For Agents: Real Estate Agent Advice for Dealing With Buyer's Remorse
Buyer's remorse is a real issue that many buyers face during the process of purchasing a home. Usually this remorse is felt once the buyer has sold his current home or turned in his sixty day notice to his current landlord. At this point, the buyer realizes the impact of the changes that are taking place. This is a critical point in the home selling process as there can be long lasting implications should the buyer purchase a home he feels is not the right one.
Many real estate agents shy away from dealing with the buyer in this remorseful state. This is because they are not aware of how to deal with buyer's remorse. They feel that attempting to address buyer's remorse could result in a blown deal. What these real estate agents do not realize is that leaving a buyer feeling remorseful can play out to a disadvantage.
Usually one of two things happens when the real estate agent doesn't address buyer's remorse. The buyer could end up blowing the deal later on in the process. When this happens, the real estate agent ends up with hours of wasted time with nothing to show for it. Or, the buyer could complete the deal, but end up hating their hew house. In nearly all transactions that end this way, the buyer blames the real estate agent for the decision. This is not an undesired result as it is unlikely that the buyer will give any referrals for the agent. Even worse, the buyer might discourage potential clients from using that real estate agent's services.
Once the buyer feels remorse, it can be difficult for a real estate agent to help the buyer get rid of the feelings. The best thing to do about buyer's remorse is take the necessary steps to avoid the feelings altogether.
As a real estate agent, it is your responsibility to help the buyer make the best decision for them. This means pointing out all the good and bad aspects of the house. You can do this without discouraging the buyer from purchasing the home. Simply state the negative aspects of the home in a neutral and objective manner. You should never expect your clients to settle for a home that, in their eyes, is less than perfect. Pointing out the advantages and disadvantages of the home helps the client make a well-informed decision.
Being the client's real estate agent, you can also help the client avoid buyer's remorse by helping them understand that some feelings of regret can be expected anytime there is a change as big as purchasing a home. This doesn't keep the client from having these feelings, but it helps them deal with them. It also helps the client judge the difference between regretful feelings about the home itself and regretful feelings that are experienced with any life change.
Being proactive and acknowledging that buyer's remorse is possible is the best way a real estate agent can help them avoid it. Acting on it before it happens is easier than acting on it after it has occurred.
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