In multiple offer situations, how can agents make their client stand out from the rest of the pack? In her latest blog, Anna Mayer-Huls explains how.
About a month ago, my sellers were in a multiple offer situation. The terms were almost identical, but one of the buyers submitted an impact statement, or personal letter, along with her offer. When my sellers read the letter, they were very impressed. They also had a chance to learn more about who was trying to buy their home.
As agents, we can get a good feel for buyers and provide some background to our sellers, but there’s nothing like hearing it directly from the source. Here are a few tips and pointers when including an impact statement:
1. Have the buyer personally write and sign the letter – When your buyer client personally pens the letter, it creates an opportunity for the seller to get a feel for him or her. Remember, your seller will most likely never meet the buyer, so without this impact statement, all they have to go on is your description of them.
2. Tell the sellers why the buyer loves their home, and why they chose to write an offer – In my recent multiple offer situation, the buyer expressed how much they loved the area, and more importantly, that it was dream of theirs to own on this particular street. They wrote about the features they liked and disliked, but were willing to compromise on the negatives because they saw the benefit and potential for their future.
3. Let the sellers know about the buyer’s financing, and that they are pre-approved – It is also important to let the seller know that the buyer has been pre-approved. As agents, we always accompany the offer with a pre-approval letter, but it doesn’t hurt for the buyer to personally tell the seller that they have been working closely with a lender.
Your clients can include any other information they think will be beneficial; however, you don’t want to include details that may compromise your negotiations.
The goal of the letter is to help the seller make the best possible decision. This is also very helpful when working with renters, as the only information the landlord has is the tenant’s application.
Anna Mayer-Huls is a broker associate with @properties in Chicago. She can be reached at:
1875 North Damen
Chicago, IL 60647
Email: [email protected]