Is your client REALLY ready to buy a home?

By
Real Estate Agent with NoVa House and Home - Frankly Realty

 

I met with some wonderful new clients last week. They’re excited, motivated first time buyers, I feel like I could have pushed them into writing a contract if I directed their excitement and got them involved in the art of the deal.

But, something told me they weren’t ready. They were kind of all over the place with their motivations to buy, wanting to create an investment portfolio, make a lot of money of fixing up a place, finding a neighborhood where they’d like to have a family, maybe rent and hold a property. We found a property that fit all of their criteria. We parted and I said “How about you take some time to think about it before we do anything. If I don’t hear from you by next Wednesday, I’ll reach out and see where you are. Keep in mind this property may not be available then, but we can find another one.”

I believe it’s important to give people some space to sort out their thoughts, especially regarding such a big decision.

The next day they sent me excellent questions about how to create a real estate portfolio and what to expect from the process. A few items that I pointed out to them, which helped them reach their final decision:

  1. Are you looking for a home or an investment? They’re two different things. You can have an eye for investing in a home you love and want to live in, but the approach to each goal is a bit different.
  2. Check your budget. Even though you can afford a house, will you be sacrificing other things that are important to you like travel, dining out, entertainment, that hot pair of must-have boots, or latest technology gadget?
  3. Do not set yourself up for failure financially or emotionally. Many people think, it’ll be no problem to not eat out, it’ll save us $500 month easy. But then who’s gonna cook every day? Do you want to be the sandwich packer? Is this new lifestyle going to create strife in your partnership or marriage?

Yes, it’s a great time to buy, yes rates are historically low and only likely to rise, but it’s not JUST about money. Buying home is about your personal goals and happiness. If there is an inkling that buying is going to make you unhappy or cause you issues in your relationship, we need to talk about it to make sure the time is right. We’ll consider ALL aspects of homeownership, including that fantasy puppy!

Guess who is going to wait to buy a home?

Posted by

Brought to you by NoVa House and Home at Frankly Realty, Inc. 

Falls Church, VA

703-407-3426

Info@NoVaHouseAndHome.com

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Comments (18)

Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Amelia Robinette Welcome to Active Rain!  As REALTORS who have been here (on and off) for close to 9 years, it's well worth it!

Oct 06, 2015 01:52 AM
Chris Shull
ColumbiaLand Realty - Columbia, SC
Your Realtor For Life!

Great thoughts Amelia! To quote the great Dale Carneige; "Those convinced against their will are of the same opinion still." You are on the right track and congratulations on your first blog post!

 

Oct 06, 2015 02:06 AM
Nicole Doty - Gilbert Real Estate Expert
Zion Realty - Gilbert, AZ
Broker/Owner of Zion Realty ZionRealtyAZ.com

Good morning Amelia. As real estate agents part of our job is to determine if our clients really are ready to purchase a home. This is a great first blog post. Welcome to Active Rain!

Oct 06, 2015 02:21 AM
Captain Wayne - Rowlett Real Estate School
Rowlett Real Estate School - Panama City, FL
Rowlett Real Estate School / Owner and Instructor

I've always practiced low pressure sales. I think that if they are serious and not "tire kickers" that it will happen. I like you approach.

Oct 06, 2015 07:58 AM
Captain Wayne - Rowlett Real Estate School
Rowlett Real Estate School - Panama City, FL
Rowlett Real Estate School / Owner and Instructor

Welcome to ActiveRain, it's great to have you aboard.  I look forward to reading more of your blogs in the future.

Oct 06, 2015 07:58 AM
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

A lot of shoppers out there, it is good to know which ones are buyers though.

 

Welcome to Active Rain Amelia, looking forward to reading many more of your posts, let me know if there is anything that I can do to help as you get started here.
Bob

Oct 06, 2015 10:56 AM
Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

Amelia, I think you gave wonderful advice.  Trying to push them before they are ready may trigger terminal buyers' remorse a few days down the line.

Oh, and welcome to ActiveRain.

Oct 06, 2015 02:17 PM
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Good morning, Amelia Robinette everyone loves the idea of owning a home, but unless the potential client is firmly convinced that the time is NOW, it's not going to happen.... good advice here for all to read...

Oct 06, 2015 09:52 PM
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

and welcome to ActiveRain....it's a great place to learn, share, market and network....and I hope you participate in all of it.... hope you enjoy it and benefit from it, just as I have....

Oct 06, 2015 09:54 PM
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker, eXp Realty - Kalispell, MT
Helping your Montana dreams take root

Welcome to ActiveRain, and good for you - you gave great advice to those buyers. When they're ready, they'll be happy they waited.

Oct 06, 2015 10:32 PM
Mery Fernandez Empire Network Realty Luxury Brokerage
Empire Network Realty INC. - Orlando, FL
The Rise of An Empire, Let's Build Yours!

Hi Amelia!!  Welcome to the world of Activerain, may your blogging  create a whole new chapter in your Real Estate Career.

Oct 06, 2015 11:55 PM
Gary Coles (International Referrals)
Venture Realty International - Las Vegas, NV
Latin America Real Estate

Welcome to ActiveRain Amelia Robinette and congratulations on your first post.

Oct 07, 2015 04:31 AM
Lisa Von Domek
Lisa Von Domek Team - Dallas, TX
....Experience Isn't Expensive.... It's Priceless!

Hello Amelia Robinette 

Great first post and welcome to Active Rain!

Oct 07, 2015 10:52 AM
Gilbert Real Estate Experts: Colby & Michele Myers
Darcam Real Estate & Investments, LLC. - Gilbert, AZ

Good questions and answers here.  I find this happens a lot.  Thanks for sharing.

Oct 07, 2015 04:59 PM
Chip Morgan
Long Realty - Dove Mountain, Marana AZ - Tucson, AZ
LSS, LSE, LMS

This is a great story.  It'san incredible example of how to treat your clients as well.  Itld someone thos other day "Selling a home is the last thing I worry about, in fact Idon't care if I do."  The logic behind this is as follows...

If I push you into a home that you're not 100% sure about then yes I get paid.. and I "did my job".  Chances are that is the last business I will ever see from those clients or their circle of friends.

If I tell my clients that they need to think about it more, give them the reasons, and HELP them through the decision and GUIDE them chances are they will refer business to me even if I dont sell them something.  It's about clients for life... not buyers for the day!

Oct 15, 2015 05:10 AM
Amelia Robinette
NoVa House and Home - Frankly Realty - Falls Church, VA
Education, Innovation, Service

Nicely said Chip! In fact, these future clients have already referred two people to me...what's that saying? Penny wise, pound foolish? Those agents who are aggressive closers will eat this year, but may be starving next year or the next.

Oct 15, 2015 05:40 AM
Crystal Kilpatrick
Team Leader -Crystal Kilpatrick Group - Austin, TX
CHLMS,CNE, CRS - Austin & Central Texas Home Sales

Welcome to ActiveRain.  Thank you for sharing with us here.

Oct 17, 2015 06:16 AM
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

Hello there,

Welcome to the Active Rain RE hood.

Congratulations on your first post here. Keep them coming!

Nov 03, 2015 03:51 PM