Home Buyers’ Remorse

1 out of 4 buyers have buyers’ remorse? That number struck me.

Further -

Thirty-two percent of Americans who bought or sold a home in the past 10 years and used an agent felt their “agent was OK, but I never really felt they were on my side or very helpful” and 8 percent said their “agent was one of the worst parts of the home buying or selling process.”

Achieving 100% satisfaction is an impossible goal, but it’s worth striving for.

I’ve witnessed shoddy real estate practice since I started in 2001 but nowhere near 32 percent. I’ve heard from enough clients about other transactions in their lives to believe the 8 percent is probably right on, and perhaps a little bit low.

My buyer clients come to me seeking guidance, advice and insight into the home buying process, and that’s what I strive to provide. As my mom told me when I was starting out (and over and over throughout my career) – real estate agents don’t make decisions for our clients; I try to help my clients make good and better decisions.

I joke with my clients about the gravity of the home buying situation – I want to convey the seriousness of what we’re doing together but also try to take the edge off. When we’re moving through the decision process about what to they should do, I’ve found myself saying, “don’t worry – it’s only the rest of your lives and a huge pile of money.” Because it is. The decisions my clients make are likely to affect the rest of their lives and most importantly, the rest of their kids’ lives. That matters way more than whether I get paid a commission.

And to the ultimate buyer representation question: ask my clients if I’ve ever been one to dissuade them from walking away. My role is not predicated on my getting paid; if I got paid based on the number of times I’ve advocated for my clients walking away, I’d be wealthy. (I’m karmic and professionally wealthy though)

Next – where’s my incentive if I get paid more if my buyers pay more?

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  • Mark

    “And to the ultimate buyer representation question: ask my clients if I’ve ever been one to dissuade them from walking away.”
    I second that emotion. Over several months, Jim negotiated offers on at least three houses with me, and toured countless others, before we found the right place and had an offer accepted. Jim doesn’t push his clients and doesn’t allow emotion to cloud his or their judgement. He is also an excellent negotiator.
    Jim, you must have made a fortune karmically with us from 07-08 ;)

  • http://www.bankforeclosuressale.com/ Simon Campbell

    I believe that education is an overlooked part of our job. We at time focus so much on finding a buyer or closing the deal that we end up dragging our clients through the process. Buyers and sellers are savy – perhaps not with accurate facts and knowledge thanks to sites like Trulia and Zillow – but they want to be in the know.

    This means that we need to take the time to show them how we calculated sales price, where the market may be in 12 to 24 months, what are some available loan packages etc. If we make our clients feel secure, then they will feel satisfied knowing we were working on their behalf regardless of the end result.