How to Navigate the Buyer Offer Summary Sheet

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Transcript:

I put together this Buyer Offer Summary Sheet, and I'll go through it real quick. We use DocuSign, and our agents get to the end of the transaction and say "OK, great I'll go write up the offer." They forget that they negotiated the different commission, they forget that they have transaction fees, so I put together this offer summary sheet, which my agents keep with them, and it also give you a bit of a leverage.

To fill this out, you put the buyer name, property address, initial offer price, due diligence fee, initial earnest money, additional earnest money, due diligence date, and closing date. Down here it says commission deficiency.

So if it's a $200k home and you don't charge what's being co-broked. Say there is a 2.5% listing co-broke and you are at 3%, which we normally charge, there is a deficiency of a half percent and on a $200k property, that's $1000.

Below that, you have the transaction fee of $695 and any additional closing costs they want to ask for. Be very deliberate about that process. If you're charging a different rate than what is co-broke, make sure you explain in the beginning and get permission to ask the seller to pay for it.

Here again, you are getting it included in the closing costs, which is the mechanism by which you are able to ask for those. Say you have a commission deficiency of $1,000, plus the $695, and maybe they as for $3,000 in additional closing costs. That brings the total to $4,695.

I thought that was a cool tool. It's helped us keep things dialed in. That's pretty much all I have on that. You've got to take action on this stuff. It's not complicated, but you've got to take action. These are the exact same tools we use and we will sell over 200 buyers this year, and this is the process that we follow.