I’ve always felt that real estate should be a Win-Win situation. This happens when owners achieve a good price and buyers get the right property that they can afford. As a real estate agent, my job is delivering on the first, but I particularly want the latter to also come to fruition. It hurts me when buyers miss out on the property that was right for them. It’s often a self-inflicted loss.
Here are most of the causes:
A Well-Meaning Friend. Asking for advice is fine. However, it sets up the situation where the ‘expert’ becomes over-cautious – concerned that their approval may set you up for a poor decision. They feel the need to focus on the negatives and risks, so can ending up talking you out of something that you actually should have run with. Ask for advice, but don’t feel obliged to take it. Give yourself credit for the research that you’ve done and listen to your heart as well. The advisor may not really be an expert after all.
Not Trusting the Agent. I recall the words my father first said to me, 28 years ago. “Wayne, you’re too honest for real estate”. There’s an opportunity there I thought! I recall times when I’ve advised a potential buyer that they had competition and sadly I’ve not been believed. Don’t be gullible, but consider the odd idea that the agent may actually be telling you the truth. One of the reasons I like auctions is their transparency, as the buyers have visual proof that other people also want the property.
Disliking the Agent. I’ve added this because of a personal experience. Years ago, I was planning to buy an investment unit in Crows Nest. The agent was condescending and dismissive, leaving me with the feeling that, for me, buying the property would reward him and I would always recall how diminished I felt. So, I didn’t buy a property that I wanted. That was OK for me, as it wasn’t very important that I buy that particular one, but it was unfortunate for the owner. This is something to be aware of and sometimes you should go ahead anyway, rather than let it cause you to pass on the right one.
Procrastination. The perfect home is either too big or, more likely, too expensive. There is a tendency to procrastinate when it comes to making a big decision. You might say, “We love it! But we’d better keep looking, just in case there’s something even better out there…” Unfortunately, you may miss out on the property that you love because you aren’t prepared to make a decision. Another buyer comes along and takes it away from you before you realise.
Timing – Buy first or sell first. Sometimes, when researching the market, you find the perfect home, but you’re not in a position to actually buy it. Rather than risk putting yourself in this position, it’s best to know in advance that your property is ready for sale (repairs, decluttering, choice of agent etc.) and you are ready too (finance approved). Don’t set yourself up for the long-term memory of the one that you missed on.
Appearing Disinterested. The ‘apparent willingness to walk away’ is a powerful negotiation strategy, but being left out of the negotiation entirely is just foolish. Don’t be afraid to let the agent know that you’re interested in a property. They will only involve you in the process, not wrestle you to the ground and steal your wallet.
No Regrets. In life, if you do your very best and don’t succeed, you can walk away from the experience with no regrets. When you could have done more and didn’t, you will live with regret. This is true for relationships, sport, work and also buying a home. Don’t live with regret – make sure you submit your very best price – if someone offers more than you, then the property was never yours, but you have given your best. You will move on with no regrets. All is not lost. As they say, when you miss a bus, there will be another one coming along later.
If you’re thinking about moving, register your details with Marriott Lane and when you like something we have available, make sure we know. Good luck in your search.