When walking through a condo on Broker’s Tour, I overheard a conversation with the listing agent and a frustrated buyer who happened to be walking through the property as well. The buyer was complaining about the market, about how so many offers were cash offers and about how he had written several offers and hadn’t prevailed yet. The listing agent leaned in trying to console him and confidentially told him not to worry as she had represented a buyer recently who had made sixteen offers and had finally prevailed on the seventeenth one. I couldn’t believe my ears.
First of all, if a buyer has written sixteen offers and has not yet prevailed, something is wrong. Either the buyer is not listening to his agent or the agent is not properly advising her client. Are they looking in the wrong price range? Is the buyer too picky? Is the agent not doing the 10 things she needs to do in order to prevail in a multiple offer situation? Is the client unwilling to do the things he needs to do to prevail in a multiple offer situation?
What are the 10 things?
I will discuss these in an upcoming blog. And the highest price does not always win!