"BUYERS REMORSE" AND HOW TO DEAL WITH IT.....AND DEFEAT IT!
I spoke to an agent today who is going through losing a deal because her buyer is having second thoughts....Buyers Remorse is so common that most agents have a way of handling it and pushing beyond it with the buyer. But there is still a lack of understanding about this phenomenon. This particular agent is new so I felt the need to help her out with it.
Many think it is only women who suffer this angst...Not so! I have had men experience it as well and it is not any easier to deal with it, as the agent.
As frequent as Buyers Remorse happens there is a huge lack of understanding as to what it is and what to do to deal with it, just like any other emotion that comes up for a buyer of a new home.
LIFTING THE VEIL OF BUYERS REMORSE:
So, I took the time to explain to this new agent what I have done in the past with one who is suffering the dreaded Buyers Remorse.
I spoke to the agent this morning at the office: "You need to tell her about buyers remorse...give her all the dirty details and let her know that the response she is now having is typical of what buyers ALL have. Some are worse than others and there are degrees. Let her know that this too shall pass. We all get over Buyers Remorse; just take some time to give it a name; identify it for the buyer so she knows it is not uncommon."
All buyers have that moment of fear that paralyzes them. Some are more fearful than others---a buyer who buys houses frequently knows the symptoms and overcomes them on his/her own. Still it can be like carrying around a lead weight until you are able to help the buyer to understand how common it really is.
Buyers Remorse is such a common thread in what happens when buyers are spending large amounts of money that we all need to have a lesson in dealing with it--I mean REALLY dealing with it.
- I have learned to disarm their fear, or I try to.
- I do that by explaining it all to them...
- I give them examples of what some people will do in the trance of buyers remorse..get them to laugh at their own appearance as a fearful homebuyer.
- I help them to see themselves moving into the house they love and the visual can help them to move past the fear.
- I give them tips on how to view the large purchase in relationship to their "wealth building" and that can help to alleviate the fear that they are going to lose their money.
- I tell them that even after all the negative things that have happened in the housing market--there is still a huge upside to home ownership!
This breaks the hold that the fear has on the buyer. I don't know just why, but covering these particular issues with the buyer while they are in the state of Buyers Remorse, helps to move them out of the place where they are blinded by it.
From this new place, they are able to percieve the process differently and they manage to get the courage needed to proceed to closing without the fear that paralyzed them just a few hours before.
DO YOU HAVE ANY WAYS OF DEALING WITH BUYERS REMORSE?
PLEASE SHARE THEM HERE IN THE COMMENTS SECTION IF YOU HAVE ANY WAYS OF HANDLING BUYERS REMORSE.
**ALL INFORMATION AND CONTENT IN THIS BLOG IS ORIGINAL TO PAULA I. HATHAWAY
Paula I. Hathaway, Senior Vice President, Douglas Elliman Real Estate
Southamtpon Village Real Estate Specialist since 1995; Also Specializes in North Sea, Noyac, Water Mill and Bridgehampton, New York
Diamond , Gold and Chairman's Circle Awards; Top Producer since 2005
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