Emotion in Real-Estate
Posted on Wed, Jul 21, 2010
Struggling to empathise with an angry seller, or a panic stricken buyer? We hope this light-hearted content on emotion in real estate will help you feel a little more in touch and a little less crazy...
Accomplishment – This can be experienced on all sides when a transaction comes to a close. The buyer has successfully completed their home buying journey and a seller begins a new chapter elsewhere. Agents on both sides see a job to completion, with satisfied clients and monetary compensation as rewards.
Apprehension – We’ve seen this type of buyer client. They’re unsure about so many things - the neighborhood, the schools, the commute, the price, the condition of the home. Everything makes them nervous.
Anger – More likely visible on the seller side, those going through financial hardships, divorce or job loss. This is especially prevalent with short sales, or impending foreclosure. But occasionally it occurs in buyers as well when they are forced to move due to some of these reasons.
Anxiety – Finding time for a home search, delving into finances and paperwork to prepare for a purchase and the physical act of viewing homes with family in tow, can be very exhausting. Sellers have anxiety as well when they must keep their property in show-ready condition each day, vacate their home for viewings and open houses. If their family includes children or pets, they have additional worries.
Elation – Of course this is a great emotion to be around. It occurs often with buyers when they’re handed keys to their new home, especially if this is their first one. For those that are purchasing a retirement or vacation home, it’s especially apparent. They’ve planned and dreamed, and now the dream is a reality.
Fear – For sellers leaving under life-changing circumstances there can be much uncertainty in their future. Living alone, new jobs or schools, absence of friends, family and community. Buyers fear their loan won't be approved, that the house may have problems or that they won't like their neighbors.
Frustration – Experienced a great deal by buyers when inventory is low and they can’t find a home, or when they’re constantly outbid by multiple offers. Sellers are more apt to feel this when inventories are high and showings infrequent. They'll also express this when offers come in below their list price or when buyers ask for their personal items as part of the contract.
Grief – The sense of loss is painful and overwhelming. When families are selling because of a death or divorce they may be dealing with grief.
Joy – Who doesn’t like to be around a joyful and happy client? Sellers who get the price they’d hoped for or better, who have a deliberate and desired path ahead of them. Or, buyers who have found the home of their dreams and can’t wait to move in.
Panic – For sellers who’ve sold one home, but haven’t found their replacement home yet, they’re concerned about having nowhere to live. Buyers worry that they’ll never find something suitable in their price-range, will miss out on tax benefits and may end up being renters forever.
Relief – In most cases, whichever of the emotions above is at play, coming to a conclusion of any kind does bring a certain amount of closure, and thus relief to everyone involved.
Worry – This is probably the one I see the most often, whether buyer or seller, and probably the one we experience most as agents. Is it priced right? Will anyone come to the open house? Who will be the agent on the other side of the transaction? Will the bank ok the loan? What will the inspections uncover? Will the buyers back out?
The list goes on, and we can all make ourselves a little crazy. Our best course of action is to stay calm, plan for success and deal with challenges as they come.
Regards,
The SAPTG Team
Author: Dieter Deppisch