Resubmit Offers

I recently posted some information in another category and referenced resubmits of offers. Since I have found, and have learned from many other experienced investors that resubmitting offers at a later date can increase your number of accepted offers by a factor of 25% to 40%, I decided that this information deserves to have its own heading.
In the program, we teach the 25:1 formula for estimating the number of offers you must submit in order to achieve one acceptance. Repeatedly, we hear that this formula is accurate.
But what if you could actually improve that ratio? A 25 to 40 percent increase in accepted offers could actually move that ratio to somewhere between 15:1 and 20:1.
Resubmits are effective for the following reasons:
1) Circumstances and emotions change from day to day, and what was not acceptable two weeks ago could become acceptable today;
2) Resubmitting offers appears very professional to sellers, and makes you more familiar to them. If you were to resubmit 2 to 4 times on a property, at that point they recognize your name, and that familiarity increases your legitimacy in their eyes.
So how does a resubmit program work? Simply, after presenting your offer, retain the information, preferably in electronic form. Place a reminder on a future date in your calendar, preferably about 14 days from the date of rejection of your offer.
When the resubmit date arrives, determine if the property is still on the market. If it is, open the file with your previous offer. Depending on any new information that is posted online, or available from your Real Estate Agent, you can modify the offer price or terms, either by increasing or decreasing them. Minimally, you will need to update the dates included on the offer. You can then proceed to submit this "new" offer on the property either through your RE agent, or directly with the seller of a FSBO property.
As a final point, I want to share with you the story of Barney. Barney had made an offer on a property, that was rejected, and about three weeks later happened to drive past the property, noticing that it was still available.
He thought at the time that he should submit another offer on the property, but when he got home, he had forgotten about it. Then he was clearing some computer files, and discovered his original offer. Well, two times in one day is like a message from the universe, but it was late, and he was tired, so he just changed the dates, and then resubmitted the offer the following day. It was rejected.
But now this had become a game to Barney. Two weeks later the property was still available, and he changed the dates and submitted the same offer for a third time. And then two more weeks, and a fourth time. And then two more weeks, and a fifth time.
The offer was accepted on the fifth submission. But do you want to know the funny part? The sellers commented that they could not believe that he would go to the effort to create FIVE DIFFERENT OFFERS on their property. They had not even paid enough attention to the previous four to recognize that it was the SAME OFFER!
Back to my original point. Circumstances and emotions change every day. We will never know when a seller is ready to accept an offer to us unless we keep resubmitting offers. It is my hope that your acceptances will grow and become easier for you through resubmissions!!!