As if being a buyer in a competitive market wasn't hard enough - all cash offers are more common than ever in 2022. For an agent, representing a buyer can be tough when they're constantly entering bidding wars with all cash offers on the table.
How to Keep Clients Morale Up
Staying positive can be hard if offers just aren't getting accepted. As an agent, it's your job to do your best to keep the morale up. It's also your job to communicate as clearly as possible about what's realistic and what's not.
Try thinking outside the box by showing clients multiple different homes in multiple different areas. It may seem like a bad idea at first, but even consider showing clients homes slightly under-budget. Why? So that they can actually afford to offer over the asking price - which raises their chances against all cash buyers.
Can You Compete Against All Cash?
Sure, you can! Don't forget to remind clients that the business of buying and selling a house is, often times, an emotional one. Here are some things agents can guide clients to do to compete against all cash offers:
- Write a letter. That's right - go old school. Appeal to the seller's emotions and have clients explain why they (and their family if applicable) are the perfect fit for the home. Get specific!
- Go with what the seller wants. This definitely isn't ideal, but it does work. Clients who agree to what the sellers want and offer a quick timeline are often the offers who are chosen.
- This last one's obvious but we'll say it anyways: increase the down payment as much as possible. Sweeten the deal however you can.
The Bottom Line
There's no way around it - competing to buy a house isn't the scenario anyone wants to be in. But, there are ways to still come out a homeowner! Just remember to stay as positive as possible, get personal, and be practical.
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