With only 1,500 homes on the market in the Denver Metro (18,000 homes+ would make a buyer’s market for reference), it’s extremely important that you are going above and beyond for your buyer in order to make sure you’re providing them with an extraordinary experience.
Here is a list of tried and true tips to guide you on how to write a winning offer for your buyer in this competitive market:
SETTING YOURSELF UP FOR SUCCESS
- Your buyer is:
- Pre-Underwritten
- Buyer Listing Agreement Signed
- Conversation about current market conditions
- Proof of funds or verification with lender
- First to see it and first offer in:
- Be CC’d on Coming Soon and can book appointments in Coming Soon – have everyone on ASAP (not morning of)
- Have offer already written with anything the buyer is ready to add so just need to add price – ready to sign it and submit it in the driveway
- Build a rapport with the listing agent
- Connect with them as a human
- Ask if they are doing okay
- Talk about how the market is and their situation
- Verify what they (the agent) wants – communication, timeline – plan for receiving and reviewing offers (check MLS Broker Remarks prior)
- Ask what the seller wants – closing date, PCO
- Call after showing – Follow up consistently and set the expectation of your communication
- Let them know you are saving their contact information and will keep great communication going forward. Know you have a lot going on so if I need anything I will be mindful of your time and text you questions or any other additions.
- Follow up once per day (call, if no answer then text) until under contract
- Check in on how many offers received, what do we need to do to compete, where do we rank
- Do your due diligence asking questions
- Review your offer with them and ask “Is this along the lines of what your clients are looking for?”
- Look for personal insights about the seller – veteran, other profession/certificates, jerseys, etc.
- Connect with them as a human
- Second Showing to show you are serious and buyers aren’t reacting
SENDING IN AN OFFER
- When you send an offer, text the agent a minute video
- A bit about the buyer, why they love the home, how they are committed, about the lender, how the deal is structured, about yourself (in the business for a while) and your team
- Unique Offer Price
- Do an odd number with an interesting number
- Include a Cover Letter
- Outlining what is included in your offer and about you as an agent
- Unique Subject Line in CTM
- Bold, all-caps to make it stand out – “This is the one to pick”, “Pick me, pick me”
- All-in-one CTM email – Docs Management
- Include Pre-approval
- Include Picture of the Earnest Money Check – account information covered up
- Include Credit Report – sensitive info removed
- Include Proof of Funds – supporting removal of contingencies
OFFER STRATEGIES
- Cleanest Written Contract
- Earnest Money
- Guaranteed Earnest Money
- Increase Earnest Money Amount
- Portion of Earnest Money go hard
- Willing to risk the Earnest Money, could waive the due diligence and property insurance
- Buyer to pay For:
- Title Insurance
- Up to $__ of Seller’s Closing Costs
- Seller Moving Costs
- Commission for the Seller
- Cleaning Services
- Home Warranty – then remove the inspection resolution
- Deductible for the roof needing to be repaired
- Furniture and take the home as is if that is easier for the seller
- Inspection
- Have it set up with a tentative date/time
- Limited/No inspection – termination date only, health and safety
- Quick Closing (DPA, Condos, Jumbo longer) – know the loan product.
- Post Closing Occupancy
- Appraisal Waiver – Gap
- Remove Contingencies
- Inspection
- Appraisal
- Insurance
- Escalation Clause
- Helps the buyer keep the price down but also say they will go up this high
- If 10 offers or more then you have to do highest and best instead
IF AN OFFER IS NOT ACCEPTED
- Be Gracious in Defeat – Ask for insights into why the offer was accepted
- Write a Backup Offer/Contract – Include what you learned about accepted offer
- Be In It to Win It – Don’t be discouraged. You can outbid others with the relationships with the agents and through your clean contract.
GET IN TOUCH WITH US
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