In this busy market, real estate professionals will likely see many of their selling clients field multiple offers on their homes. Helping them make the right decision is crucial, not only to ensuring they get the best possible price, but also to maintaining a strong ongoing relationship after the end of the real estate sales process.
It's no secret to anyone even tangentially monitoring the real estate sector today that it's a seller's market, and that means almost everyone who puts a home up for sale will generate a lot of interest and probably garner multiple offers, according to the National Association of Realtors. For agents, there is a lot of value in being able to provide the best possible advice about how to proceed when multiple offers come in, but there is no single hard and fast strategy to ensure success.
For instance, many sellers may be compelled to simply take the best offer made on their homes, straightaway. This can be a perfectly acceptable decision, especially if sellers are motivated to move quickly, but it might not always be the wisest course of action to meet their needs. In some cases, it might be judicious for sellers to ask that potential buyer to make another bid, through a counter-offer.
Meanwhile, if a number of offers are competitive, agents can advise sellers to seek another round of bidding. Real estate pros will often simply have a "feel" for these things, based on their years of experience in the industry. However, they would also be wise to advise those sellers that there's no guarantee any potential buyer would be able to come back with a better offer, so such a move could be a roll of the dice in terms of getting a home sold more quickly.
What to keep in mind
Of course, with many sellers, it's not all about money, according to Realtor Magazine. Some current homeowners, for instance, may need to go through a longer sales process simply because the homes they have lined up to move into won't be ready yet. Others might want to just take a good, solid bid as soon as possible so they can get the process completed quickly, and aren't interested in trying to milk every dollar possible out of an interested buyer as long as the initial offer is good.
However, while sellers will certainly be leaning on their agents to inform their decisions about how to proceed when multiple bids come in, it's vital for those real estate pros to keep in mind that it's not their decision to make.
All agents can really do is advise their clients about the best possible path forward, typically after discussing their goals for the sales process up front, so that those people - who may be inexperienced when it comes to selling - can make the decision that works best for them, based on their own unique needs.
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