Holding off offers until a future date, the Pre-emptive Bid AND Introducing ” Brothers and Sisters in Ontario Real Estate

A commentary to Registrants (or anybody) on the ” Pre-emptive Offer” (formerly-known by the derogatory term “Bully Offer”).

Scenario

You have a listing and have placed wording on the listing info sheet that “all offers (if any) will be accepted/reviewed on or after 7pm on  X day of Y Month , 20ZZ” – a time/date deliberately chosen by you and your seller, a few days into the future

But, prior to “the time and date” a Buyer, represented in the proper standard format by another registrant (ie person registered under the Ontario Real Estate and Business Brokers Act) wants to present its offer “early”.

The Buyer signs the offer, the co-op registrant calls you/your office and formally notifies you of/ “registers” an offer.

Whaddya do?

First …. think – as is indicated in Psalms “Selah”  — “pause, and reflect”

Especially If you don’t already have a contingency plan for this very anticipate-able set of 2014 circumstances – i.e. you should have a plan based on 2013 (The Year of the Pre-Emptive Offer).

IMHO, if you worked with buyers last year you’ve probably BEEN the pre-emptive offer registrant and therefore should have a Listing-Agent contingency plan and have already explained it with your seller.

A few pointers and jumping-off spots for your “reflection”:

The best laid-plans get way-laid best (when you’re dealing with human beings)

You don’t know “everything” ( and neither do I)

1) The Seller never gave you instructions to “say No to money”  (so, at least look at the offer)

2) The MLS(tm) rules and policies do not govern the behaviour of non-registrants i.e. buyers and sellers.

3) The existing TREB Rules/Policies are not perfect, nor all-encompassing. It may be that “your case” will be the distrupter/ game-changer that prompts the Rules/Policies committee to re-visit/ revise the existing imperfect rules

4) If it’s your listing, you’re in charge and you’ll take all the heat if you screw-up

5) If you have “clean hands” (i.e. no malice, no ill-intent, no self-serving motives, no favouritism, no advantage-taken from/ given to any buyer, registrant, potential buyer etc) AND you’ve followed all the written and unwritten rules of MLS(tm) – that are humanly possible to follow in the circumstances of time and given the personalities / needs/ wants objectives of the parties involved – no “jury of your peers” is going to convict you.  Don’t be afraid/ reluctant to do the Right Thing …. with clean hands.

6) Take detailed contemporaneous written notes – everything that happens, as it happens

7) Fully-Inform all parties, players, secondary actors to the transaction of what you “plan to do” and when you plan to do it + what you plan to do if … “that” doesn’t unfold as anticipated

8) Consult with your manager/ Broker/ Broker of Record, before and during the process.

That’s enough.

Part 2

Introducing

BROTHERS and SISTERS in Ontario Real Estate

It’s a mutual-benefit association of Registrants – irrespective of the brokerage with which you are registered-to-trade

It’s no-charge to join, no “cash-up-front” to participate – it’s for our mutual-benefit.

You can call and ask me (or any other Association member) for input, advice, recommendations etc at anytime 9-9 (except Sat 12-4pm and Sun 10:30-12:30, when I fwd my phone to the office)

BUT this is NOT free-advice (which is worth every cent you pay for it)

Advice takes time

Time is money (more accurately Money IS ‘pay’ in exchange for time – the time it took to amass the knowledge and presence of mind to be able to assess and recommend + the time it takes for you to explain your situ etc etc.

More-importantly, advice/recommendations that are crucial/ pivotal/ integral to the success of a transaction you are working on (and would have lost/ not-made without the advice/recommendations) is truly “worth” money.

Here’s how we do it – we charge between 2% and 50% of the commission on the deal you are working on. — BUT YOU decide on the percentage, “the value” of the service we provide you – just add that amount as a referral on your TRS.

If you don’t put the deal together – no charge (since there’s no TRS)

If you use that same advice/recommendation from Deal ‘A’ and subsequently make Deal “B” – you should offer a referral … but it’s up to you (esp since there is no way of us checking)

To be clear, we’re not going to attempt to check up on you … it’s the Honour system.

But if you call and don’t pay “anything” “ever”, I’ll have to ask you a few hard questions the next time you do call.

Uncle Bob

Robert Ede

Sales Representative

RE/MAX Hallmark Realty Ltd

416-494-7653

I’ll give you my cell # when we talk the first time

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s