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The Role Of Parents As Transaction Killers

By
Real Estate Agent with Cutler Real Estate

I am wondering how other agents handle this scenario? You work with buyer(s) over a several week period. You had specifically asked them: "Is there anyone else that needs to be consulted before you make a decision to buy?" Of course the answer is always an emphatic "No!"

15 houses later, they finally settle on "the one" that they want. But lo and behold, now they get cold feet and want someone to validate their decision. Despite earlier bravado, now the parents must come and see the property, (often times both sets) before the youngsters make a final decision.

Of course the parents show up, and since they haven't seen the other 14 properties that had been dismissed, they point blank ask the children "Why would you want to buy THIS house for THIS much money?" And then invariably the parents cast that all knowing evil eye towards the buyer's agent, as if we are some kind of Benedict Arnold traitor by tyring to take advantage of the poor kids. The parents know nothing about "buyer's agents" and think the Realtor is working on behalf of the seller. Since this is the parents first trip with the kids, the buyer's agent Realtor has little chance to build rapport with the parents.

I'd like to know how other agents handle this situation?

Stanton Homes
Stanton Homes - New Home Builder - Raleigh, NC
Design/Build Custom Home Builder in North Carolina
Does anyone say to the parents - "I understand your hesitation.  To find this home that your children love, first we looked at over 500 MLS listings over a wide area in their price range.   We narrowed the choices down to the best neighborhoods, with all the amenities deemed most desirable, like at least 1800 sq ft, 3 bedrooms, 2 baths, with a fenced yard.   Then we took a good long look at the best homes available in their price range.  Would you like to go with us to look at a few of the homes that "Ben and Sarah" decided against?"  Then take them to the worst two out of the group!  Would be interested in hearing if anyone took this approach.
Feb 22, 2008 12:38 PM
Jason Grams
none - Roseville, CA
well put, Penny!
Feb 22, 2008 01:07 PM
Debbie Summers
Charles Rutenberg Realty - New Smyrna Beach, FL

Amen Penny...  I've been down this road too.  It is always difficult and taking them back to the "rejects" is a great way to get over this hurdle.

Feb 22, 2008 01:42 PM
Michelle Rottach
RE/MAX Elite Homes - Bettendorf, IA
Scott County Iowa Real Estate
Penny - that's a great way of handling the parents objections
Feb 22, 2008 02:01 PM
Jim Dvorovy
Cutler Real Estate - Canton, OH
REALTOR - Canton Ohio Real Estate

Penny:  Great dialogue! Thanks. Unfortunately when the parents killed the transaction, that was the total end for the kids looking to buy. I've had that happen to me three times last year.

Jason, Debbie, and Michelle: Thank you for your comments.

Feb 22, 2008 10:38 PM