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Finding out What Buyers Want? Or Do They Need Help Figuring It Out?

By
Real Estate Agent with eXp Realty of California, Inc. CA DRE #01490977

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?

 

what is the budgetBudget, 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.

 

Master BedroomPerhaps 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.

 

Ugly bath tub in a short saleAnd 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.

Posted by

Jeff Dowler, CRS
Certified Residential Specialist / Realtor®


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Comments (46)

Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Finding the need and motivation of the person is the key to everything in business possibly

Feb 18, 2022 10:29 PM
Carla Freund
Keller Williams Preferred Realty - Raleigh, NC
NC Real Estate Transition & Relocation 919-602-848

Jeff this is a great post! I've had to advise a few people to look in areas of NC that I don't sell in because their price point cannot get them what they want here. It is disheartening to say the least. I do have that conversation so they don't buy a plane ticket and fly here for nothings.

Feb 19, 2022 05:02 AM
Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Congratulations on the Feature. Buyers are a a distinct disadvantage in t e current market and may find themselves adjusting their wants to basic needs and going from there.

Feb 19, 2022 06:09 AM
Roy Kelley
Retired - Gaithersburg, MD

Prospective home buyers are in very good hands when they seek your professional real estate advice and assistance.

Feb 19, 2022 06:41 AM
Scott Seaton Jr. SLS Home Insp
SLS Home Inspections-Kankakee Will Iroquois Grundy Counties - Bourbonnais, IL
The Home Inspector With a Heart!

My daughter just bought a house and she was all over the map. Her agent really helped dial her in her wants/needs.

 

Feb 19, 2022 07:41 AM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets  Being candid is important, and I think most buyers appreciate it even though it may not be what they want to hear. Better to know up front what to expect!

Jeff

Feb 19, 2022 01:08 PM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Glad you liked it Ginger Harper 

Those are excellent points Buzz Mackintosh . It's a waste of everyone's time and energy if you are not truthful upfront about what the market is like and how the buyers needs may, or may not, fit with that market. Buyers need to be realistic!

Jeff

Feb 19, 2022 01:11 PM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Thank you Rocky Dickerson 

Debb Janes EcoBroker and Bernie Stea JD Thanks, I appreciate the compliment!

Thanks Mike Cooper, Broker VA,WV, MD  I've seen that myself on a number of occasions. Things tend to evolve over time, and that's a challenge in this market, and frustrating!

Jeff

Feb 19, 2022 01:25 PM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Jeff, sometimes buyers have an idea of what they want, but then they buy something much different.  It is our guidance (and what is available) that will sway them into something different.

Feb 20, 2022 07:07 AM
Sharon Miller
RE/MAX Platinum - Crane Hill, AL

Jeff,

Great post. You've done a terrific job of getting the key points across without stepping on any toes! One point which I emphasize with every prospective buyer, considering today's market conditions, "time is money"! I sold a property yesterday after showing an out of state couple a vacant piece of lake property with a gradual access to the water and a sensational view. The ink on the offer to purchase was dry before the sun set! The buyer's took my suggestion to heart, "don't vacillate on this one, as two other showings were conducted earlier today!" The buyer and seller were cooperative and negotiated a satisfactory cash purchase amount. This property was just put on the market fourteen days ago. 

                                   

                                         "Show class, have pride and display character.

                                                If you do,  winning takes care of itself." 

                                                                                        Coach "Bear" Bryant 

Feb 20, 2022 08:52 AM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

That's an excellent point Laura Cerrano 

That's the right thing to do Carla Freund  Buyers deserve honesty.

Jeff

Feb 20, 2022 09:35 AM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Hi Ed Silva  Thank you!

I think adjustments are often necessary, and expectations need to be realistic given the limited inventory...and the competition.

Jeff

Feb 20, 2022 03:20 PM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Roy Kelley  - thank for your kind words! Enjoy the rest of your Sunday.

Scott Seaton Jr. Bourbonnais Kankakee IL Home Inspector  - glad it worked out. It's a good example of what often happens with buyers until they can sort through what' really important!

Jeff

Feb 20, 2022 03:46 PM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Joan Cox 

While knowing what you want in a home is important, buyers also have to be flexible.

Jeff

Feb 20, 2022 03:48 PM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Hi Sharon Miller 

Buyers definitely cannot waste time these days if they find something they like that meets their needs.

Glad it all worked out for your buyers!

Jeff

Feb 21, 2022 09:53 AM
Endre Barath, Jr.
Berkshire Hathaway HomeServices California Properties - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

Jeff loved your post, I spend more time telling people the negatives and I sound like I am talking them out of a sale... most appreciate it some do not oh well, Endre

Feb 21, 2022 11:10 PM
Sheri Sperry - MCNE®
Coldwell Banker Realty - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Jeff Dowler, CRS - You addressed a lot of key points that can really help a buyer. We do our clients such a disservice if we don't guide them properly.  If you know your area well, you should be able to help them.  But sometimes, we do need to take them to see a diverse selection of homes so they can narrow it down. 

Feb 22, 2022 02:55 PM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Hi Endre Barath, Jr. 

It can be a tough message to tell buyers they won't find what they want for what they want to pay or can. But it's important they hear the truth about the market.

It's always nice when there are some options or trade-offs, and buyers can still get much of what they want and need.

Jeff

Feb 22, 2022 03:30 PM
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Hi Sheri Sperry - MCNE® 

It really IS a disservice to not guide buyers properly, including helping to sort through their wants and needs. It often does become more clear as you see homes...challenge is there often are not many to see these days.

Jeff

Feb 22, 2022 04:48 PM
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

It feels too simple but that’s basically it: to find a niche and then go with it from there

Apr 16, 2022 10:36 PM