PART TWO of a 2-Part Series: Are ‘Low Balling’ Buyers Killing Your Deals?
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STEP THREE: Educate your buyer clients on the market and listing facts.
Meet your buyers in person and educate them on the facts based on your previous two steps. Decide together after that discussion what price should be offered for the result to be an accepted (or at least countered) offer. Keep in mind, that a lowball MAY still be warranted in some cases.
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The below example assumes the house was correctly priced, didn’t have a bunch of condition issues, or had been sitting on the market.
Script: “Mr. / Mrs. Buyer, I appreciate the fact that you are considering making an offer that is well below the list price. Of course, everyone wants to get the best price possible, but let’s first review the facts about this listing so we can decide on an offer that makes sense and will achieve the goal of getting you this home.”
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Go over your market analysis, including the list-to-sell price ratio of the most recently sold and pending homes. Then you can use the following script (modify based on each property you’re offering on, this is just an example):
Script: “Mr. / Mrs. Buyer, the average list-to-sell price ratio for homes that have sold and are most similar to the one we’re offering on is 99%. That means that sellers in this neighborhood are only negotiating down by 1% currently (assuming it’s priced right, and based on the comps they are priced well).
Script: “Let’s take a look here… your proposed offer is about 88% of the list price, so that’s 11% lower than they’re looking for. With other offers expected, it’s unlikely that they’ll even consider yours based on what they (and their listing agent) know the house will sell for. If you want this home to be yours, you’ll need to come in much closer to the list price to get it. Do you still want to come in that low based on these facts, or should we reconsider? Our mission is to get you this house, right?”
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STEP FOUR: Prepare the offer.
Qualified and motivated buyers who want to buy the home will typically see the light after your presentation and ask you to prepare an offer that should be acceptable to the seller, or at least one that would be countered versus rejected.
If you have determined that the listing warrants a lower-than-list price offer, record a short, professional, and factual video for the listing agent so they can explain to their seller client why you’re coming in lower than list. If they can use the same fact you did to determine a logical sale price, their seller may understand and be very reasonable. At the very least, they’ll be more likely to counter versus reject your offer. Send your explanation video along with your offer to the listing agent.
If, after all of your presentation, your buyer still wants to lowball and it’s not based on any logical reason, you may have a non-serious client. You (and they) will have to decide how many times you want to prepare losing offers before you nicely break up with them. You may also be more successful with this type of client if you change your strategy to focusing exclusively on homes that have been on the market longer, with no other offers to compete with.
Note to Listing Agents…When you receive offers that seem like lowball offers, go through the same steps that we’ve prescribed here for buyers’ agents, so you can determine if it’s actually a lowball or if it’s reasonable based on the current market conditions and profile of the listing, especially if you have no other offers, slow or no showings, or negative feedback that hasn’t been remedied. Additionally, make sure the buyer hasn’t offered a lower price because that’s all they’re qualified for!
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