Multiple Offer Madness

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If you have been looking for homes in the 250-400k price range on the West side of Denver, you have probably experienced the shock and awe of multiple buyers bombarding the same  home you are looking at.  Showings are stacked on top of each other, with a long line of buyers pushing past each other in the hallways of these homes.   I recently showed a home, and we were 1 of 100 showings in 2 days.

In almost every case in this price range, there are multiple offers.  I am not talking about just a couple offers, but in many cases 14 or more offers!  Alot of people think this is the best of times for the real estate agent, but this is actually not true at all.  The buyers we work with are often frustrated, discouraged, and tired from writing multiple offers on many different homes with little luck.  If our buyers are not happy, then we are not happy, period.  As a result we are working very hard to try to find ways for our buyers to win, and get the homes they want.

So how can you stand out in a market like this?  Is there a way to win the home if you are not the highest bidder?  We believe we have a formula that helps our buyers stand out, as well as compete if they are not the highest bidder.  We have won several homes this way.  Its important to look at all factors of the real estate transaction, and really ask what is important to the seller besides just the highest price.  Here are a few key things we focus on.

  1.  Having a good lender who communicates well on the buyers behalf:  We have lenders call and introduce themselves to the sellers agent, and talk up our buyers and their qualifications.
  2. Treating the sellers and their agent with respect:  We realize we will not get anywhere by being rude or demanding.  So we go out of our way to reach out to the agent, and ask them what they need for a successful transaction.
  3. Tell your story: We have found that when our buyers write a letter and tell a little bit about themselves and why they love the home, it can go a long way.
  4. Other dates and deadlines:  There are other deadlines, and contingencies that are important to a seller.  We ask about closing dates, appraisal deadlines, down payments, loan conditions, inspection deadlines etc.  Finding out what a seller needs in these areas can help a lot as well.
  5. Graciousness:  This market is tough on buyers and sellers.  We strive to be gracious whatever the outcome, and it is amazing how that comes back to us sometimes.

If we can help you in any way, or if you want to just talk through the market, we would love to have a conversation.  You can reach me at 720-891-5751, or check us out at http://www.foxgroupgolden.com

Why should you list your home with Jeff Fox

Often when I show up at a listing presentation with a prospective seller, I am asked why they should choose me and my company over another.  The most common question tends to be what I charge for my commission.  I think that is the case because many realtors advertise their services based on what they charge in commissions, vs what they can actually do for the seller. As a result, I want to make sure I communicate why I am the best choice first, and then talk about commissions.  When I meet with a seller to talk about selling their home, these are the services I offer which I believe will not only get my clients more money, but assure them that they are getting the best service possible.

In meeting with a client, I first want to get a feel for their home, and what they love about it.  I ask the seller to give me a tour of their home, showing me every detail.  Most sellers take a lot of pride in their homes, and have spent a lot of money making it into a place that fits their needs and values.  I want to know what they love, where they have put their time and money, and what they will miss about the home.  I want to know what made them fall in love with their home originally.

Next it is important for me to find out what the value of the home is.  I research all of the sales in the neighborhood, comparing floor plans, amenities, upgrades, and the general condition of the homes.  I will examine the wider market, the current demand for homes in the area, and the location of the neighborhood to help determine value.  I then write up a detailed CMA analysis and present it to the seller.

After discussion the results and determining the value with the seller, we then go over all the real estate paperwork so that my client is fully aware of the process, the commissions and misc costs, and the legal process of selling a home.  Its really important for the seller to feel comfortable with every detail of the sale process, from contract to close.

Once a seller decides to proceed, we then discuss the details of getting the home on the market.  We talk about presentation and staging, and what will help bring the most buyers at the highest possible price.  It is amazing how the proper presentation can help sell a home faster, and for more money.

When the home is ready, I will come in and take professional pictures and video and write up detailed descriptions on all the amenities of the home.  I will develop youtube videos and flyers, and put the home on the MLS as well as numerous national real estate websites to give the home the most exposure possible.  When all this information goes out at once, it allows the most people to see the home at once, creating a sense of urgency on behalf of the buyer to get to the home as quickly as possible.  I will also schedule open houses to give the neighborhood and community an opportunity to see the home and tell their friends about it.  At the same time, I will enter the listing into our showing service so that showings will begin whenever the seller is ready, with folks on hand so answer questions and set up showings.   My seller will be notified by phone and email when a showing is set up.   Lastly I will network with my fellow agents at Fathom Realty all over Denver and through our facebook connections to direct as much attention as possible towards the home.  Throughout the process I pledge to communicate clearly and promptly, and make sure the seller is updated weekly with feedback from buyers as well as any information that needs to be shared.

Once we get an offer, I assure the seller I will represent them and their needs first, protecting their interests and their financial goals.  The contract process can be tricky; responding to requests for information, accepting and negotiating the best offers, and setting the stage for the closing process.  Once under contract it is important to stay on top of the dates and deadlines regarding title work, document delivery, inspections, surveys, and more.  Protecting the sellers interests during inspection is also essential to a successful sale, and my sellers deserve my best in these negotiations.  Once through inspection and appraisal, I prepare my sellers for closing, making sure their transition process, and documents are in good order.

Finally on the day of closing, I make sure the seller has fulfilled their obligations, that due diligence items have been completed, keys have been exchanged, the property has been left clean, and that all the paperwork is signed correctly at closing.

Then, its time for congratulations and then helping the seller move on with their future goals!

For help selling your home, or if you would like to know how much your home is worth, give Jeff Fox at The Fox Group a call.

Jeff Fox  720-891-5751

Jeff Fox 720-891-5751