In spite of all the hard work and stress involved, being a realtor is a highly rewarding career. Helping people find and purchase their dream homes is a good feeling, especially if you are new to the real estate industry. However, there are ups and downs to the real estate industry, with buyer’s remorse being one of the most difficult problems that a real estate agent can encounter. With over half of the home buyers in the United States admitting to having feelings of regret over the house they purchased, buyer’s remorse is something that all realtors encounter. Even though encountering buyers with second thoughts is common, there are few ways to minimize pre-closing buyer’s remorse.
Encourage a Clear Vision
One of the biggest mistakes homebuyers make is creating a long wish list of ideal features that they want their dream home to have. Unless your buyer is planning to custom build a new home, a long list of features can lead to major problems. People who want a large number of features is more likely to find fault in the houses they view. Even if they do find a house that seems to satisfy their desires, missing features will nag at them and increase their chances of regretting the purchase and pulling out prior to closing.
Bigger is Better
Of the American homeowners surveyed by Trulia, the most common homeowner regret was purchasing a home that they believed was too small. The size of the house has long been a complaint of buyers in the real estate market, and as home prices increase, more people are being forced to settle with small, but budget friendly, homes. Encourage buyers to view larger houses in their budget that may not have the features they want but offer the size they will later desire. Focusing on the buyer’s future needs instead of their current wants may help your buyers have fewer regrets in the time between contract and closing.
The average realtor is constantly on the move, planning the next three transactions while simultaneously working on their current deal. Slowing down is not an option, but staying connected is one way to minimize potential problems. Keeping in contact with your clients to answer questions, alleviate their concerns, and help guide them to closing will prevent them from having too much time to imagine problems that lead to backing out of a purchase.
Call in Professional Backup
Even the most organized and focused realtor cannot handle every problem that arises without some help. When you find yourself overwhelmed by a client’s questions or concerns, consulting a real estate attorney is one way to get the professional assistance you need. The team at Adam Law Group is here to provide you with our expertise and real estate legal knowledge. We can assist you with closing preparations, contract review, and if the buyer is determined to back out of the transaction, cancellations. Contact our Jacksonville, Florida office today at 904-329-7249 to schedule a consultation so that we can discuss your current and future needs.