There isn’t anything worse than waiting for an answer.
Yes or No. Come on man, just let me know!
The tip that I give my Northern Virginia real estate clients is to respond to any type of offer quickly, and to take every one seriously. Speed is very powerful when negotiating.
In real estate, a quick response is powerful
If that answer is too vague and you need just a little more structure, then maybe these guidelines will help:
- in by 10:00 a.m then respond by noon
- in by 1:00 p.m. then respond by 5:00 p.m.
- in after 6:00 p.m. then waiting until 9:00 a.m. is okay (you can sleep on it)
- Communicate if there is a delay… and stick to that time frame
Problems happen when an offer comes in and then one party doesn’t respond back in a reasonable amount of time. In the Cold War days, it was acceptable to be a slow responder like if you were behind the Iron Curtain or if you were on the QE2 sailing to Sydney.
Here is the warning: When the submitting party has to wait, festering begins. Are they “shopping my offer?” they ask. Are they using it to “leverage some other offer?” they ask. “Did they even get our offer?” they ask. Recently, clients negotiating on a house in Vienna broke off negotiations because the seller was dragging his feet and they, justifiably, were insulted.
Today it is just too easy to respond quickly using secure digital signatures on any laptop or iPad. A few years ago I started to use after a client couldn’t fax his paperwork to me from Austin. This service alone has helped my clients respond quickly in competitive situations, and it actually comes across as much more professional considering so many companies have adopted digital signatures too.
DocuSign uses e-mail to secure your signature and “the cloud” to merge the completed document then delivering it back to me. Even if you are in your office in McLean, it is so easy that you will be able to respond instantly.
Remember, respond to real estate offers quickly for the best results.