When should the buyer rep think of the seller?
This question rarely comes up in a buyer’s market, but the answer is universal, “when you are writing an offer”.
There is an economic principle we call, “Non-Price Competition”. The commissions might be the same, but you make the best presentation.
In this case we coin a new term, we will call, “Non-Cost Benefits”. Sure, we think of the offer price, but when you write an offer and craft it in terms of what the seller needs, you may earn “Non-Cost Benefits” if you listen carefully to the seller, the MLS write up or the listing agent.
In an April 26, 2024, Inman Real Estate Magazine article, Carl Medford, CEO of The Medford Real Estate Team in Alameda County California writes, effective offers begin with a solid understanding of the seller’s needs and wishes and, typically, the only way to get this information is to talk directly with the listing agent.
- What does the seller actually want or need?
- When do they want to close?
- Do they need rentback?
- Is this an “As-Is” sale or are they open to doing some repairs?
- What contingency time periods are they hoping to see?
You still need to consider the price to open the door, so to speak. But when you write a thoughtful offer, it may close the deal and not incur the costs that others might pay. Seasoned agents have a comprehensive list of questions they cycle through to make sure they cover all potential bases.