Sometimes, we had to operate outside of the box, in order to follow up with the agent, which included responding to their offices to meeting (surprising) them in person. (you’d be surprised how well this worked 🙂 )
Some of the REO Agents did business as usual. They followed up with every agent that submitted an offer on their Foreclosure listing, they kept the other agent in the loop, returned phone calls and emails.
In a “typical” standard real estate market these things are understood by the local Top Producing Realtors.
The way it is supposed to work is the agents should respond to the Buyers Representatives in the following ways and in short order.
- I received your offer!
- I received your text message!
- I received your email!
The next thing they should be doing is giving the appropriate response when they are not “busy”.
“Thanks Connor, I have received your offer, we have about 50 other offers, but I will advise you on the next step…”
- Then, they advise me on the next step. It may be the seller is going to choose one of the 50 without countering anyone.
- It maybe the seller is only going to counter the top 10 with the best financing.
- It maybe the seller is going to respond to each offer individually with different terms within the counters written.
- It maybe the seller is not going to accept any of the offers submitted, rejecting each one.
In any case, the agent representing the buyer should be updated as to the sellers intention.
If the agent, the one representing the seller, is neglect in their duties, they are not only doing their seller a disservice, they are continuing the prevalent World View of Realtors as being shady…
It only takes a second, a quick text to say the seller did not accept your offer because it was not ______________.
After the sellers signs off on an offer, there should be no further discussion regarding the “update” received from the listing agent.
But Please UPDATE the Buyers Representative! When their clients discover the property, they wanted so badly, had entered a “pending or back up” status online because you did not return their agents call, text message and email, that is just bad business…
This is not a new trend – Click on the preceding link (“pending or back up” status) to see a video I produced about this very topic. This is just a good reminder.