THE SITUATION

When the Best Offer Came in Week One

I was hired to sell a large luxury home of approximately 5,500 square feet with 5 bedrooms and 4.5 bathrooms.

As part of my pricing consultation, I presented a range of values:

A price likely to generate strong buyer interest and competition.
A middle range supported by recent comparable sales.
An upper range that would be pushing the market and would likely require price reductions if buyers did not respond.

The seller elected to list approximately $150,000 above the top end of my recommended range.

THE CHALLENGE

Below List Pice Offer

During the first week on the market, we received an excellent offer.

The buyer was offering:

All cash
No inspection contingency
A closing date entirely at the seller's convenience (up to 120 days)

From a terms perspective, it was nearly ideal.

The offer price was near the lower end of the value range I had originally recommended. While below the seller's asking price, it was a strong market-based offer that also carried significant value through its certainty and flexibility.

My recommendation was straightforward: accept the offer. We would counter first, to work to get the price up, but that the offer price was still a good offer.

The seller declined, believing it was too early in the marketing process and that future buyers would pay more.

Conversions increased

In 2 months

THE OUTCOME

300% increase in conversion rate in just 2 months

The property ultimately sold nearly a year after the original offer was received and with a different Agent. The Seller had decided not to renew the contract when another Offer did not come in.

The final sale price was approximately $50,000 lower than the first offer the seller had rejected.

In addition to the lower sale price, the seller lost nearly a year of time, carrying costs, uncertainty, and the opportunity to move forward with their plans.

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KEY TAKE AWAYS

Many sellers assume the best offer will arrive after several weeks of marketing. In reality, the strongest buyers are often watching before a home hits the market and act quickly when a property is priced within a reasonable range.

The first offer is not always the best offer. However, when a strong buyer presents an attractive combination of price, certainty, and favorable terms, it deserves serious consideration.

One of my responsibilities as a listing agent is helping sellers evaluate not just the price being offered, but the probability of actually getting to the closing table. Sometimes the best business decision is accepting a strong offer today rather than chasing a higher offer that may never come.

How we increased conversions 300% for Digital Beaver Inc

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