A Real Estate Manifesto

To all parties involved in real estate transacting right now.

First Off, Thank You

Let me start by saying thank you. Thank you for the long hours of coordinating tours via ShowingTime and showing countless houses to deflated buyers. Thank you for educating your clients on how to write the most competitive offer among multiple and submitting that offer professionally with a smile on your face and your kids screaming in the background. Thank you for your persistence, entrepreneurial spirit and positive professionalism in one of the most competitive sellers markets in real estate history. I see you and I’m grateful for each and everyone of you.

We Have A Problem

This past Friday night my wife and I had almost gotten the kids to bed, poured ourselves our perspective drinks, found our ideal show and settled in to enjoy an evening of relaxation after an incredibly exhausting yet fulfilling 60+ hour work week.

At 7:10pm my phone rang and I reluctantly answered a call from a listing agent who I know to be respectable and of high integrity. He had received an early offer and was calling everyone who had expressed interest as his clients were considering accepting it. This news came as a shock as the offer review date was scheduled for Tuesday the 11th.

My clients who had just boarded the plane back home to the East Coast after a long week of touring houses before they made the move to Seattle. This house was their favorite one and our plan was to write a very competitive offer on it. Before they left I had communicated to them that we can relax as the offer review wasn’t until next week.

As soon as I hung up the phone, I texted my clients praying to the gods of GoGo Inflight Internet that they would have access to WiFi and texting! Lucky for me I was able to connect with them as they sailed across the US 10,000 ft above sea level. Technology is amazing! Over the next hour, I answered all of their understandably nervous questions and tried my best to ease their rushed fear and anxiety - all over text messaging. After several hours of back and forth I was able to put together an offer and submit it before 9pm. I’m happy to report I was able to negotiate the deal for my clients and we won the house…. but that’s not the point here.

Now, let’s talk for a moment

Can we all agree to STOP submitting and accepting early offers?

As real estate agents it is our job to ensure our clients have all the information at their fingertips including a timeline of events on when to act to ensure they make the wisest financial and legal decision in the timeframe they need to make it.

By submitting and accepting early offers before the offer review date we as a collective group of real estate professionals are perpetuating an unhealthy and spastic work and marketplace environment that shows little respect for our buyers, sellers, colleagues, vendors and even ourselves.

How many of us representing buyers have been frustrated over houses going pending before we could ever see it due to COVID scheduling constraints?
How many of us working with sellers have told agents “We’re not accepting early offers.” and yet a buyers agent submits an early offer despite our boundary? Thus putting us into a position where we are obligated to show our seller and possibly call every agent who’s shown the house as the listing agent I spoke of earlier did last night.
How many thousands of dollars have buyers spent on inspection reports because a listing agent couldn’t convince the seller it is in their best interest to provide that information?
How many of us are overworked and need to disconnect and engage with our families for just an evening but feel that we almost can’t because our clients will miss out on a house as it may go off market before it’s suppose to if we rest for just a moment?
How many countless hours have we spent asking agents if they’re planning to hold to the offer review date?

It is time we change this insanity! And we can do that by collectively agreeing to HOLD TO OUR OFFER REVIEW DATES!

I get it. There is a lot of moving pieces to listing and purchasing a house. We are all doing our best to represent our buyers and sellers and get the deal done. But can we all agree that while the system may not be perfect it works if we follow the rules? The point of the MLS is to give all buyers a fair and equitable chance to compete and allow the best offer to win.

If we plan to review offers on a certain date, and don’t stick to that date we are effectively:

Hurting other buyers chances of competing.
Disrupting our colleagues already fragile work-life balance.
Jeopardize our own reputation for saying one thing and not holding to our word.
Most importantly… we are possibly impacting our sellers bottom line.

The irony of all of this, is the moment I published this blog on Sunday (Mother’s Day), I checked my email to find an early offer for one of my recent listings. This offer came in after we included language in the agent remarks as well as told all agents in emails, texts and phone calls that, “We are honoring our review date”. The offer expired that day and was compelling enough for my clients to consider. Understandably they didn’t want it to get away - and so we began the early offer process I disdain to so much. This set off a chain of events that disrupted Mother’s Day celebrations and holiday plans of hundreds of people across Seattle as I began making calls and sending emails to each agent that had expressed interest.

Final Thoughts

If we as agents plan to review offers as they come in, then that is a great strategy… At least buyers will know the rules of the game and be able to decide whether or not they want to play. Let’s stick together and hold each other to higher standard ensuring all parties get a fair and equitable shot.

A Simple Solution

Want to end the cycle of overwork, disappointment and frustration that early offers causes? Sign our petition asking the NWMLS to create an OPTION sellers can elect into that prohibits early offers from being submitted before the offer review date.

Stop Early Offers Here!

Sincerely,