I guess I am an undercover Realtor cowgirl. If I can, I will cast out my lasso and rope a buyer for my home sellers. No, not literally, though I confess I have been tempted. The cowgirl analogy sounds funny for a Realtor who works in the upscale suburbs of Metro Detroit, I know.
Yesterday I was at Pulte’s Realtor appreciation luncheon at the Townsend Hotel. It was a lovely affair and it reminded me that I needed to pull out a post that I never finished. Apparently my secret weapon really is a secret and most other Realtors have never even heard of it based on the questions they asked the speaker. So, with out further ado, I will unveil . . .
My top secret lasso: The Reverse Offer.
How it works is that the seller makes an offer to the buyer outlining the terms they will accept if the buyer will buy the home. Yes, you heard me correctly, the seller makes the first offer, not the buyer. This certainly is a roll reversal from what most buyers and their agents expect, but there is nothing wrong with that. Afterall, my goal is to get the house sold, not to worry about what everyone else does. The reverse offer is particularly useful in a buyers’ market like we have right now in South East Michigan.
The reverse offer is not something we use after every showing, but it can work successfully when I hear from a buyers’ agent, “They are choosing between 2 houses.” Typically the buyers have been back in the home multiple times. I try to get a sense of what is keeping my listing from being their number one choice by maintaining open communications with the buyers’ agent. And it has a proved track record of success for us.
Having the Reverse Offer weapon in my pocket does not mean we can escape real estate basics: the home must be priced well for current market conditions; there must be an effective marketing campaign to attract buyers; and the home must be in excellent shape because the overwhelming majority of buyers do not want to do any work.
Frankly in today’s market a buyers job is not as easy as it seems. In some segments the shear number of homes they have to chose from creates feeling of information overload. In the end, if we can move the buyer one step closer to choosing one of our sellers’ homes by making a reverse offer, we are really both parties a favor.
I will keep the Realtor cowgirl title. Some times we just have to take the bull by the horns to get the job done.
Freemont Street photo by The Rocketeer