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February 27, 2016 • Home Selling Tips

Is Your Client Experiencing Buyer’s Remorse?

Homebuyers may eventually feel buyer’s remorse after the purchase of their new home. The more money that a client has invested in a home, the more regret they may feel. As a real estate agent, it is important to identify ways to contest any buyer’s remorse so that your buyer can be assured of their purchase. Here are a few things you can do as a real estate agent to assure your clients of their purchase:

Plan for remorse. Before your client has the opportunity to regret their decision, plan for them to have second thoughts about their purchase. This will make it much easier for you to diffuse the situation once it arises. Identify potential reasons that your client may use to avoid accepting their purchase. If there are already identifiable issues with the home, educate the client on simple ways to fix any problem. Once the client is assured that there is a solution to any of their problems, it will help them feel secure.

Remind your clients of contractual obligations. If your client is still wanting to cancel anything that they have already signed off on, remind them of their legal obligations. All contracts come with consequences for being in breach of contract. These consequences can mean a hefty fine for the client and a damaged reputation for the real estate agent. Buyers that back out of a sale can legally be required to be financially responsible for all home fees until the property is resold. As a realtor, it is important to advise your clients to make the best decisions possible from a real estate agent’s perspective. Remind your clients that paying for homeowner’s association fees, property taxes, and mortgage will be an expensive consequence.

Remind your clients why they purchased a property. Once a homeowner decides to purchase a property, there is typically an emotional connection behind the purchase. Reminding your clients of their emotional connection to their property will help to affirm their decision. Allow the client to envision themselves living in their home and emphasize all of the home’s selling points. This will ultimately help your clients to reconnect to their emotional attachment for the home.

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