We do the very best that we can do to make sure our buyers make informed decision and understand the process. Afterall, it's what we do day in and day out. I couldn't tell you squat about the best way to manufacture or sell widgets. But I can
- Explain what to expect during the homebuying process
- Prepare comps to help buyers determine an acceptance offer on price.
- Give buyers names of lenders that may be able to help with financing
- Point out possible deficiencies in a particular house that may work against the buyer's best interest
- Do my best to show them homes that they can afford and are well within their price range
- Explain the advantages (few) and disadvantages (many) of short sales and foreclosures for the owner occupant buyer
- Advise them on selecting a home inspector and possible concerns to have the inspector address
The list goes on and on but the point is that as agents, we do a host of things for our buyers but one of the hardest things to conquer (at least for me) is how to compete with the bad advice of the buyer's family and friends.
UNCLE JIMMY RAISES CHICKENS, CUTS HAIR AND OFFERS REAL ESTATE ADVICE
I'm pretty thorough in my research and good at breaking down explanations and justifcations so that my buyer can understand. And I will definitely give my buyer the best advice and information available based on my diligent research efforts. I often have to repeat information and I don't mind that. But I don't stand a chance when it is evident that the buyer is receiving counterproductive information from "Uncle Jimmy" who clearly wants to impress with his perceived knowledge of real estate and prove how savvy he is. Often offering up such ridiculous advice as "What? They asking $39,900 for that ($100,000) house. I wouldn't pay that. Look at that filthy carpet. I wouldn't give 'em more than $25k." This is overexaggerated but you get the point.
FROM BUYER'S AGENT TO TRANSACTION BROKER
Buyers then become overzealous and often unreasonable. They become frustrated because now the agent is the enemy and agents become frustrated because we don't want to drive a wedge between us and our buyer's support system and end the end watch them make terrible choices.
At this point, I pretty much feel like a transaction broker only available to complete the paperwork and keep my mouth shut.
What are we to do?
10 Comments on Competing with the Advice of Your Buyer's Mother's Brother's Nephew's Friend
Yes Charita, I think most of us can relate... Everyone is an expert at everything now thanks to Google and Youtube :)
Oh, Charita. Been there. Unsolicited advice (or even solicited) has been the ruination of more than one real estate transaction for me. Frustrating, but a part of the job.
Catherine and Marcie, sometimes it just makes you want to pull your hair out when you have to sit back and watch the destruction of a potentially smooth process.
I was working with that Buyer last week...uuuggghhh Mom was so negative the whole day...the buyer was mortified...I don't know what happened but the next day mom was a bit more encouraging...and the day was much nicer!
I don't really know a solution either...rather I will keep doing what i do best and keep reassuring my client of what my opinion is and let them make their own decisions!
Deborah, kudos to your buyer for putting her mother in check and letting you do your job.
Charita, we have all had to deal with this one at one time or another. Everybody is an expert, this guy must have stayed at a Quality Inn or whatever that commercial hotle chain that cranks out experts...best of luck, I feel your pain
Gerry I'm just glad that it doesn't happen often. I'd be a basket case right now.
You know what, Charita, when it comes down to it you can only do your best. I would actually ask the buyer to have Uncle Jimmy bring out the paperwork to support his comments.
Jane asking for supporting documents to back up a claim is one way to get the to pipe down. I used to do that years ago in another field, but it would work here as well. Thanks for the reminder.
"you know, Uncle Jimmy, I'm sure you make a mean fried chicken, and I hear your haircuts are the very best, but just how long have you been a licensed Realtor by the way?"