Buyer’s Remorse is a real estate deal breaker! This is the first installment of our Integrity Team Buyer Insider Intel series. (Click here to watch our seller series)
The number of buyers backing out of purchase agreements is higher now than I’ve seen in my career.
This past week, we vetted, negotiated, and accepted offers on three of our listings. All three buyers changed their minds and backed out; two before their inspection was even scheduled.
It’s frustrating as heck for everyone to be honest.
My seller clients were stressed about the days they wasted off the market; four agents worked all weekend for nothing. And I’m sure the buyers lost sleep over the decisions, too. It got me thinking about how to manage this better for my clients.
I reviewed our buyer’s purchases over the last year and found that they were pretty solid with no blackouts due to buyer’s remorse.
So what did we do differently? I believe it’s a combination of things:
a) We have a thorough consultation with our buyer clients before we jump out to show them houses, so we show them exactly what they’re looking for.
b) They know no house is perfect, not even new construction, so when we “show” a home, we point out the benefits and any concerns we see.
c) We educate them on the actual cost of buying a particular home, right down to any HOA fees.
So when our buyers write an offer, it is a confident, informed decision and they’re not buying impulsively because they fell in love with the staging.
We agents can do a better job of thoroughly showing a home, not just leading buyers through it and saying, “This is the kitchen.” Agents should know maple from oak and the difference between quartzite and quartz. We should point out any concerns we see as we go. Is there rotted trim on the exterior facia boards? Mention it.
Are there any broken seals on the windows? Point them out. Our job is to educate our clients and eliminate surprises. I don’t like surprises, and our clients don’t either. Most defects can be fixed and will be discovered in the inspection anyway.
When our clients write an offer on a home, it’s a thoughtful decision with eyes wide open and no buyer’s remorse in sight. So, if you receive an offer from one of our clients, do yourself a favor and take our offer first.
Call me if it’s not the best offer on the table; there might be some wiggle room for a win/win.
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