Alternatives to working with an excluded buyer to help you achieve a successful sale and best market price.
When thinking of selling, we all tend to bring up the subject in conversation with friends, relatives, neighbours and coworkers, even if the decision to sell is anywhere from 6 months down the road or more. It’s only natural and talk of selling can stimulate any number of responses, such as:
- How much will you be asking?
- I might be interested…let me know when you’re ready.
- My husband and I have always admired your home and would love to buy it.
- Call me before you list it…I’m not in the market but could be persuaded.
Much of this amounts to polite small talk or wishful thinking. In our experience, seldom is a person behind these and similar comments truly interested in buying your home. It’s even more rare that the individual is ready, willing and able to buy when you are ready to sell. The timing is wrong, the spouse is not interested, their job or family situation has changed, they can’t afford it or may have credit issues, they don’t like the price, they have a house to sell, plus any number of other reasons. Regardless, it’s worth following up with anyone who voiced the slightest interest before you list. After all, you could be saving selling costs.
At times a seller will ask the REALTOR® whether a possible buyer can be excluded from the listing.
- The salesperson may wisely volunteer to contact the prospect before the home hits the market.
This is important because a listing that discloses that a buyer is excluded--and it should--can dampen interest in seeing the property by other buyers and especially discourage negotiating an offer to purchase. They may view it as a waste of time and effort.
They might perceive the excluded party as having something akin to a first right of refusal, in which the seller pits one against the other and creating an unfair advantage for the excluded buyer.
Alternatively, a good salesperson will agree to exclude someone for only two weeks
- This is sound business practice as the brokerage is being asked to invest time, resources and money into marketing the listing.
- A home receives the most attention on MLS when newly listed. A short exclusion time keeps the property relatively new and diminishes the possibility of being ignored by other buyers.
- The more a property is exposed and shown to potential buyers, the higher the probability of obtaining the best market price. Removing such a roadblock works to the best interest of the seller in obtaining a successful sale and best market price.
Most sellers appreciate and understand this kind of advice.