As listing agents we're able to observe and interact with many different buyer agents with each property we sell. And one trend we've been noticing a lot lately is a surprising number of offers being written where the buyer agent assumes -- rather than verifies -- that a listing is receiving many offers.

What this means for some buyers is that they are paying ten, twenty or sometimes even thirty thousand dollars more than they need to for their home. For example, our team recently sold a home for more than $30,000 above the list, even though only one offer was submitted for the listing. The bottom line is these buyers could have purchased their home for a much lower price if their agent had invested more time and thought into their negotiation.

The market is always changing

Our late summer market is still very favorable for sellers, but it's not the same market that we experienced this spring. Generally speaking, listings right now are receiving fewer showings and fewer offers than the listings in March, April and May -- which is why it's so important to hire a buyer agent who is in tune with the market and who actively communicates with the listing agent when it's time to write an offer. 

Our recommended approach

As buyer agents, we always prefer to call the listing agent and ask these two important questions prior to submitting an offer: 

#1) What's important to the seller? Asking this open-ended question and engaging the listing agent in a conversation can reveal a lot about the seller's priorities. 

#2) How busy is the listing? Asking this question helps us understand how many offers have been submitted and how many are expected in total. This key information helps us determine an appropriate price before we submit our offer. 

More thoughts on communication style

Calling the listing agent and having a conversation is generally much more effective than emailing or texting questions. Important details can be missed in emails and text messages, but a short conversation usually reveals some key insights that help us write a good offer. Right now far too many agents are over-relying on email and text messages, while some are not communicating in any way at all. 

Do you know someone who needs a professional buyer agent in 2021? 

We are here to help you, your friends and your family ask the right questions as we negotiate on your behalf throughout your home-buying journey. Please reach out anytime you'd like to share more about your homeownership goals. It all starts with a conversation!