There is no guidance on how to effectively handle a bidding war.

I don’t see or hear anything from NAR, CAR, brokerage managers, or team leaders on how listing agents should handle a bidding war, other than to put the offers on a spreadsheet and let the seller decide. But they are paying us a lot of money to give them advice, and that’s all we got? Embarrassing.

For realtors who think that’s good enough, then fine. Do you mind hurrying up with that retirement?

I made an offer on behalf of buyers last Thursday that was 6% over the list price. The listing agent won’t tell me how many offers they have, what price they are at, or even how the winner will be determined. After five days of waiting, we are left with nothing except “I’m trying to get you a counter” that came last night.

It never occurs to them that their inaction for days causes the buyers to cool off in the hurry. The agent will finally get around to picking a buyer they like, and the home will finally sell. But it won’t be for top dollar.

When I receive multiple offers, I’m transparent with everyone.

With our Cedarcrest listing, I’ve been telling every buyer and agent exactly what to expect. I encourage all of them to make a written offer, we will request their highest-and-best offer on Monday, and then find the winner on Tuesday.

Once the offers are in, usually half of them won’t submit a highest-and-best because they already did, or they cooled off quickly. No problem, and thank you for your offer.

We’re up to nine offers now, yet only two or three have expressed their sincere desire to buy this house. What a great filtering system to find the real players! Once I’ve confirmed with every agent that their highest-and-best offer has been received, I ask them if they want to go any higher – and tell them that if they don’t they are going to lose.

The efficiency is spectacular. The buyer-agents have the intel they need to literally tell their buyers, “If you don’t go higher, you’re going to lose out”. Every buyer would like that clarity in which to make a decision – yet every other listing agent thinks it’s better to keep them guessing in the dark for days.

A few will be startled by the transparency because they have never seen it before.

They think they deserve some favoritism because they are a cash buyer, or because they were first, or because their agent is a sweet-talker…..but what they really want is to score an off-market deal at a lower price because they see a lot of those happening – and they’ve never seen anything like mine.

Another agent asked about the action because she has a new listing coming in the neighborhood that is on the canyon side. She got what she wanted out of me, but then wouldn’t tell me anything else about hers, other than, “You’ll see it when it’s on the open market”. Great – we’ll see how she does vs. me!


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