How to …
avoid buyer’s remorse

Have you gotten this phone call? Your client calls and says, "I don’t think I really want to buy the house." If this occurs during the option period, it’s no problem. However, hearing those words later in the transaction–or after it’s completed–can present very big problems.

Most consumers experience a degree of buyer’s remorse every time they make an expensive purchase. How much remorse they feel often depends on how informed they are about the item they bought. A buyer in his comfort zone, such as an expert auto mechanic buying a new car, makes confident decisions and is unlikely to experience regret. But how many of your clients build or repair homes for a living?

Educate and inform your clients ahead of time to avoid second-guessing. Before your buyer locates a property he’s interested in purchasing, encourage him to become familiar with the real estate transaction and its parts. Provide sample forms for your client to review and ask questions about–before he’s signing them for real. Also, give him CMAs, so he’ll be confident naming his price when the time comes.

When you find a property that fits his needs, ask the buyer to make a list of pros and cons of the property before making an offer. This exercise serves two purposes: It provides a test that each potential house must pass, and the list can be used in the future to remind a remorseful buyer why he purchased the house in the first place.

Your actions as an agent also affect how a buyer responds to pangs of remorse. If you used forceful or high-pressure tactics to make the deal happen–even if you did it in you client’s best interests–he may feel as if he lost control of the transaction, which can contribute to regret.

Tell all your clients that buyer’s remorse is very real
and may hit them. Remind them that it’s normal to second-guess important decisions, but not to attach more meaning to the remorse than is warranted. If your buyers are informed and supported by your expertise, you may avoid those phone calls from clients who want to call off a transaction.

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