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inShare 4 Things To Consider When Selling In A Hot Market From the outside looking in, selling in a hot market looks like a real estate agents dream. well, it certainly is better than a slow market, but make no mistake about it...selling in a hot market brings its' own set of challenges. Frustrated Buyers The first thing that comes to mind when selling in a hot market are the buyers...in particular, the losing buyers. While it could make them step up to the plate with a stronger offer the next time around, it could very easily make them cry "uncle" and stop the home buying process altogether. How do you keep those buyers motivated? How do you get those buyers to put together a stronger offer, look in a different price range or a different neighborhood? Timing The typical home buying process can be a little slow, however when a new property comes on the market the buyers may need to take a long lunch or leave work early to see it. Waiting to go to the open house could mean another lost opportunity. And when the buyers find a house that they love, they have to move extremely quickly. This means writing the offer and writing a big check...all in a matter of hours. This change in pace can actually make buyers slow down if you did not prepare them properly. This is one of the things that you should talk about during your first buyer meeting. Removing Contingencies In an effort to be the winning offer, buyers may be willing to remove some of the primary contingencies...home inspection, appraisal, financing, etc. I know winning is important, but make sure your buyers understand what removing those contingencies really means. Are they prepared to make up the difference if the property does not appraise? What if there are major issues with the property that could have been exposed with a home inspection? Talk through these things with your buyers so they can make an informed decision. The Comps Often times when you're in a hot market the comps get thrown out the window. Of course you will run them for your buyer, but they have to decide how much they "love" the property, which will determine how much they are willing to offer for the property. They may decide they are tired of losing and offer a very high price or escalate to a high price. If this is the case, you need to discuss how they will handle the appraisal contingency. Writing A Winning Offer When selling in a hot market it is important to help your buyers understand the multiple offer process and how to write a winning offer. It may take a few losing offers before they truly understand what they need to do to win...so be patient. Related Articles How Do You Keep Your Buyers Motivated? Think Like An Appraiser The What Ifs - Real Estate Agent Training Is A Quick Settlement The Best Settlement? I Think The Listing Agent Is Shopping My Offer Real-Life Real Estate Training – The Training You Need, When You Need It Have you struggled turning contacts into clients? Are you working hard, but hardly making any money? Are you beginning to think you made a bad career choice? If you answered “yes” to any of these questions you are in the right place! The Real-Life Real Estate Training program was designed to transform you and your business so that you achieve your goals. It doesn’t matter what stage in your real estate career you are in…new, experienced, or somewhere in between, our systems will help you focus your time, energy and effort on the right areas of your business. The Real-Life Real Estate Training program was designed by an active real estate agent, so our program is totally realistic, doable and easy to put into action immediately. You’ve learned how to become a real estate agent, but now it’s time to learn what it takes to BE a real estate agent. My name is Candy Miles-Crocker and I’d love to talk to you if you still have some questions or need additional information. Fill out my online contact form or give me a call at (202) 669-1924. Check out what our valued clients have said about us on our testimonials page. Let’s Go to Work! Candy Miles-Crocker Real-Life Real Estate Training