Posted on December 1, 2008
buyers are liars? ... what's up with that? my first week in the residential real estate business i overheard a grizzled veteran colleague in the office remark to a fellow agent that "buyers are liars" and i thought to myself "wow, that's cold!"
after a few years in the business and countless home showing to countless prospective buyers i finally came to appreciate what she really meant. admittedly i'm a slow study. her quip wasn't meant to be rude or derogatory. rather she was simply summarizing her years of experience in working with residential real estate buyers wherein buyers often arrive in a new area with a preconceived vision of what they think they would like to find in terms of an new home with little or no notion of the variety of options, in terms if types of homes and amenities, that might actually be available in what is frequently a new and unfamiliar area. so, it's not that she meant to denigrate "buyers as liars", rather as simply frequently and understandably uneducated as to the range of prospects and possibilities.
the following excerpt from dave's blog provides an excellent real world example and lessons to be gleaned there from. one of dave's colleagues was house hunting, and he told his real estate agent that he wanted a house with no lawn or plants because he hates gardening. she kept showing him houses with brick and cement yards, but he found them cold and sterile. finally she took him to a house with features that completely violated his request - plants and grass everywhere. when he complained, she said, "don't worry, i found you a gardener." sure enough, that's the house he bought.
in this case, dave's colleague was the liar, and his agent made the sale by listening carefully to his concern, but not listening so closely to his proposed solution. if she had believed him, she would probably never have sold him anything.
i am often reminded of this lesson when i hear clients describe the features they would like to have in a property. even if i find a property with exactly the features they say they want, they may not be satisfied. the problem is that while clients may be experts in terms of their needs and desires and in understanding problems in their environment that they need solved, they aren't necessarily experts in developing solutions to those problems.
how then do you deal with this contradiction when on the one hand, "the customer is always right," while on the other hand, "buyers are liars"? one compromise is to assume that they are right about their own needs and desires, but don't assume that they've necessarily conceived of the best possible solution.
when a client requests a feature, i believe it's important to dig deeper and ask lots of questions. exactly why is this feature important to you? how were you planning to use this feature? are there other alternative substitute features that you have considered that might meet your needs? would you be willing to trade more of feature "a" for less of feature "b"? if done with tact and perseverance, i believe that this kind of interaction can lead to much better solutions than if either clients or agents simply specified the features on their own.
initially a buyer may be adamant that they what they are looking for is a large farm-style home on acreage until they come to the realization that they can actually purchase a cozy waterfront bungalow with a dock for about the same price. life is after all a compromise, so while a buyer may end up purchasing something akin to what they had preconceived, they may not. fortunately, one of the attractions of bainbridge island is that we are blessed with quite a diversity of unique and special properties.
in my opinion then, it is one of a buyer agent's responsibilities to expand the prospective buyers' horizons. as a long time island resident i can serve as a discrete, honest, and candid sounding board regarding neighborhoods, property features, amenities, and property values.