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:
- 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.
- 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?
- 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.
- 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.