Do you remember the last time you purchases something expensive? Maybe it was a car, a motorcycle, or even a boat. If you are like just about everyone else, there was a period of time where you brought your new item home and you felt this distress build in the back of your neck. You could hear a voice asking you if making that purchase was a good idea. That voice and the distress is known as buyer’s remorse. Buyer’s remorse is the biggest deal killer in the real estate market.
Why is Buyer’s Remorse a Problem?
Buying a home is not like most other transactions you make. When a person agrees to purchase a home, they do not usually complete the purchase, sign the paperwork, and walk away with the title to the home in the same day. There is a process and conditions that must be met before the home can be sold. This is unfortunate because at any time it can cause the buyer to reconsider purchasing the home and the deal can fall through. Fortunately, there are ways you can keep a buyer interested in your home.
Reconfirming the Benefits
You need to get to know the individual purchasing your home. You should know what his or her reasons for purchasing the home are and what he or she likes about that home specifically. This way you can remind your buyer of the benefits he or she will gain by purchasing the home. The more you remind the buyer of the reasons why he or she is buying the home, the less likely buyer’s remorse will be an issue.
Reassuring the Buyer
You have to do what you can to keep your buyer calm. It is natural for someone to be anxious when purchasing a home. After all, it is a pretty big purchase. Try introducing them to the neighbors or giving them a tour of some of the stores in the area. You should also show them what the long term benefits of owning a home in this area could be. You can do this by showing them a history of what other homes in the area have sold for and are currently worth.
The easiest way to avoid buyer’s remorse killing your next big real estate market deal, is to understand that all buyers will experience some level of it. How much of an impact it has on your deal is relative to how much of an effort you make to keep your buyer comfortable.
Hello! :) I'm happily married and the proud momma of an adorable little boy. One of these days I hope to make a full income from shared revenue and not have to write for so many difficult private clients.