Opinions: Subject to Change

A homebuyer really won’t know what to hope for in the process unless they’ve experienced it before. A survey from mortgage resource website HSH.com found that 80 percent of homebuyers have at least one major regret about their home, giving credence to the old adage: hindsight is 20/20.

Take Buyer A, for instance. When the process began, what he wanted “primarily” was to “pay a discounted commission.” But having gone through the rigmarole of finding the right property, learning about the factors influencing pricing and how the lines of communication need to be drawn, he’s now more explicit in his answer to the question “what do you look for in an agent?”

“I like an agent who can help me quickly understand the pros and cons of each property that we visit,” A said, emphasizing the importance of local area knowledge and adding to his list of desirable qualities: prompt and clear communication, organized, able to multitask, a tough negotiator and trusted fiduciary.

One thing Buyer B was particularly keen on, having experienced the challenges of the process and seen the many layers that make up a real estate transaction, was professionalism and honesty, which NAR found was the average buyer’s No. 1 most favored quality. Buyer C agreed, but added that agents should also be knowledgeable, structured, proactive and straightforward in speaking their mind.

“We were surprised at (our agent’s) frankness,” C said. “He would point out the negative aspects of properties as well as the positive, which we really appreciated.”

Buyer A agreed, saying that agents should “point out the features and flaws of each property” a buyer might be overlooking.

Our fourth buyer expects to close on his property soon, but he said that having experienced a bad agent, he feels confident his current agent is a good one.

Looking for Similarities Among Differences

Acknowledging the inevitability of differences, it’s important that agents still understand that while buyers’ expectations may differ, there are some common themes.

A simple example is transparency. Buyers want to know what their agent knows, and trust that if he or she learns something new that’s important, they’ll soon know that, as well. Another would be responsiveness, and another knowledge, and another frankness.

No one agent can meet every buyer’s initial expectations. The most efficient strategy for an agent working with a new buyer is to adapt to the client needs that are revealed in the initial vetting process. Be proactive in finding out what they look for in an agent, how they like to communicate (and how often), whether they have a preferred lender and how they prioritize their criteria for a new home and neighborhood. CA