Delayed negotiations, used appropriately, can be a powerful tool when it comes to selling a home. Done right, this tool is a plus for buyers too.
So how do you know if delayed negotiations are right for you?
First, talk to your real estate agent. It’s not always the best option but your agent will know if you are listing the right type of property. They will also have the inside scoop on whether the current market is suitable for this negotiation tactic. The best fit is going to be a desirable property in a hot market.
Much of the recommendation is going on a gut decision based on experience — preferably lots of experience! A good agent knows fairly quickly whether a home will draw a lot of attention. For instance, maybe they know the price will draw a crowd. The home may also be in a coveted location. Or, perhaps the property is a style of home that’s hard to find and in high demand. When listing a property, we take the time to educate our sellers. Then, they will evaluate whether delayed negotiations are a good fit for their property.
For example, let’s say a property is a good fit for delayed negotiations. In this case, there are benefits to both sellers and buyers:
- Buyers have a better chance of getting in to see the property before it goes under contract.
- Buyers have more time to carefully think about what to include in their offer. Although there may be other offers, everyone is on a level playing field for the deadline. You CANNOT accept an offer before the delayed negotiation date.
- More buyers seeing it can lead to more offers.
- More offers and a deadline can increase other offer amounts as well as create more favorable terms for the seller.
- In many cases, this produces an accepted offer faster, meaning you won’t have to show your property repeatedly for weeks. It condenses most of the showings into one chunk of time.
Selling a home? We would love to get in touch about whether delayed negotiations are a good tactic for you! Reach out to Crane Realty anytime!
Is it a violation if a realtor doesnt include “Delayed Negotiations” in the ads. Can they be reported?
Hello! Below is the delayed negotiation policy from the Greater Rochester Association of Realtors and covers the responsibilities of all parties/agents involved:
Delayed Showings and Negotiations Rule: Delayed Showings/Negotiations are allowed. All listings in the
Service that are not immediately available for showing/negotiations must have the owner(s) complete
the required Delayed Showing/Negotiation Form.
a. The form must be filed as attachment to the listing AT THE SAME TIME the listing is entered
into MLS.
b. The date(s) and time(s) that the property will be available for showing and/or negotiations
MUST be put into the PRIVATE & PUBLIC Remarks. Open houses are not to be scheduled during
the “No showing” time frame.
Notes:
1. The property is to be considered “Active” and days on market will continue to be counted.
2. Auctions are exempt from this rule.
3. Once a Delayed Showing/Negotiation Form is signed, it cannot be changed to a prior date
for any reason. Sample verbiage for public/private remarks “All showings and negotiations
will begin on mm/dd/yyyy at x pm” or “No Showings or negotiations until mm/dd/yyyy at x
pm “. Rev. 11/2017
Why? Delayed Showing/Negotiation can be used for a property that is coming to the market, yet not
quite ready. If there is a contract in place, the listing needs to go into MLS per NAR’s Clear Cooperation
rule. This is a great alternative to allow the seller additional time to prepare while you promote the
property. This can also be used for a property that is listed but cannot be shown or negotiated for
various reasons per seller’s request.
How? You must have the Delayed Showing/Negotiation form completed and signed by owner with
dates and times, attached to MLS and also add notification via the public and private remarks. This is
important to have in public remarks so that any buyer seeing this as Active on public websites, knows
that it cannot be immediately shown or negotiated.
Good for Consumer? This creates a better marketplace for Buyers, Sellers and REALTORS® by allowing
equal access to all listings that are for sale.
I hope this helps! Let us know if you have any other questions 🙂