After you have made an offer how soon after do you follow up? We emailed off several offers last night. Email was along the lines of "Dear _________, Attached is the offer we discussed over the phone. I have included a rehab estimate as well as the offer. I look forward to working with you! Thank you for your time."
Do you send them another email in a day or two? What has worked for you?
I would suggest stating a time that you will follow up. I.e.: "Dear _____, Attached is the offer.... I will call you on _____ at ____ o'clock to follow up with you. I look forward to working with you...."
Personally, since I deal locally, I meet them face-to-face to make the offer and have a contract with me for us to sign as soon as negotiation is done.
In my initial offer email I request a reply to confirm receipt. If I receive confirmation I will give them a day or two before sending an email request for status. If I somehow failed to request a confirmation of receipt in my initial email, I will email them for a confirmation of receipt the next day.
I do not use the auto-confirm. I ask directly in the body of the email for them to reply to confirm.
@Jim Viens I would be interested in learning more about the approach you use. We normally make our offers in person as well. However this particular situation is an attorney helping heirs sell the home. So no way to get anything done in person. I do really like the idea of stating a follow up time. I gave them till the end of the week on the contract.
Does anyone here put a deadline in their offers? Something like .... "This offer is valid until 5pm on ________". I see this a lot in the commercial context, but I'm wondering if it would fly in the residential context or if it would be off-putting.
It would give you an excuse to follow up if the deadline is approaching, but @Jim Viens approach is probably more effective.
I've found that even though we, as investors, are on the "buyer" end of the transaction you really have to treat it like sales. That being the case it is your responsibility to drive the transaction and remove as many obstacles as you can. Just like in sales...if you let a client get away with an "I'll think it over and call you back." then you're NOT going to close that deal. You must stay in control of the transaction at all times. One of the best books I've ever read on sales techniques would have to be Tom Hopkins' "How to Master the Art of Selling." That man was a genius and made millions in real estate...then millions more teaching others how to sell like him. I would highly recommend it if you can still get a copy.
Jarrod, I give the seller a week to respond to my written offer. The clause I use just states, "If it is not accepted and signed by the Seller prior to: _____________, this contract shall be void."
@Andrew Abbott That is how mine reads as well.
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