Buyers and sellers look to their real estate agent for their expert advice. "How much do you think my house would sell for?" "How much should I offer on this house?" "What items should I repair from this list of inspection items?" "What should I do to make my offer stronger?" These are just a very small sample of the many questions real estate agents are asked before, during and after the transaction. But the main question we are asked is this, "What would you do?"
Who is Buying the House?
Afraid of making a bad decision, buyers will ask their real estate agent, "What would you do?" Although we can't make a decision for them, we can give them our knowledge and expertise to help them come to their own conclusion. If the property they are considering has all of the amenities they stated they wanted in their new home, than the answer is fairly easy. But if they are simply tired of looking or have lost out on numerous properties in multiples, you may have to keep them focused on what it is they really want in their new home. The home buying process can be exhausting, but you don't want your clients to "settle" for just anything. This is a major financial decision that they are making and they need their agent to give them the pros and the cons so they can weigh all of their options.
What Do You Think of the Price?
Buyers and sellers are both extremely savvy. Research has shown that the majority of consumers begin their real estate journey online. Buyers look at various neighborhoods and know the average price for what they are looking for. Sellers look at that very same information to determine what they feel their house is worth. So when it comes time to put the house on the market, the seller can be firm with the listing price. The job of the real estate agent is to analyze the most recent data and either confirm what the seller is thinking or gently let the seller know that the price they want isn't reality based. On the flip side, buyers come into a neighborhood with a price in mind as well. But that number may be low based on the current market conditions which the information on the Internet does not show. The buyer may have to adjust their budget or select a neighborhood that they can better afford. As their agent, if you don't help them manage their expectations upfront, you will spend a great deal of time looking for a needle in a haystack.
How Much Should We Offer or Accept?
After looking at houses, the next time I usually hear "What would you do" is when we are reviewing the comps for the property. Unless the property is unique, the numbers will speak for themselves. Both the listing agent and the buyer's agent will be looking at the same comps...that's assuming that each party is doing their job properly. The seller can ask whatever they like, but it is up to the buyer to decide what the house is worth to them. As their real estate agent, all you can do is compare condition and location of the various properties that they have looked at and those that have sold. What we can't do is tell them how much they should pay for their house. They are the only ones who know how much they love and want it. In reality, buyers know what they should do, they are just looking for reassurance from an expert...and that expert is you and me. So let's do our job, be patient, be nice and help them navigate through the home buying process.
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- The What Ifs - Real Estate Agent Training Tips
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