In our market areas of Cranford, Berkeley Heights, Westfield and surrounding towns, we are in a period of market correction, much like other areas of the country. As a result, many sellers are struggling with the concept that their home may now be worth less than it was just one year ago, especially after 5 years of double digit price appreciation. No matter how many statistics and reports I show them, some people just think their home is worth what it's worth...and that's that.
This type of market has created much frustration, disbelief, and HIGHLY emotional responses from some sellers when conrfronted with the dreaded price reduction question. Of course, not too long ago, sellers were riding high and it was the buyers who had to come to the realization that full asking price was often a "starting point" for negotiations, and I was greeted with equally emotional responses when advising them that to get this house they may have to pay $20,000 or more over the asking price, Such is the cycle of the real estate world.
As a personal goal, I am doing what I can to keep MY emotions from getting in the way of ANY transaction, and allow the sellers or the buyers to feel their perfectly valid feelings. As I have said in an earlier post, I am currently a seller in a buyer's market with my own home, and I was a buyer a few years back in a seller's market. I truly believe this has helped me stay more objective and patient when dealing with difficult, emotional situations with my buyers and sellers. My job is to share with them what the facts of the market are, and I have no control over their feelings, and should not take it personally when they react accordingly. I simply have to tell the truth, and accept the fact that I can't please everyone ALL the time.
What I have found is that when I let my clients voice their feelings and get them out on the table, it becomes easier to discuss the reality of the situation (most times) once everyone calms down a bit and starts to see that I am on their side, and this transaction is NOT about me or my commission. Granted, I want to get paid like everyone else, but in order to gain the trust of my customers, I need to demonstrate that I am truly working for their best interests, and not my own. Early on in my real estate career, I would feel myself getting angry at my buyers for not offering what "I" wanted them to offer because I wanted the path of least resistance. With training, experience, practice, and listening, I am getting much better at managing my emotions on both sides. As difficult as it is to allow my clients to vent on me for a few minutes, as long as it is done respectfully, I have found that our business relationship is strengthened, and the deal ends up going just as it should, however rocky.
Of course, there is no such thing as a perfect world, and not every deal goes as planned, nor do I succeed every time with a listing, price reduction attempt, or sale. That is often difficult for me to accept, being the perfectionist that I am, but at the end of the day, if I can look in the mirror and know I did what I could to help my client, there isn't much else I can do.
Thanks for reading! Happy Thanksgiving everyone!
Sean Carroll - RE/MAX Classic Group
Comments(22)