The offer is in but your work does not stop there.
1. Communicate.
If you have an inkling that your enquiry may offer then it is best to let your client know even if you have not received a firm offer. This is particularly important if the property is listed with multiple agents as you don’t want them accepting another offer ahead of yours. This will also give you a chance to let your lead know if the owner/landlord has any other interest in the property to speed them up with putting forward a formal offer. This is also the opportunity to prep your owner/landlord if you think that the offer may come in lower than asking price or subject to conditions. It will give them time to mull over the situation and get used to the idea that they may not achieve full asking price.
2. Market update.
Be sure to relay the current state of the market to both parties to help get the offer agreed. If the market is buoyant with only asking prices offers being made, then an offer at 15 percent lower is unlikely to be accepted. As an agent you will have a great insight into the state of play of the market but make sure you have stats to hand to talk both parties through their options.
3. Comparables.
It is always an idea to provide comparable evidence for people to make an informed decision on the offer that they are making or an offer they may be accepting. It is particularly helpful if you can get these for units in the building or a similar units. It is your job to get both parties to come to an agreement that they are both happy with so providing comparable evidence will prove the strength or weakness of an offer.
4. Do some sums.
If the offer is lower than asking price but they are looking to move in or rent the property quickly, then calculate an loss in rent over a void period versus accepting an immediate offer at a lower price. Do your sums over the course of a 12 month period and your client may be surprised particularly if it means that they no longer have to keep shelling out for their mortgage.
5. Keep communicating.
Communication should never stop. Maintaining it will give you the chance to feedback to each clients and monitor any wobbles. Just because the deposit is down does not mean that your job stops there.
