{"id":206,"date":"2021-05-27T03:10:59","date_gmt":"2021-05-27T03:10:59","guid":{"rendered":"https:\/\/agentskills2.dvsrvr.in\/?p=206"},"modified":"2021-05-27T03:10:59","modified_gmt":"2021-05-27T03:10:59","slug":"fear-of-multiple-offers-fomo-syndrome","status":"publish","type":"post","link":"https:\/\/agentskills2.dvsrvr.in\/?p=206","title":{"rendered":"Fear of Multiple Offers (FoMO) Syndrome"},"content":{"rendered":"\n

How often have you heard this?<\/strong><\/p>\n\n\n\n

\u201cMy clients like the property, but they don\u2019t want to participate in multiple offers.\u201d<\/strong><\/p>\n\n\n\n

I roll my eyes and have the overwhelming urge to respond in my snarkiest voice, \u201cSo your clients would prefer to have ZERO chance rather than SOME chance? They\u2019d rather wait until there\u2019s an inferior listing that nobody else wants?\u201d<\/p>\n\n\n\n

I have to restrain myself, every time. <\/p>\n\n\n\n

Of course, I\u2019ve had my own clients who suffered from FoMO Syndrome. They heard some obscure story about \u201cbidding wars\u201d and didn\u2019t want to get suckered into paying more than they wanted to, somehow.<\/p>\n\n\n\n

\u201cI sure don\u2019t want to get into a bidding war!\u201d<\/em><\/p>\n\n\n\n

So I educated them. Starting with this:<\/p>\n\n\n\n

There\u2019s no such thing as a bidding war!<\/em><\/strong><\/p>\n\n\n\n

It\u2019s your job to explain how our system actually works and how your clients could still \u201cwin\u201d in a multiple offer scenario without paying a dime more than they want to. <\/p>\n\n\n\n

I mean, if there are 14 offers on the property, and they want to write $25K under, forget it. <\/p>\n\n\n\n

But I\u2019ve written offers under list and won in multiple-offer situations numerous times in my career. It just depends on the circumstances. The bottom line is if you don\u2019t try, you definitely don\u2019t win.<\/p>\n\n\n\n

It seems appropriate to quote the Great One on this topic.<\/p>\n\n\n\n

\u201cYou miss 100% of the shots you don\u2019t take.\u201d – Wayne Gretzky<\/strong><\/p>\n\n\n\n

What\u2019s the worst thing that can happen? You don\u2019t score. But sometimes, you get a fluky one, even if you\u2019re shooting from outside the blue line.<\/p>\n\n\n\n

Here\u2019s what I\u2019ve found from experience: Once you\u2019ve convinced your clients that there are zero risks and nothing to lose by giving it an honest try, their mindset shifts. <\/p>\n\n\n\n

Before, they were adamant, \u201cNo possible way are we competing!\u201d <\/p>\n\n\n\n

But after you educate them, \u201cIf we\u2019re going to compete, what is the highest price we\u2019re willing to pay?\u201d<\/p>\n\n\n\n

Next, they\u2019re asking what you think it will take to \u201cwin.\u201d <\/p>\n\n\n\n

I usually give my clients a range of probabilities based on my experience. For example, \u201cAt this price, I\u2019d guess you\u2019ve got a 50\/50 shot. At this price, maybe it\u2019s 75%, or at this price, 10%. <\/p>\n\n\n\n

But 10% is still better than 0%!\u201d<\/p>\n\n\n\n

Of course, I underscore all this with the standard, \u201cthere\u2019s no way to know for sure\u201d speech. Then let them decide. Your job is to provide guidance. It\u2019s up to them to determine how much they want it.<\/p>\n\n\n\n

This is not about manipulating your client and talking them into doing something they don\u2019t want to do. It\u2019s the opposite of that! It\u2019s about educating them so they won\u2019t miss out on a golden opportunity for no good reason.<\/p>\n\n\n\n

I can\u2019t even count how many times my clients started with a severe case of FoMO Syndrome and ended up winning a multiple-offer scenario, just because I took a few minutes to cure them. \u200d\u2695\ufe0f <\/p>\n\n\n\n

Even if they weren\u2019t successful, the experience of writing and submitting an offer was great \u201cpractice\u201d for them, and they were far less hesitant\u2014downright enthusiastic in fact\u2014the next time around. <\/p>\n\n\n\n

Education is the best path towards overcoming an irrational fear.<\/p>\n\n\n\n

Just remember, if your clients are suffering from FoMO Syndrome, it\u2019s your fault – not theirs.<\/p>\n\n\n\n

<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

How often have you heard this? \u201cMy clients like the property, but they don\u2019t want to participate in multiple offers.\u201d I roll my eyes and have the overwhelming urge to respond in my snarkiest voice, \u201cSo your clients would prefer to have ZERO chance rather than SOME chance? They\u2019d rather wait until there\u2019s an inferior […]<\/p>\n","protected":false},"author":1,"featured_media":207,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-206","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/agentskills2.dvsrvr.in\/index.php?rest_route=\/wp\/v2\/posts\/206","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/agentskills2.dvsrvr.in\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/agentskills2.dvsrvr.in\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/agentskills2.dvsrvr.in\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/agentskills2.dvsrvr.in\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=206"}],"version-history":[{"count":0,"href":"https:\/\/agentskills2.dvsrvr.in\/index.php?rest_route=\/wp\/v2\/posts\/206\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/agentskills2.dvsrvr.in\/index.php?rest_route=\/wp\/v2\/media\/207"}],"wp:attachment":[{"href":"https:\/\/agentskills2.dvsrvr.in\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=206"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/agentskills2.dvsrvr.in\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=206"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/agentskills2.dvsrvr.in\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=206"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}