Those of us who work for RE/MAX Hallmark, and there are over 600 of us, all feel privileged to be part of an industry leading organization. As a group, we sell wayyyyyy more properties than anyone else in this city. One of the reasons is, we take the lead on contentious issues. For example, Bully Offers.
Even though we, as the listing agents, publish the time and location when offers are to be considered, it's the Seller who is the boss and can change that anytime they want. We have an ethical obligation to the buyers and their agents who have shown interest in the property. Read here the company policy on "bully offers".
RE/MAX Hallmark Company Policy Procedure
On occasion company listings are marketed with a fixed date for Offer Presentations. In certain circumstances, listing brokers may be faced with a request from a buyer or buyer representative to forgo the fixed date for Offer presentations as stated, and look at an Offer before hand. In this circumstance, the below procedure must followed:
Upon the registration of any Offer, immediately notify your seller of its existence, pointing out to your seller his or hers options. Either entertain the Offer now, or decide to stand firm with the set offer date as marketed.
If the seller decides to entertain the registered offer prior to the fixed offer date marketed, the listing must immediately be re-run through Toronto MLS, deleting any reference to the fixed Offer Date. In some circumstances, a new date and time for Offer presentation may be inserted.
Prior to entertaining the registered Offer, the listing agent must contact each buyer representative that has shown an interest in the property. An interest may be indicated by a showing, booked showing or conversation between listing broker and buyer representative inquiry
Always allow a reasonable time for the contacted buyer representatives to react to the Offer Date Change. This reasonable time allotment is important for our sellers and any buyers that may have been waiting for stated offer date time. If possible, allow for a 24 hour irrevocable time period.
We believe strongly that the stated policy procedure for Pre-Emptive Offers is in the best interest of our Sellers, Buyers and our industry.
Not only is it in their best interest, it's the only fair option available to us.