Sometimes, home buyers don’t know what they want. In most cases, this happens because home buyers are uneducated about the specific market where they wish to purchase. Real estate agents must hand hold home buyers that just don’t know what they want.
Other home buyers know exactly what they want. They’re so sure of it, in fact, that at times they could kill any deal that the real estate agent expertly crafted.
3 Ways Home Buyers Sink a Deal
- Make a ridiculously low offer
All home buyers want the best deal they can get. However, some home buyers take this idea overboard. It makes sense to want something like $2,000 off the asking price. It doesn’t make sense to want $50,000 off the asking price for no justifiable reason. If you have a home buyer who just wants a lower price so that they feel good about getting a lower price, the you can do a few things about it.
First, you can explain to the buyer that asking the lower price doesn’t make sense. You should then work with the buyer to find a suitable lower price to ask. Second, you can tell the buyer, which in all cases will be true, that asking for the lower price can lead to losing the house. That should get the buyer on board.
Finally, you can decide to ask for the lower price. This will kill the deal, but if a home buyer won’t budge, what choice do you as the real estate agent have?
- Repeatedly changing minds
The repeatedly changing mind home buyer is more difficult to deal with because often home buyers change minds because they’re just not sure about purchasing a home. Most changing mind home buyers aren’t arrogant. They don’t want to purchase a home for an unfair price. They just aren’t sure if they should purchase the home.
How can you handle a situation with a repeatedly changing mind home buyer? You can’t. Home buyers that repeatedly change their minds aren’t ready to purchase a home. It does agents no good to force anything on these types of home buyers.
- Overly demanding home buyers
Here’s a good one: someone in your sphere of influence calls you and asks for you to find them a home to purchase. You have the initial meeting with these folks. You come up with a budget. You know the area. Both you and the home buyers leave the meeting feeling good.
An hour later, you receive a call from the home buyer asking for you to search city records about a specific home they’re interested in purchasing. They wish to make sure the seller, whom they’ve already contacted, hasn’t hid anything from them.
Real estate agents always strive to provide great customer service. But, searching city records is ridiculous. Should you do what the home buyer asks? No, you shouldn’t. What you, and all real estate agents faced with this situation, should do is set up a meeting with the seller, bring the home buyer over, and find out if the buyer genuinely wants the home.
If the buyer wants the home, the buyer will purchase no matter what comes up on the city report. If the home buyer insists on the city report, or anything overly demanding, it’s up to you to decide if you wish to pursue the relationship.