What Really Motivates Buyers and Sellers

What motivates a person to buy or sell a home? Could knowing the answer change the way a real estate transaction take place? These questions came to mind while reading an article “How Consumers Really Think“ by Wendy Cole in Realtor magazine.

 http://www.realtor.org/rmosales_and_marketing/articles/2008/0809howconsumersthink  As an agent, I know that I’ve asked buying clients “what are you looking for in a home?” and respectively to sellers, “what are you looking to get out of your home?”  The real question is – why are you buying or selling?

             Knowing the motivation can really set the tone of a working relationship with our clients and could end a lot of frustration for all parties involved.  In addition to being aware of the number of toilets and bedrooms our clients are seeking, wouldn’t it be good to know that they like the attention from having the nicest house on the block, or that they love to fix up a home? Now no one is wasting time looking at those houses that meet these criteria, but do qualify if we are just looking at the numbers.

                Moreover, have we as agents truly explained to our buyers what it is like to buy a home.  Aside from the time it takes to find a home; aside from the importance of financing – have we discussed the emotions involved? Have our buyers thought about what being hundreds of thousands of dollars in debt really means? Do they know that nerves, and cold feet are normal? Have they imagined what the seller is thinking and how that could play a role in their negotiation?  While writing this I realize how Jerry Maguire like it sounds.  That said, it makes a lot of sense. If you know (or can imagine) what the other person is thinking, then you are that much more prepared for the negotiating process. If we are aware of what the whole process of buying and selling entails (as a buyer or seller) then we may be able to save a deal or two from falling apart due to cold feet, nerves, or regret.

                Real estate is more than just buying and selling homes.  It is also about educating our clients (and ourselves) and preparing everyone so that they can make their decisions easier and with confidence. It is about getting them to know what they want and then finding it for them.  It is about knowledge! GI Joe said it best – knowing is half the battle.

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