Does Your Listing Need a Cut-Off Date?

Melissa Krchnak

By Melissa Krchnak

Who has an influx of buyers? We sure do! My market (the Inland Empire of Southern California) is crawling with them. Our middle market is sitting a bit, but our entry-level and high-end are moving quite quickly… with multiple offers over asking!

That got me thinking: With lower inventory and a ton of activity, should I be going back to the 2009 days of setting a cut-off date for offers?

I obviously want to make sure I’m doing what’s in my seller’s best interest… so, is that it? Maybe. Here’s what I think you should do if you set a cut-off date:

  1. Review your offers as you get them, but present all at once: I created a cover sheet that I attach to each one with a break-down of the offer with any special notes, so when I go to present, I have all the info right there.
  2. Have at least one open house before presenting offers: Like I say, “business comes from everywhere,” and who am I to deny a lucky buyer the joy of working with me?
  3. Have at least one brokers’ open: Give all your lovely agent friends a chance to check it out. I don’t do a brokers’ open on most of my listings, but if you’re only going to have it on the market for a limited amount of time, it’s probably a good idea to give everyone a fair shot.
  4. Have it on the market for at least 10 days: When the market was hot in 2009, 10 days was an eternity and I’d be swimming in 30+ offers. I don’t think it’ll get that crazy now, but I wouldn’t want my sellers to wait much longer than that – they’re tired of opening their door to strangers… I get it. Just make sure that 10 days includes two weekends. I usually list my homes on Thursday or Friday for maximum exposure.I’ve had agents try to get me to extend the cut-off date, but if I have it in the MLS, and your Client (or yourself) is set-up on an auto-email, how did ya’ll miss it? Just curious. I always offer to hold it as a back-up in case something happens with “the chosen one.”

What’s your market look like? Do you need to chat with your sellers about a cut-off date when you’re taking the listing?

Melissa Krchnak is the assistant team leader for Keller Williams Realty in Rancho Cucamonga, Calif. Connect with her at kwrancho.com.

Comments
  1. Frankly

    10 days? No way. The good offers will feel shopped and walk, leaving you with the slow indecisive people that took an extra week. Go with a Thursday listing. Not Friday. Why? Many people have daily email alerts. And they check them from work. List on Friday, email goes to their work address on Saturday… #fail.

    Deadline on Tuesday. Then go up from there.

    Frank

  2. Hi, Frank! Every market is different. Out here (in the Inland Empire of Southern California), 10 days could mean you’ll have a flood of offers. It all depends on price, area, etc. Many of the Agents in our Market Center aren’t even having them on the market that long before they’re Opening Escrow.

    Love your idea of listing on Thursday because of work emails! Most of my clients have asked that I put all their emails on the emails I send and typically have all Buyers on that same email and yet if someone only provides that work email, they might not see it till Monday.

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