Do you select the home that you like or do you eliminate the ones that you don't?
People often ask me "How many homes will we have to look at to find the right one?" There's no standard answer to this question since it varies from client to client. I've had several clients look at just 2 or 3 homes and find the one that they ultimately purchased. One of my clients went to see a single home, placed an offer and moved in within a month. (Granted she had looked at dozens and dozens of homes online, but only physically visited one.) That's a rarity, but a REALTOR's dream, especially with today's gas prices. Then there are clients who want to see every single home on the market in their price range.
I'd say that the average homebuyer steps foot into between 8 to 12 homes before making a final decision on which one to purchase. Much more than that and you may get weary of the home search. Viewing much fewer homes means that you may be missing out on the best deal and the right fit.
No matter how many homes you view, real estate is a process of elimination, not selection. It's all about narrowing down the field, finding out which ones won't work, until you're inevitably left with the best option. Very logical, to be honest. What's the chance of picking out one perfect house out of the thousands and thousands that are available? Isn't it more likely to eliminate the ones that won't work and taking a closer look at the few good candidates?
Think about any competition. For example in the Miss America contest, 50 beautiful women appear on the stage in front of the judges. The judges don't just view the 50 gorgeous women and immediately select one as a winner. There's a series of competitions -- talent, bathing suit, evening gown, interview, by which the field is narrowed down to semi-finalists and finalists. Once the field is winnowed down to a smaller group, each contestant is scrutinized more carefully.
In real estate, it starts by creating your wants and needs list. What's important to you? Location, schools, commute, amenities, size, price range, fireplace, backyard, security, granite counters, etc. You'll start at the top of your list -- the most general and start eliminating.
Have you ever played 20 questions? It's that game where one person thinks about anything in the world and another person has to guess it within 20 questions. You start by asking broad questions and narrow it down. Thus, you'll begin with asking the famous "Is it bigger than a bread basket?" or "Is it something living?" This will quickly narrow things down so that later on you can ask such specific questions such as "Is it green?"
The same goes in real estate. First, find and establish your price range. Next, decide upon a location. Then get more specific and start eliminating homes. Start looking at homes online by requesting listing to be e-mailed to you at www.SearchHomesbyEmail.com. Once you've got the field narrowed, then you can start looking for things like hardwood floors, granite countertops, and stainless steel appliances.
Now, it's time for a closer look. Visiting homes you'll see whether there's enough closet space. Does everything appear clean or did the sellers just dress it up for the online virtual tour? Is the neighborhood really how you thought it would be? Whoops, we didn't know the train would be so loud!
I'd be happy to show you as few or as many homes as you like in your home search in Northern Virginia or D.C. We'll quickly eliminate those that don't work for you and find the one that does.
Whether you are buying or selling, choosing the right Northern Virginia REALTOR works in much the same way. Here's some criteria to get you started:
- Look for one who has been in the business for more than 5 years.
- Find a REALTOR who is not only an agent, but also a Broker.
- Only 4% of REALTORS have earned the coveted Certified Residential Specialist (CRS) designation. Find one of them.
- How about a REALTOR who is also an attorney and worked for a real estate law firm?
- Choose a good negotiator.
- A technologically savvy REALTOR with a blog, websites, and who knows how to market.
- You're going to spend a lot of time with your REALTOR in the next 30-60 days. You want someone with personality and a sense of humor.
Eliminate those that don't fit these criteria and then give me a call at 703-626-0715 or contact me online.
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real estate is a process of elimination, not selection.... This is the first time I've seen it puthis way. Love it and will try to relay to my clients. Great post, Brian!
Brian- I love this post! The images really stand out, the color one and then the B&W one. And the content is some of the best I have seen written in quite a while. I am flagging this for a feature. I truly think this is of a great benefit to agents and consumers alike.
Such a good logical, orderly way to buy a home, but, have you noticed that in many cases, when it comes down to it, it is an emotional reason that pushes them over the edge?
Brian
Great thoughts for all of us in this crazy business. When I show I educate the client that they really only want to have 2-3 true favorites, and as we look at house #4 one of them is eliminated. I also remind them that the house they see today, someone has seen yesterday and may be making a decision to buy today. A good thought for them is that if they called me tomorrow on a house they saw today and find out it is sold would they be crushed, then that is the house they should get. There is no magic number as to how many homes to look at, but to always remember, they are in competition with other buyers all the time.
Funny thing how that list of things to look for in an agent matches your qualifications perfectly! Good article, Brian - it is a process of elimination as much as selection!
Absolutely right, Brian. Consumers play an elimination game even before they meet us, calling for information on ads, crossing off all the ones with an objectionable factor, before they ever call for a showing.
Brian,
This is a Venus/Mars thing...The first house I see that suits my needs is mine...my wife must see every house to make sure the 'best' isn't eluding us!!! JMHO, Thanks, Fran
Brian, your list of elimination questions is very good. Too often I see buyers go all over the map on the location question, even before they settle on a neighborhood. They just seem to have the most difficulty with that one.
Morning Brian, what an interesting way of looking at the home buying process and... you're absolutely right. From a consumer's point of view, it sounds like the exact process I went thru. Excellent post!
Brian - This is the absolute truth, and you presented this concept very well. I am also going to flag this one for feature. I had some clients who looked at far too many homes a few years ago (probably about 95 over a period of many months). We ended up with a shorthand for homes that wouldn't work, and they did get faster and faster at eliminating the houses. Clearly, it was not selection, but elimination, that got them into their dream home.
Brian,
Trying to get through the 20 questions is a great start.....the online abundance of sites that have homes makes the process a bit smoother because as you said they have seen many before they come to us....
I have been as few as one home and purchased.....however, they did a lot of homework before they even contacted me.
Great post and points here. I have learned alot about realtors and what to look for since we have had our home on the market for some time now. I have purchased a couple of homes and worked with them during transactions but found that in this day in age.... next time I want to see their internet presence as well as local presence for a listing realtor. It makes a difference.
nice post ,you have a good way of explaining it,you help lead them step by step---Bart
Great post. With appreciation at a stand still (or depreciation - depending on where you are) it is even more important this day and age to make sure the house they purcahse is one they wills tay in for a few years. Take your time and find that perfect house.
Elimination game is the game. I love it. I like to compare 2 homes at a time....at the most 3. But always two at a time. That way you get them to narrow down their decisions. Its a mess when you look at 10 homes and at the end of the day you say....which one did you like best? And they cant remember which home was which. Way to go!
GREAT POST. I HAD ACTUALLY NEVER THOUGHT ABOUT IT THIS WAY BUT IT REALLY IS A PROCESS OF ELIMINATION. I GUESS YOU COULD LOOK AT ALOT OF THINGS THIS WAY IN LIFE. YOU WEED THROUGH UNTIL YOU FIND WHAT YOU REALLY WANT
THANKS AGAIN
DANIEL
Brian...you're spot on! Choosing by definition means elimination of what we don't want. I like the way you shift the focus here and show it's application to the real estate transaction. And...boy, the standards of beauty have changed over the years haven't they....Very good post.
Hey...that's great! It is the process of elimination...that's a fact...whatever works...incorporate it...whatever doesn't ...throw it away. Great!
My clients from this past weekend, took 30+ homes to process, and then finally selected one, only to find out it has just ratified a contract. Thankfully, they still had house #2 on the list. But you are so right. It is a process of elimination.
Brian, these are great points you make. The process of elimination is different for everyone - but it helps when Buyers are clear upfront about what's most important to them. It's our job as their real estate broker / consultant to help with the clarification / elimination process. Good post.
Brian - great list and good information for potential clients!
NANCY: I use that line all the time with my clients.
KATERINA: Thanks for your very flattering comment about the post and for flagging it. This is advice I give to my clients time after time.
CATHY: Very true. It does often come down to emotions. Even with the most logical buyers.
BRIAN C: Thanks for your comments which are spot on correct. Chances are that if these buyers like the home, so do several others.
MARGARET: Strange coincidence, isn't it? Thanks for your comment.
BRIAN S.: Very true. An that elimination helps to make the actual physical home search that much easier and faster. However, the fact remains that the bulk of our work is not in finding the home but in the negotiations and in shepherding the deal to settlement.
FRAN: I've seen that Mars/Venus phenomenon time after time with many of the buyers that I have worked with in the past.
GARY: Thanks for your comment. I agree. There are some people who are just unsure about where they want to be and it can take quite some time to narrow down the geographical choices. There are others who have it down to a street!
MARTI: This is something that I tell all my clients, and something to which they can certainly relate.
JASON: Thanks for your comment and for flagging the post. 95 homes! Egads!
DAN: Thanks for your comment. Many clients are already very educated about what they want before I meet with them. Then again, some are not and need to see everything.
NAOMA: Thanks for your comments. I agree that the agents without a strong internet presence will be finding it harder and harder to compete in the near future.
BART: Thanks for your comment and compliment on the post.
CASEY: There's never a rush to find the house. We always work on the client's timetable and not our own.
DAVE: Good thoughts. Often times, after looking at two or three we'll immediately scrap at least one before moving on to see the next home.
DANIEL: Thanks for your comments. Many choices in life can be made through the process of elimination.
LOLA: Thanks for commenting. Who ever said you had to be pencil thin in order to be beautiful?
SALLY: Thanks for reading and commenting. I love using this analogy with my clients.
CHELLE: At least with 30 homes, there's bound to be more than one that they like.
DARLEEN: Thanks. I like to call myself THE ELIMINATOR! Just kidding.
BARBARA JO: Thanks for your support.
I never thought of it as a process of elimination though that is what I do. I show 4 homes and ask them to eliminate 3 and ask which one they like best , then I do the same the next time and also ask them to compare with the one from previous time. Nice post.
GITA: Thanks for your comments. I think most of us operate that way.