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Final Offer is a listing marketing and open offer management solution.
Platforms: Browser, iOS
Ideal for: Listing agents, buyer agents and their clients
Initial review: Nov. 28, 2022
Update: Nov. 30, 2023
Top selling points:
- Multiple pricing options
- Beating market average sales price
- Buyers know exactly what it takes to win
- In-app home search
- In-app communications
- Hard values applied to offer terms
Top concern:
Primarily, the education of the mass market on why being as transparent as possible through the offer process is best for all parties, especially buyers and sellers.
What you should know
Final Offer is an online offer platform at its heart. In execution, though, it’s something much more. It’s a concept long overdue but still hard for the majority of the industry to grasp. The software allows listing agents to publish the full terms their seller is looking for alongside a full marketing breakdown of a listing — images, finishes, location, amenities, all the same stuff buyers expect from a typical listing website.
Final Offer differentiates in that it clearly shows three price points for the buyer to consider. Meeting the Final Offer puts it under contract. It also has a List Price and Seller Committed Price. List Price serves as an advertising draw as the market-agreed-upon starting point to engage the seller, and the Seller Committed Price is the point at which the seller will accept an offer provided the terms are acceptable; it essentially begins hard negotiations between parties.
Beyond its core pricing concept, Final Offer gives buyers an elegant search experience, a UI that lists all activity on a home, alerts agents and even interested buyers to changes and new offers, and plainly lists what it’ll take to meet the seller’s terms, as well as offering calendar views of all activity and a history of homes sold on the platform.
Non-final offers are ranked according to overall value, not just price, meaning the software will lend credence to a shorter close or non-financed purchase. When assembling an offer, the software connects a hard value to each term.
For example, the closing date selection calendar applies a dollar amount to each day. The faster you close, the more value an offer has. The same is done for contingencies. A buyer may not reach a price the seller wants, but an offer with more favorable terms gets automatically elevated in the public timeline, again clearly displaying for everyone what it takes to get the deal over the finish line.
This is a super useful bit of coding, as it takes the guesswork out of offer analysis for the seller and helps educate them as to why some offers may be better even when the price isn’t the highest. And because offer terms are published, other buyers know why they lost the home or are encouraged to resubmit. One caveat: Prices on offers submitted below the Seller Committed Price are not published, but everyone is still alerted.
The application’s counteroffer system gives sellers multiple options. They can counter with a new price and terms and leave the offer window open, meaning all other groups will be alerted and given a chance to beat the active buyer, even if they accept the counter. Alternatively, the software can close the listing upon the counter’s acceptance.
Buyers can upload a formal prequalification letter or use the Guaranteed Rate integration to register. They can complete an additional disclosure form when registering to submit an offer that binds them to their deal within the confines of the software and will need to submit a credit card as insurance against bailing. (The company’s terms of use don’t supersede state laws.)
Final Offer also mandates sellers agree to their final published terms, so it’s not only buyers who are on the hook.
To be clear, this is not an auction platform; it’s merely yanking the curtains down from the offer stage. Unless law or a buyer explicitly prohibits it, there’s no reason to be secretive about offers. It’s antiquated and, frankly, tiresome. Your buyer either wants to buy the home, or they don’t. Final Offer plainly and legally shows buyers what it’ll take to get a contract signed. Why guess at it? After all, time kills deals, so the faster parties can arrive at an agreement, the better.
Know too, that Final Offer doesn’t have to be the only way a listing agent markets a home. It can be used to reenergize stale listings, help an agent stand out in a listing presentation or to get feedback on a home for a reluctant, or difficult, seller. The company also told me that some agents are seeing success by using the Final Offer page as a call-to-action at open houses, displaying it on living room smart TVs or on tablets around the home. Talk about creating urgency.
Final Offer eliminates, or greatly reduces, the client’s ability to challenge an agent’s offer advice — because the writing couldn’t be more clearly etched into the wall. Think about how much time you waste reluctantly submitting garbage offers because, fiduciary obligations aside, buyers simply won’t listen.
Overall, the experience presents an Apple-inspired, minimalist user interface, with a less-is-more visual aesthetic, even in its detailed listing pages, offer submission workflow and onboarding experiences. It’s really well done.
This platform gives sellers a sense of order and structure to the sale, they know better what to expect and should see fewer offers not worth their time. It also gives buyers more market intelligence, helping them understand clearly where they stand amongst their competition. All the automation, features and coding may differ, but the value proposition here is undeniable.
Yes, I’m enamored by the idea of increased offer transparency. I want all of these companies to keep growing.
This is how I learned to sell real estate, and I maintain that the best form of salesmanship is honesty. Go ahead, point out the chipped paint, dated cabinets and driveway cracks. Most importantly, elbow out the tire-kickers as soon as possible. There’s no real pride in collecting bad offers. Be honest with sellers, too.
These sorts of solutions are what the painfully overused word “disrupt” should be reserved for, because they fundamentally change for the better how the industry carries out its business. This is proptech as it’s meant to be: Upsetting to some, eye-opening to others.
The company landed $5 million in Series A funding in November, and has also secured a number of enterprise brokerage partnerships to help agents gain awareness of it as an option, most recently inking a deal with Realty ONE Group Impact in Des Moines, Iowa. Final Offer has facilitated the sale of more than 300 homes and held 400+ listings.
Final Offer is Amazon’s Buy Now button for real estate, and the timing is right for it to scale.
Have a technology product you would like to discuss? Email Craig Rowe
Craig C. Rowe started in commercial real estate at the dawn of the dot-com boom, helping an array of commercial real estate companies fortify their online presence and analyze internal software decisions. He now helps agents with technology decisions and marketing through reviewing software and tech for Inman.
