The frustration among buyers on how listing agents handle their multiple offers is continuing to mount. Because there isn’t any guidance from the industry, listing agents just make it up as they go – and in most cases, they just pick their favorite without any thought of other solutions available.
Here are more ways I’ve seen sellers leave money on the table lately:
Listing agents selling homes during their Coming Soon period, denying any other buyers.
Counter buyers for their highest-and-best, but then accept one within minutes before other responses are received.
Only countering some of the offers.
Off-market deals, which are great for the winning buyer, but bad for seller and other buyers.
The worst part is that sellers don’t have a clue – they are just happy to sell for more than expected.
When I’ve suggested my method to agents, they have trouble grasping the concept – that’s how deep the current snatch-and-grab mentality is ingrained in agents to make a quick deal.
What’s the solution? List your home with me!
In this market, buyers just want to know what it will take to land a sale. They don’t want be duped or tricked into being the highest bid.
Is it not a violation of professional standards for an agent to not present all offers to their client? In my opinion, all reasonable offers must be presented to an agent’s client, and in multiple offer situations, a “highest and best” counter should be made. Then let buyer select best offer based on professional consult with agent.
This is one of the reasons I’ve never sold a home without Jim and Donna’s assistance; a true advocate for the client and willing to put in the effort to obtain “highest and best” even if the impact on their overall commission for doing so is not material. It would be much easier to simply take the fastest/easiest offer; I appreciate their respect for the profession.