Ninja Selling Podcast Offer Review Deadlines: Friend or Foe?
On this episode of Ninja Selling, Matt and Garrett discuss offer review deadlines and how they impact the realty industry's integrity and operation. The topic came up during one of Garrett's coaching calls with Liz Davis up in North Bend, Washington, and turned into such a great conversation between our hosts that they decided it just had to be recorded and shared with listeners here today.
Referring to offer review dates in relation to the frustration that buyers and their agents experience when a house on the market is under contract before its deadline has come around,
Matt and Garrett weigh in on why realtors need to be upfront with their policies and practices when working with sellers. They acknowledge that, while the client and agent benefit from deadlines that promise that a house will be under contract within a shorter, finite period of time, it's also true that poor communication between the seller and real estate agent can prohibit these standard practices from taking place. They discuss what to do if a review date yields no offers and subsequently how to enforce boundaries with sellers so that they don't jump on an offer prior to your agreed upon date. Matt and Garrett close today's podcast with a brief note on referral based businesses and how you can use success as an agent to delineate boundaries and set transparent, upfront expectations with the seller.
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Episode Highlights:
- How to maintain realtor integrity in the industry
- What an offer review date is
- Buyer Frustrations when a house is under contract before the deadline
- Why we have offer review deadlines
- Why sellers and realtors need to be more up front
- Pros and cons of offer review dates
- The importance of up front communication
- How to enforce boundaries with sellers
Quotes:
"Is there a conversation that comes up about what does it mean to truly have an offer review date? Do we want to honor and follow it? I think that conversation needs to be had up front."
"If you put it out there, this is the game that's being played here right now, and then all of a sudden, the rules change halfway through the game; what it makes people not do is trust the game. They don't trust the game anymore."
"The golden reason that the offer review date was started was basically saying, "Look, we can get this wrapped up in three days, you know, we can put it out there, we'll review all offers on this date, we'll have a group that we can look at a batch, we'll pick the best one, and we'll be done."
"Even if your seller went around you, they're still going to blame you. I mean, the agents always are the ones that get blamed."
"Look at the auction versus offer deadlines scenario here too, because part of having offer deadlines, a lot of buyers might be assuming, 'Okay, this is it. We're going to submit our offer, and then we're gonna hear a yes or no.' But then the counter offer comes back.—and what are the expectations of these offer deadlines?"
"It almost gives more flexibility as a listing agent and a seller to get a property on the market and see how it starts. Then, you can establish some new rules, because then you can negotiate things as they come in."
"As a buyer's agent, you've got to be aggressive. As a listing agent, you've got to be transparent."
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