How to avoid buyers remorse when selling your home?
One of the things that you will need to consider when selling a home is buyers remorse. It’s that feeling you get, deep in your stomach when you decide to buy something – the mini panic attacks that make you think you are making the wrong decision.
In life, making no decisions is always easier than making them. As humans, we love to procrastinate. Whether buying a car, suitcase or the larger order of fries at Maccas, our basic instincts often kick in. Did I really need that? Is it the right colour? Did I pay too much? Have I really thought about this? What will my friends/family think?
When buying a house, the stakes are much higher and the remorse more likely. Buyers make offers on properties all the time and change their minds. If you are a seller, get used to it – it will happen. People will love the property on Saturday, but come Monday they have gone cold. It didn’t have enough storage, I’m worried about resale, I didn’t like the look of the neighbours, there was a dog barking at the inspection. These are all common sentences from Monday buyers. Time it seems put things into perspective and makes people second guess their decisions.
How do you avoid this when selling? For a start, you should never push people into buying something. Let them make their own decisions. The more you push, the more desperate you are as a sales person, the more a buyer is like to pull out.
You need to create an atmosphere where buyers can clearly see there are other people who want to buy it. It’s the most obvious fact that when you have an open home with 30 buyers present you will get more offers than the same house when there are only two people present. We all get reassured when other people are interested in what we want. It’s why we always wear similar clothes to other people and have similar hair cuts (well for the lucky ones with hair!)
When running inspections, I try to avoid taking people through a home individually. Open homes are great because there is greater chance of more people. If you are a few weeks into a campaign and the numbers are slow, don’t have an open home. Instead, move to private appointments only. There is nothing that scares buyers more than turning up to an open home when no one else is there.
I always like to see buyers view the property twice before asking for a decision. You always see things differently the second time around. It is always good when a buyer brings some family/friends to view as well. A supportive word or two of encouragement from someone they trust, goes a long way to giving them confidence they are making the right decision.
When it comes to the negotiations, it is important that there is a level of trust between the buyer and the agent. If they feel you have made up offers then this will scare them. I see so many agents that are disrespectful of buyers. But without this rapport how can you give buyers confidence in what you are saying about the house? I want my buyers to love buying from me. I want them to feel comfortable that they are making a good decision and that anything that I am telling about the property is believable.
Finally, the timing in the negotiation is critical. A buyer may make an amazing offer up front. It is important to thank them for the offer but no matter how amazing it is, you should never accept it too quickly. If you make a quick decision, a buyer will often feel they have paid too much and second guess themselves. Even with an amazing offer, I always like to push for that little bit more. Even if the owner is happy, the extra work a buyer has to go through to secure a property will usually mean they appreciate the property once the offer is accepted.
If you think being an agent is about putting up a sign and taking offers, you’d be mistaken. The success of a great agent will be in the soft skills. How to get a good price and then build a case to ensure the buyer doesn’t pull out, is one of those overlooked parts that can eliminate much stress from the transaction.