When receiving multiple offers on a property, what is the best practice for a seller's agent?

The best practice for a seller's agent when receiving multiple offers is to inform potential buyers that there are multiple offers on the property without disclosing the specific amounts of those offers. This approach maintains confidentiality while creating a competitive atmosphere among buyers.

By notifying buyers about the multiple offers, the seller's agent encourages interested parties to potentially increase their bids without directly revealing any financial details of competing bids. This strategy also adheres to ethical standards, as it prevents any perception of favoritism or unfair advantage that could arise from selectively disclosing certain offers.

Additionally, this approach respects the privacy of all parties involved and allows them to make informed decisions based on the general competition but without compromising any sensitive financial information. In real estate transactions, transparency is important, but it must be balanced with the need to maintain confidentiality.