Tuesday, February 26, 2013

Realtors what is your foreplay score?

What's your foreplay score?

Do you realize that every word you say and every move you make sets up your success or failure in real estate? (And, subsequently, your client's success or failure.)
woman at computer - istockphoto.comLet's pretend you represent a buyer who is interested in my listing...
Agent #1:
  • You provide showing feedback that states the property is overpriced and the condition is "average"... Of course, I receive your not-so-subtle justification for a low offer! Doesn't it occur to you that I might have received honest feedback from other agents - not to mention that I did my homework by accurately estimating the likely sale price and the sellers did everything I asked? They repainted the interior, made all repairs recommended in a pre-sale inspection and had the home professionally staged. Average... bah humbug!
  • You submit your offer with 3 paragraphs justifying the low offer price, informing me there is a deadline for accepting it, and explaining several contingencies.
What have you said or done to promote your buyer's best interests? Why would I even want to open and read your offer, let alone change my plans to present it when we both know another offer is expected any minute.
Love letter
Agent #2:
  • You provide feedback indicating the property is priced "about right" and complimenting the property condition. You indicate that you'll be meeting with the buyers tomorrow at 3:30 to consider this and other properties the buyer has seen. This listing is a finalist in their book!
  • You submit an offer with 2 brief paragraphs... One repeating how lovely the home is and another telling me how much the buyers love this home.
Of course, I can't wait to open this offer! I'm really hoping this buyer's offer is better than the other.
Yes, I'll objectively evaluate and present both offers to my clients, but....
Do you agree that Agent# 1 is less likely to score a "win" if both offers have equal price and terms? THIS listing agent is pre-disposed to recommend the offer from Agent #2. His real estate foreplay has set up his buyers for successful negotiations!

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Margaret WodaMargaret Woda Blog SubscriptionMargaret Woda, REALTOR & Associate Broker
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