WARRIORS AND WORRIERS
What I've Learned in this Fluctuating Residential Real Estate Market
In 2003-2005, our clients could be considered "Warriors." Many intended to purchase a property at any and all costs. Pricing sometimes went more than $100,000 over asking price; appraisal and inspection contingencies were removed from our contracts; financing was readily available. These folks were on the warpath and the only way to win the war was to purchase property.
Today's purchasers are more aptly referred to as "Worriers." Everyone is looking for the "perfect deal," but today's buyers are skeptical even when they've found it! There is that fear that a better deal may be just around the corner (maybe a short sale or foreclosure). Making matters worse, there's all of the publicity surrounding the mortgage market; and, of course, the news media daily spreads its overabundance of fear.
Calming these fears has become a Realtors® first priority in this much changed market. At one time, our first priority was to ensure that we'd helped our clients to find the best deal and that we were then prepared to negotiate heartily on their behalf. And yes, these are still at the top of our list ~ right behind quelling the many fears that surface at every stage of the process from these "Worriers."
If not working with an experienced agent, capable of defeating these fears, many purchasers are nervous from the initial signing of a Broker-Buyer Agreement, to and through, Settlement or Closing.
First and foremost, we, as Realtors® must ensure that the Buyer understands that we work for THEM ~ not for the Seller. Too often, Buyers are confused on this point ~ and they shouldn't be. If they've signed a Buyer-Broker Agreement, then that Realtor® owes their allegiance, work ethic, experience, knowledge and skill to that Buyer. This knowledge may not quell all of the Worrier's fears, but will go a long way in assuaging those feelings.
The second prong of helping Buyer's to not remain Worrier's is to prove your mettle. Let them know the amenities, statistics and other points of interest in the neighborhoods where they are looking. It's important that they know we're on top of our game.
And yes, let them know that a better deal may (or may not) be around the corner. If they've found a home that they love, the question to ask is, "do you want to risk possibly losing this home, which is perfect for you, by waiting for something else that may or may not appear?"
I've learned that in this market, you have to stay in touch with the Buyers daily (sometimes more often) and take them out for showings more frequently. They're not just jumping at the first thing that comes around. This is a good thing ~ it helps us to keep our fingers on the pulse of the market. I've also learned that you have to get to really "know" your Buyers. They may say they want a 3 bedroom Tudor, when what they really want (or can only afford) is a 3 bedroom townhome.
We, as Realtors® must remain proactive in knowing our clients, and ensuring that they remain comfortable during the process. If not prepared to take these steps, then perhaps we're in the wrong profession.
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