Buyers Remorse, Now What? EP 137
On this episode of the Real Estate Fight Club podcast, Jenn and Monica are going to duke it out over what to do if clients have Buyer’s remorse. Monica thinks it is a good idea that an agent talks to the buyers ahead of time about what is likely to happen, so when it happens, they can say, remember we talked about this. As an agent, you have to go back to the client’s motivation. Jenn has seen so many agents get in their own way, but it is your job to know and take the client back to their motivation.
Episode Highlights
- Buyer’s remorse occurs because buyers have made big decisions so quickly says Monica.
- Often today, you have overlapping appointments and there are other people in the house, in 30 minutes you can’t see everything and often clients feel overwhelmed. As per Jenn this begins before you show houses. This is during the buyer consultation and when you sign the buyer agreement where they have asked you and committed to you working for them, they have agreed to that.
- Monica thinks as an agent you take the first barrier down because if they are trying to tell you, they want out, and you are pushing back on that, you are going to create a sense of resistance. So the first thing she says is - We can get 100% out of this contract. No problem. You have to let them know you are good with that, which lowers their resistance.
- Monica had a client she worked with for probably two years. She freaked out and Monica woke up on a Saturday morning to a dissertation in an email that was her trying to do a comparative analysis through the auditor site.
- It’s very hard to detach yourself and help somebody else when that person is maybe 50% of your income.
- When it comes to buyer’s remorse Monica is going to just offer up listening, because when you truly listen, you can guide the conversation towards what is best for your client, and take the emotion out of the decision.
- In her 20 year career, nobody has called Monica with regret after the sale.
- Monica did have somebody back out in the last month of a contract due to freaking out and they gave up their earnest money, and as an agent she had to guide the buyers through the potential consequences.
- As an agent no matter how much you prepare yourself for buyer’s remorse, you are always going to have it. It’s devastating, says Peter.
- One of the things that Peter likes talking about is what they are going to feel, what it is going to look like and what are the early signs of potential remorse?
- Peter always likes to have the spouses or whoever is going to be involved in the buying process together all at the same time because they are going to also hold each other accountable.
- Nine out of 10 times Peter does a buyer agency agreement . He looks at the buyer agency agreement as a way to protect his income, but also another micro commitment in the process from whoever you are working with to make sure that they are allocating the time that is required and they have a buy-in from the other side.
- If you are regretting putting in an offer in this house, I need to know why. Let’s go back to why you started looking in the first place. If we we’re blessed as a buyer in this market to get a property that was accepted and we do not want to go through this emotional rollercoaster of frustration, says Peter.
- For most agents, they’re doing 5 or 10 deals a year. So if you’re only doing 5 deals a year, this client represents 20% of your annual income. It’s very difficult not to be emotionally attached to that. So what can you offer by way of getting people over the hurdle and moving ahead by pushing through and asking great questions?
- There is never a shortage of clients. It just comes to your mindset and whether you have a scar. So your mindset can move to an abundance mindset, and you can go out and get business tomorrow. The question is, will you put in the work and take the action that’s required to do it?
3 Key Points
- Tiebreaker Peter Michael Blicharz, will also be contributing to the topic by telling us how he deals with buyer’s remorse and what an agent can do when buyer’s remorse happens.
- Monica shares her viewpoints on - what would she do if a client closed on a house and had buyer’s remorse?
- If you are working with somebody, understand if the individual is more logical? Or are they more emotional? And which side do you need to appeal to more? That way you are able to help them through the process.
Tweetable Quotes
- “You have to be on the same side of the table with your client and know your client. You have to know them well enough to know what will help them.” – Jenn
- “When you said you have to know your client, I knew she was just in analytic freak out mode.” – Monica
- “If it’s between you and your client, you’re gonna choose you.” – Jenn
- “We say you are in a contract. You should call your attorney. When they call their attorney, their attorneys are like this is dumb you are in a contract. And then I let the attorney do the thing.” – Jenn
- “If they have to take less money, if they lose their deposit on their new house, like you are opening yourself up because, you are in a contract right now. We shortened it.” – Jenn
- “Hold the other person accountable and let them know that they’re not going to be in it alone.” – Peter
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