High Tension for the Buyer and Seller Can Be Reduced
Copyright ©2001-2008 Jody Hudson
Tensions can run high in both the selling and buying of real estate. After all, there is a lot of money and emotion involved! There are also time pressures and numerous privacy issues to deal with. The sale and purchase of real estate can be a lengthy process involving numerous professionals from many fields.
The Real Estate Center at Texas A&M University asked 3,000 Texas home buyers to describe their recent purchase, about 400 replied. Their responses showed how stressful buying a home can be, for buyers and sellers. The Realtors and attorneys who try to keep all tensions at bay in order to complete the transaction also feel the burdens of stress!
“The process is grueling in the best of circumstances, and the severe sellers’ market of recent times only increased the stress,” says Dr. Jack C. Harris, Center research economist. “In conjunction with Lawyers Title Company, the Real Estate Center asked recent home buyers about their buying experience and what changes they think would make the process more buyer friendly.” (quote from Real Estate News Information Service Feb. 24, 2001)
The final question on the survey was, “If you could change anything about the home buying process, what would that be?” Almost a third answered the question, and most of them expressed dissatisfaction about some phase of the process.
Understandably some of the complaints were about circumstances beyond anyone’s control. This included high prices, interest rates, the lack of listings in a specific area, where they wanted to buy, etc.
However, all of us Realtors can learn much from some of the things that WE can, and should, do something about. Many of the folks surveyed felt that the Realtor did not perform up to their expectations. They were especially miffed when the Realtor assumed too much, that they understood what was going on, and didn’t keep them well enough informed. In such a pressure cooker of financial and time constraints, the unfamiliar territory of buying and selling a property can be nerve wracking!
Many buyers and sellers need to be reassured and comforted. It is sometimes hard for the Realtor to know which of the dozens or even hundreds of people they are working with at one time need the most attention. Some of the Realtors’ clients felt the agent did not take enough time with them. This was true even for some buyers who had a Buyer’s Agent under contract to work on their behalf alone.
We Realtors should alert and educate our clients, whether they be sellers or buyers, to the complexities and details of the real estate transaction. Some buyers feel that they are rushed through the looking, choosing, buying and settling process, and sometimes they are.
More and more buyers, especially the most savvy ones, are using Buyer’s Agents. When there is a Buyer’s Agency Agreement signed, most buyers expect far more service. Some feel that they don’t always get it. In fact, according to the survey, 70% of those who had a Buyer’s Agent wanted even more care, concern and service from their agent than they felt they had received.
The sellers, too, felt they had received too little service, care and attention in many cases, for the commission involved. Some seller’s felt that the selling agent was not responsive enough to them, that calls were not returned promptly enough, or that not enough assurance, information, concern and communication was forthcoming from their agent.
Even though it is legally the seller who pays the Real Estate commission, it is really part of the overall transaction. Many buyers feel that they are the ones who are really paying that commission. They feel that the several thousand dollar commission is just tacked onto the selling price by the seller and thus it is they, the buyer, who is ultimately paying more for the property than they should! Buyers often feel that sellers inflate home prices to recover the cost of the commission.
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