Sunday, October 21, 2007

Selling Idea

During my last office meeting, an agent recommended an idea that has worked in selling one of his listings. I thought I would share his idea with you.

During the coarse of his listing, a buyer visited the home on several occasions and expressed interest in the home. But what happened is that the buyer never wrote an offer thinking the price was too high and didn't want to waste his/her time.

Though this can be frustrating for a seller who sees a party walk through the home on different occasions, this agent pondered on what he can do to get them interested in the home and to get both parties to come to an agreement.

We all know that over 90% of the time, an offer is usually written by the buyer's agent. So just imagine if we turn the tables and have the seller and listing agent write an offer on their own home, and present it to the buyer for acceptance. That's what I would call a paradigm shift in real estate. It completely changes the way you think and do business.

So here is how it would work. The listing agent would ask the seller, "If I got a party to buy your home today, what is the lowest price you would sell your home for?" The seller would probably give their lowest price. Having that information, the listing agent would draft a "Purchase Contract" and then take it over to the original Buyer's agent to present to the client for acceptance.

You are most likely wondering why a listing agent and seller would go to the trouble of doing the buyer's agent paperwork. Well...if you have a feeling the buyer loves the home and never writes an offer, then what do you have to lose? 20 minutes of your time?

This is a win/win situation for all. Both agents get paid their commission, and the buyer and seller agree on a price that works for them both without having to go back and forth negotiating or being afraid to ask for what they want.

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