Paralysis by Analysis and Firing a Buyer

I fired a buyer today, told her to find another agent. After about seven months and three offers, after hours of research, hundreds of emails, calls and texts…I happily walked away. I figure this was about an $11K walk but I’m not losing a wink of sleep. This “buyer” suffers from a disease that’s very tough to cure and it can drain an agent…Paralysis by Analysis is what I call it. Always finding a reason “not to” or setting up a scenario to fail…being afraid of getting what you want so you make it virtually impossible to get.

Many buyers will show a few symptoms but most keep it under control and move forward. Others will have more than a few symptoms and it will take a good agent to bring them back off the ledge. And a select few….like this one…you’ll push off.

What to look for (in no order):

·         A client that consistently looks for the negative or potential adverse issues with any deal

·         A client that expects drastic reductions on every property regardless of circumstances

·         A client that is ignorant of the current real estate environment

·         A client that is ignorant of how a seller’s situation impacts them

·         A client that doesn’t  understand that a seller may say no to their offer even if the data supports it

·         A client that takes a little data, often marginal and becomes an authority

·         A client that takes detailed data and obsesses over it, focusing on only what they agree with

·         A client that doesn’t grasp the ebb and flow of a market

·         A client that doesn’t listen to suggestions from agents

·         A client that is happy being cranky and constantly whines

·         A client that doesn’t learn from past experiences

This sounds like a vent, it’s not. I pride myself on educating my clients; as a both an appraiser and broker my world is completely data centric and my clients benefit from that. I believe that a good agent sets the table for a client’s success and I believe that a good client enjoys a great meal at that table.

Poor information can be a bad thing, so can good information when not properly applied and so can too much information. Few industries have the amount of “data” out there that the real estate field does. Combine the internet and the media and everyone is an expert; it’s easy to see how “Paralysis by Analysis” can grab a client. I’d submit that if you see it, run….because that client will drain you.

Since I cut ties with this buyer, I’ve had time to ink two 400K+ deals…amazing how productive you can be when you realize it’s time to give that client a gently nudge…..right off the ledge.