Offer Guide: Listing

It is CRITICALLY important that you are vigilant when it comes to managing multiple offers.

Plan nothing the day of offers you will need to be on your toes and ready to manage the communication process.

It is CRITICALLY important that you are vigilant when it comes to managing multiple offers.

Plan nothing the day of offers you will need to be on your toes and ready to manage the communication process.

If you are publishing an offer date on MLS you MUST have that direction from your seller.  (OREA Form 244 available below)  

If that offer date changes a NEW direction must be signed (initial not sufficient

• If there is an Offer Date Buying Brokers may choose to register their offer early or wait until the day of offers.

• With no Offer Date a Buyer Brokerage will call to register the offer and arrange for a presentation time

• Keep in mind… Multiple Offers often happen organically, meaning without an offer date set.

or...

• You also may encounter a Pre-emptive or (Bully) Offer at which time you should contact your Broker immediately.

REMEMBER:  Often times multiple offers will occur ‘organically”... ie no offer date.

OREA form 801 was developed to assist with meeting our obligations under Bill 55 (see Bill 55).  We as an industry have adopted it as a means by which we can register an offer.  Please note:  801 is not mandatory to register an offer… RECO has stated that an email that contains the co-operating agents name and contact information and statement that they have a signed offer and wish to register is sufficient

You will manage the registration process via your BrokerBay account including communication to other agents.

IMPORTANT:  While it's become an industry courtesy, It is important to understand that “please register by” is a request, not enforceable.  Until the offer is sign... offers can be submitted.  You have a legislative duty to ensure all offers are presented to your Seller.  So if someone sends an offer after presentation date... you are obligated to present it.

Communication is going to be key to avoiding problem situations

Using BrokerBay you are able to broadcast messages to all reps that have shown a property.  

The WRONG time to learn how to use the system is when you are about to launch a listing.  Learn and Experiment with it in advance!

You will manage the registration process via your BrokerBay account including communication to other agents.   The day of offers is the wrong time to learn how to use the system.

Registration in the system could be done by 

• The Answering Service

• The Showing Agent

• The Listing Agent

When a co-operating agents offer is entered into the system ONLY THEY will get a confirmation.   Other reps are not automatically informed.  A message must be sent out from the system with the offer number update and any other details or disclosures.

REMEMBER:  if you are uncomfortable using BrokerBay you can manage the process manually by keeping a log and emailing (not phoning) agents individually.

NOTE:  The Answering Service CAN send a broadcast message on your behalf.  They CANNOT call agents on your behalf.

Once an agent has registered their offer it is CRITICALLY important that you keep them apprised of

•  how many offers there are 

• if any are you own OR are coming from within our brokerage (including other branch offices).  

• Any reduction in commission by either yourself  (if you have your own offer) or other agents must be disclosed to everyone registered.  

When an offer is registered we recommend that you reach out to the agents directly… acknowledge their registration and confirm their preferred email and cell.

Preemptive Offer:  Not Reviewed

You have an obligation to make your seller aware of all offers immediately.  If someone asked to have their offer considered you must advise your seller of the request/the offers existence and allow them the opportunity to say yes or no.  If they say no you advise the agent that your seller does not wish to review the offer and that they have declined to review it. 

Preemptive Offer:  Reviewed

If your seller agrees to view an offer ahead of offer date the following steps must be taken.

• Seller MUST sign a new OREA Form 244 

• Any reference to offer date in MLS needs to be revised immediately to reflect the information, REGARDLESS if you have indicated "seller has reserved the right to view preemptive offers"

• All “Interested Parties” must be informed.  This includes any members of the public you may have spoken to.

• Feel free to ask you manager to register a showing on the property to test if your notices are going out properly.

For many years we interpreted this rule to mean those that had registered an offer.  RECO has clarified the definition to include those that have shown and have appointments to show as well as members of the public that attended an Open House

Use BrokerBay to update everyone who has shown the property.

Keep cell phone notifications throughout entire offer process to ensure accessibility to co-operating agents and  any last minute offer registrations.

The terms and conditions of an offer can be presented by either of the Realtors.  To cover any nerves I always suggest you allow the co-operating agent to present their own offer.  “Bob, I know you’ve put a lot of work into this offer… I’ll let you share the contents with The Smiths”

We recommend If you are in multiple offers keep a log itemizing the terms and price of each offer.  Also ensure you have a cell phone for each agent presenting so that you can keep them up to date.

Your clients have the choice of :

• Accepting an offer

• Making changes acceptable to them and “signing back” an offer

• Rejecting all offers

In multiple offers unless there is one outstanding offer you would likely choose to invite all parties to “improve”

REMEMBER:  There is no such thing as we are “working on the top 3:   You can not turn everyone away and say we are only working with this group.  Until an offer has been accepted it is an open playing field and anyone can re-submit an improved offer.  

If in Multiple Offers, once a decision has been made be sure to advise all other presenting agents asap… Don’t let them linger in the lobby, car or coffee shop.   

Don't forget you can use BrokerBay to send the messages and updates to registered agents.  Not only does it provide one button communication but provides you with a communication log should your actions ever be called into action.