Finding out What Buyers Want?
Or Helping Them Figure It Out?
The question “what are you looking for?” or some variation, is a common one when talking with a new buyer. Or should be.
It’s obviously important to know what they are seeking, along with their budget, in order to be effective in helping them find the right property. And in this market it’s perhaps even a more critical question, with limited options and plenty of competition. You need to know what you are dealing with.
One question that arises, of course, is…are they being realistic? Can you really help them find what they say they want, and need?
Budget, given the available inventory, is a key issue here. If there is a significant mismatch between what you are told they want, their budget (based on a pre-approval, of course), and what the market offers it’s time for a serious reality check.
Don’t they deserve to know that, given what they’ve shared about their needs and wants, and budget, that it’s unlikely they will find it in the area(s) they are interested in, if that’s the case?
It’s a tough message to deliver, but an important one. We are doing them a disservice if we don’t tell them the truth. Diplomatically, and in a sensitive way, of course. And it’s a waste of time, if reality is a mismatch with their budget and what they say they want.
Unfortunately some buyers aren’t very clear about what they want, or have difficulty articulating their requirements. We can help them with that with good questions and frank, honest discussion.
Perhaps they haven’t given serious thought to what really is important to them in their home.
Oh, they may have a list of features they want, but maybe these are actually “nice to have” features, not specific needs.
What about trade-offs? As a buyer you typically won’t find everything you want and need, but what are you willing to give up, especially with tight inventory?
Are 1 and ½ baths workable vs. 2 full baths?
Can you make do if 1 bedroom does not have a closet?
Will an alcove or loft work for a home office if there isn’t an extra bedroom? Is the backyard small?
Is the view you dreamed of missing?
Can you install a pool?
Sometimes the buyer parties disagree about what is really important. That can be a tough issue. But that’s for them to sort out and hopefully reach some sort of compromise.
And how about a home that needs work? Plenty of buyers would love a move-in ready home. But that’s not always realistic or available. And perhaps even more so in a market where the options in the price range are limited.
As a buyer it’s important to ask yourself - what issues am I willing to take on if the overall property meets my needs and budget? Changing the flooring? Painting? Redoing the kitchen? Upgrading one or more baths?
In this competitive market with limited inventory it’s essential that buyers have a good sense of their needs, and know the budget based on a pre-approval. Decisions have to be made quickly, in many cases, about seeing homes that appear to fit the requirements so as to not miss out on a property that could work.
“What are you looking for” is not a simple question. Or at least the answer is typically not. And buyers often need help sorting out the answers, particularly in this market.
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