You work hard for your buyer-clients to help them find a home. You search through house after house until they finally make an offer and it’s accepted. You wish them well, they move into their new home…
… so why don’t they call you up when they need to upgrade to a new home in 5-7 years? You sent them a fridge magnet and an annual Christmas card, so why did they go with another agent?
There are a few reasons for this (including this top real estate marketing mistake that I describe in my Real Estate Marketing Manifesto) but on Tara Nicholle-Nelson’s blog REThink Real Estate, she provides an interesting list that real estate professionals should read and memorize.
Her blog post is Top 5 homebuyer regrets — It’s a list of 5 regrets that people experience after buying a home.
Don’t read this as a list of things your homebuying clients will experience after they buy a home. Instead, read this list as a list of ways you can proactively serve your clients by equipping them with the information and advice to avoid these problems!
I’ve listed the problem and my suggested solution below but again you should go over to her blog to read the whole post.
- Premature buying: People buy because they feel pressure to buy. And you probably need to pressure some of your clients a little to get them to make a decision. But premature buying can be avoided by helping your clients develop a prioritized checklist of what they want in a home and then helping them find as many homes as possible.
- Buying too small of a house: This is where your expertise comes in. People often buy products and services (not just houses) because of what they know or need right now. But life changes and you need to advise your clients that a slightly larger home might be better for them. Keep it low-key by telling them about a previous client in a similar situation who wished they had bought a larger house.
- Buying a home you can’t truly afford: This is a hard one for you to handle with your clients since you’re not also their financial advisor (and since you’re trying to tell them to buy a house that is slightly larger than they need right now). But you can professionally and sensitively educate your clients about costs, and point out that the mortgage is just one of many costs they’ll incur as a homeowner. Make sure they are aware of other costs that they will face.
- Incompletely resolving buyer conflicts: In Tara-Nicholle’s post, she explains that couples (as well as other groups, such as parents and children or siblings) might buy houses together but one member of that group might feel over-run by the either. You can work magic in this area by making sure that everyone is heard and their view points are appreciated.
- Taking on a “fixer-upper” that exceeds skill and budget: This connects with the third homebuyer regret and you can help your homebuying clients to see the reality of what they are taking on if they buy a house that needs work. Some homebuyers might be okay with that but you’ll want to ask your clients about their level of repair experience and involve them in conversations about what time/money/effort costs they are willing to incur.
Buying a house is hard. Homebuyers can be overwhelmed by the choices and complicated process and might end up with regrets when they are done, and Tara Nicholle-Nelson’s blog post outlines 5 of those regrets. You can help your homebuying clients overcome those regrets, which increases their satisfaction and loyalty.