" I don't really feel comfortable!"....How do you identify "Buyers Remorse"?
Buyers don't ever say"I don't feel comfortable buying this house." or "I have a bad case of Buyers Remorse!" NO, this is something we as professionals need to identify. I have found that there are subtle signs early in the process---usually right after an offer is accepted; maybe even AFTER a contract is signed.
How you deal with this phenomenon is crucial to having a satisfied customer and resulting referrals. Giving a buyer a "Comfort Level" is not easy if you don't know everything about the area and the property.
Are you satisfied with your approach? Do you have a reputation for informing your buyers, or do you find that many of your buyers walk away from the buying process???
I have found that the most difficult thing to accomplish when working with a buyer, is to give them a level of comfort for the process of making a deal. Usually, the first thing a buyer will do is decide to "think about it" for a day or so when they have found something they like. During this critical time of thinking it over, they get fearful and question the idea of buying a home. They may even decide not to do it at this time!...giving them too much time without talking to them or communicating with them gives them the psychological excuse to say "we have decided not to buy at this time"..even when they really want the house!
"BUYERS REMORSE" can and does set in, long before the deal is done. Anyone who has bought a home can relate to that feeling in the pit of the stomach--a feeling that maybe, just maybe you made a mistake! The dread that sets in if the buyer does not have all the facts can be quite disturbing.
This has happened to me; at the very beginning of my real estate career, I was afraid to be "too pushy" with my buyers. It did not take long for me to realize that unless I pushed for an offer, it would not happen. I did it with the idea in mind that the buyer NEEDED to be guided or they would fade away into the community, ending up in another office looking for the "guidance" that they didn't get from me!
HAVING LEARNED MY LESSON....I now have handouts to give them; I keep them in the loop and informed of all things real estate...especially the first time buyers. No one leaves my office with a feeling that they don't have all the information about a house, a neighborhood or town.
I take the time to give them as much good, solid and factual information as possible; I prepare a list of comps for the property, and I make sure they know everything about the property, the location and the surrounding areas:
- I take the buyer on a drive around the area, then around the comparable neighborhoods.
- I give an evaluation of property values and the most recent sales for the whole community, with the homes' selling vs. asking prices.
- The buyer may have more questions regarding schools, groceries, libraries, etc. and I give them a map to show all applicable locations including parks and walking trails, etc.
- I make sure they have their financial work squared away so that does not keep coming up for them during the finalizing of the deal.
- I make sure the inspection is done as soon as possible--again to prevent problems before the contracts get signed.
- If there are issues that the buyer is not comfortable with, we talk it over with the other agent or the owner, to see what can be done.
- Small concessions may be agreed to if there are issues.
- I have been known to write a "travel-log" for the area---so that the buyer knows where all the fun things and interesting things to do in the area are located....the buyers love it!
In all my years of getting deals done and getting them closed with a happy buyer and seller I have yet to have someone back out after they have found something they like....maybe that is just luck; I like to think that it is the hard work that I do in the process to make sure there will be no surprises for anyone in the end. Finding a comfort level for a buyer is not always easy; sometimes I inform them of the dreaded "buyers remorse" so they can deal with it if that is what comes up for them. I let them figure it out sometimes too, so they have a sense of control of the process. I have many happy customers who tell their friends about me and as a result, I have increased my customer base exponentially.
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