Whether you are renting a home, buying one or letting your own, the offer stage is where a search turns into a deal. It can also be where misunderstandings start, if nobody is quite sure what was offered, by whom and when. This article explains how offers work when BIM is involved, for tenants, buyers and owners alike.
What an offer is
An offer is a proposal to rent or buy a specific property on stated terms. For a rental, that usually means the yearly rent, how it will be paid, the date you would like to move in and any conditions. For a purchase, it means the price, how you plan to pay and any conditions, such as arranging finance.
An offer can also have an expiry date. If the other side has not answered by then, the offer lapses and you are free to look elsewhere or make a new one.
How we record an offer
When you tell your BIM specialist you want to make an offer, they record it against your enquiry and the property. The record holds the amount, the terms, the expiry date if there is one, and who made the offer and when.
Recording every offer this way means there is one clear version of what was proposed. Nobody has to rely on memory or search through messages, and everyone at BIM working on the deal sees the same thing.
Counter-offers
The other side does not have to take an offer as it stands. They can accept it, reject it or make a counter-offer. A counter-offer is a reply on different terms, such as a different rent, a different number of payments or a later move-in date.
A counter-offer replaces the offer it answers. The original is marked as countered, and the new terms are what is now on the table. You can then accept the counter-offer, reject it or counter again. Each step is recorded in order, so you can always see how the negotiation has moved.
For owners: answering in the portal
If you own the property, you can see offers in your owner portal as soon as they are recorded. Each one shows the amount, the terms and any expiry date. For your privacy and the other side's, the portal does not show the tenant's or buyer's personal contact details. Your BIM specialist handles the conversation with them.
From the portal you can accept an offer, reject it with an optional note or make a counter-offer with your own amount and terms. Your answer reaches BIM straight away, and your specialist takes it back to the other side. Once you have answered, that offer can no longer be changed, so take a moment to be sure before you press the button. If you would rather talk it through first, call your specialist.
You will also receive an email when a new offer arrives on your property, so you do not need to keep checking the portal.
For tenants and buyers
Your specialist will tell you when the owner has answered. If the owner counters, your specialist will explain the new terms and record your reply, whether that is acceptance, a further counter-offer or a decision to walk away. If you change your mind while an offer is still being considered, tell your specialist straight away.
An accepted offer is not a signed contract
This is the point people most often misunderstand. When an offer is accepted, both sides have agreed the main terms in principle. That is an important step, but it is not the end.
After acceptance, BIM agrees the paperwork with both sides. For a rental, that means preparing the tenancy contract, collecting the documents, arranging payment and registering the contract. For a sale, there are further steps before ownership passes. Until the contract is signed, either side may still be unable to go ahead, for example if documents cannot be provided or circumstances change.
So treat an accepted offer as good news, not as a done deal. Do not give notice on your current home, book movers or make other commitments that depend on the deal until the contract is signed. Your specialist will tell you when it is safe to do so.
Keeping it clear
Offers go most smoothly when everyone can see the same facts. That is why we record each offer and each reply, and why owners can answer directly in the portal. If anything about an offer is unclear, ask your specialist before you answer.
To start your search or talk about letting your property, talk to our team.