Real estate is one of the industries that has benefited greatly from the use of electronic signatures throughout a transaction. However, one area that has remained fairly primitive has been the offer submission process. A few years back, I would get a call requesting my fax number to send an offer. Then, it was what’s my email address and can it support a file that’s over 4mb. Now, in this Seller’s market, it’s common I only receive an offer into my email without any notification whatsoever.
Some agents don’t even add a message like – here’s an offer on your listing. I guess they’re just waiting with a pre-filled form and want to be the first ones in the door.
With everyone screaming fairness as a result of losing out on so many multiple offer transactions, I think I found a solution that could be a win-win for our clients, the local agents, and ourselves.
Starting this weekend, all Jonathan and Associates listings in the MLS will feature a link out to a listing website with a “Make Offer” tab. Currently, this functionality is only for real estate agents (interested Buyers can engage a local agent who can assist with submitting an offer).
Once the agent completes a basic, one-time registration process, they will be able to add some basic information on their offer, upload their documents and they are done! The Listing Agent and Seller are both notified and can view the offer immediately!
Yes, that’s right! No more mystery if the agent ever presented your offer to the Seller. They see the terms right away!
In the situation where there are multiple offers submitted on one listing, the other agents cannot view the terms of each others offer. However, the Seller and Listing Agent can and respond appropriately.
Sellers will continue to receive an Offer Review sheet to compare each offer the Listing Agent can respond to the Buyer Agent as appropriate.
With this continued tight housing market, I never want to have a Buyer or Buyer’s agent accuse me or anyone associated with me of not presenting offers to the Seller. This system will hopefully be a transparent solution that gives Buyers and their agents the confidence that their Offer has been reviewed.