By Melissa Dorman, July 16, 2020
Finding the perfect home requires patience. Unfortunately, some homebuyers aren’t willing to wait. Here are some things you can do if your client is in a hurry.
Real estate agents usually work with homebuyers with the goal of finding the best home for their needs. However, it takes some time to find the perfect house — and not everyone is accepting of that fact. Eventually, you’re going to run into homebuyers who are eager to find a great home right away, which can be difficult for several reasons.
Not only will you face more pressure (including more emails and phone calls) from homebuyers, they’re also more likely to make a hasty decision that isn’t ideal for their circumstances. Learning how to handle and assist impatient buyers is a skill you’ll want to learn.
How long does it typically take to find and buy a house?
Your first job will be educating your homebuyers on the length of time it actually takes to find and buy a house. Buyers can be impatient because they just don’t understand what the process is like and have unrealistic expectations.
Although it varies from person to person and city to city, most people can count on an average of 1-2 months of home searching before closing the transaction.
If you find a couple eager to move and rush into a contract within a week, you may want to encourage them to take their time and consider other options. If you’ve been searching together for four months, it may be time to have a conversation about goals. Try to learn what they’re truly looking for and what their vision is.
Of course, from there, you’ll also need to think about the time it takes to actually close a transaction, once you’re under contract. However, this process is variable, and will probably only take another 30-50 days.
Why So Impatient?
Next, determine what’s causing the buyer to be so impatient. There are several factors that could be pressuring them, and each one requires a different approach.
Pace
Different home buyers want to buy at different paces. Some want to take their time with the decision. Others want to dive in and focus until the decision is made. There isn’t much you can do to control this variable, but you can be sure to match their pace and enthusiasm.
Style
Some people lower standards when buying a house, while others have a high bar. Some of your type-A homebuyers will likely stop at nothing to get their dream house — even if it means passing up a lot of viable options. Try to readjust these expectations and show them that the market has many wonderful options and that perfect may not be reasonable.
Market conditions
Markets go through regular cycles and the stage of the market matters a lot when you start shopping. If the market is high and competitive, buyers may be desperate write offers. If your buyers are aggressive, the best thing may be to lean in and help them learn as much as possible before making offers. Pump the brakes and make sure they’re really ready.
How can you help your clients?
As a real estate agent, there are several things you can do to improve the buying process for both you and your prospective buyers. Here are a few:
Be patient with them
Buying a house is a big life change, and many buyers end up being much more confident and committal if they’ve been shopping for a while. Encourage your clients to list the pros and cons, take some time away from the decision, and remember to balance their days with other activities. Give them some space and let them process the decision.
Present novel alternatives
If your homebuyer wants a home right away, but doesn’t like the options that are on the market, consider presenting some alternative options they may not have considered, such as houses in a neighbouring area, or houses that don’t fit all their wants or needs. Commonly people get stuck on one specific plan or idea and fail to see other opportunities. It takes a good REALTOR® to be able to point this out and open them up to creative solutions.
Get feedback
Find the right way to help, either by educating your clients, presenting creative options, or communicating with your buyers in different ways. To check if this is the case, ask your clients for feedback. This is a valuable opportunity to learn more about your approach and polish it for more efficient, satisfactory deals.
Some homebuyers are naturally impatient. However, with the right approach, you can still help them find a great home in a reasonable amount of time. As a real estate agent, you have the ability to drastically improve your clients’ quality of life, through facilitating a smooth transaction and getting them into a home that they will enjoy.
Melissa Dorman
Broker | OR & WA
She/They
Ten years ago, Melissa was living in a slum in Kolkata, India, helping over 200 women escape sex trafficking by providing alternative work at a social business.
It was there she discovered her passion for financial education as a means of empowering people to move out of poverty. After graduating from UCLA with a Masters, Melissa spent 5 years working as a Social Worker; assisting clients facing homelessness, in jail, or at a psychiatric facility.
As much as she loved the work, imagining saving for retirement on the meager salary of a social worker was becoming grim. That's when Melissa discovered "passive income." In no time, she fell in LOVE with real estate as a vehicle for wealth. Soon after, Melissa began locating off-market multi-family properties to purchase through creative financing strategies and win-win opportunities. Two years into investing, Melissa quit her day job as a Social Worker to become a full-time broker and investor. Initially, she was drawn to people in difficult circumstances, so she developed extensive experience assisting families facing foreclosure, short sales, and probate. Melissa is well versed in helping her clients overcome complex real estate challenges.
Currently, Melissa is teamed up with Super Broker, Yascha Noonberg at Living Room Realty. Together they assist clients to achieve their real estate dreams, including how to strategically buy and sell a personal residence to maximize profits. Far from the slums of Kolkata, her greatest passion now is empowering other working professionals to develop passive forms of income through buying multi-family properties in Portland.
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- T: 503-567-4697
- melissa@livingroomre.com
