer accepted.

It goes without saying that you and your customers really need to work as a team – it’s your responsibility to educate and prepare them, but at the end of the day, they also need to be 100% on board. In this changing market, you need to make sure your buyers are engaged in the purchase and won’t be scared off by a slowing market.

Show commitment

Think about the listing agent and the seller’s biggest concern, choosing the right Buyer. The right buyer is not only the “highest” bid, but it is the better offer, i.e. a buyer who is a safe bet.

Everyone understands that a buyer can be shy or feel remorseful in a changing market, so demonstrating commitment is paramount. The agent is key to getting a buyer’s commitment, so show that you’re the type of buyer agent who will get it done.

Start with the basics

  • Cash offers: Nothing speaks louder than money. Currently more than 25 percent offers are all cash, which is likely to increase according to a report from the National Association of REALTORS®. The good news is that even if your customer can’t afford to make an “all cash” offer, there are plenty of companies that can help bridge the gap to help you make a cash offer (Approved, Homeward , HomeLight, multiple brokerages, etc.)
  • Don’t have any money? : Button funding. If an all-cash offer isn’t working for your client, make sure their funding is as close to being complete as possible. Sometimes finding a senior lender with underwriting access who can get your clients as close to a loan commitment as possible is much better than just pre-approval.
  • Proactive lender: Also, asking your lender to proactively call the listing agent to explain the buyers strong loan request is a great way used by top agents. Finally, make sure the lender is super proactive with the listing agent.
  • Remove as many contingencies as possible: Have you thought about doing a pre-buyer inspection? Taking the time to do the home inspection before you buy the house is a great way to eliminate that inspection possibility and demonstrate how much you want the house.

It’s even better than just forgoing the possibility of an inspection, as it shows that you’ve done your due diligence on all current and future home issues and are happy with them. Go beyond the normal offers. Here are some more advanced tips that work

Learn, probe and understand what the seller is looking for

Do they need flexibility to relocate? Offer flexible rent if you can. Don’t they want to move some of their furniture? Offer to take some of it away.

Present your buyer’s offer

Many agents go the extra mile for their buyers by presenting their offers in presentation form. This makes it look more professional, makes your buyers look serious, and is often just the edge your buyers need.

Use analytics

These days, when your first meetings are virtual – or just email conversations, you need a way to understand what a salesperson wants. There are a variety of software tools and applications that provide insight into how people react to the information you send.

For example, HighNote lets you know when someone opened a presentation and what sections they’re looking at. BombBomb alerts you when your video has been opened. Propy sends an email each time a deal is opened or reviewed. These tools are widely available and you should use them if you are not already.

The reality is that in today’s market, sellers don’t just want the highest possible price; they want the best offer, that is, the one with the least risk. So to win in today’s market, you need to work with your clients to go all out and help them find the right property today and be your client for life in the future.

Mark Choey is the founder of HighNote Laboratories and co-founder of Climb Real Estate in San Francisco. Connect with him on instagram Where LinkedIn.

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