How to Avoid Home Buyer’s Guilt
Almost two-thirds (64%) of millennials (ages 25 to 40) have at least one regret about purchasing a home, be that unpreparedness for the maintenance requirements or that the costs of homeownership itself are too high. While feelings of remorse decrease gradually for Gen Xers (45%) and Baby Boomers (33%), roughly 43% of all home buyers have at least one regret. Nevertheless, Millennials represent the largest segment of the U.S. population at 21.93%. And, contrary to popular belief, millennials are buying homes with more than half of home purchase mortgage applications submitted by people ages 26 through 41.
With more and more Millennials buying homes and starting families, they must prioritize finding the right real estate agent. Having the best realtor can eliminate much of the home buyer’s remorse common with Millennials and even Gen Xers and Baby Boomers. When searching, it’s critical to treat the processes as you would hiring an employee – after all, it’s your future home. The same applies to realtors: introduce yourself properly to the potential client and prepare a portfolio of information.
What Homeowners Should Look for in a Realtor
As a homeowner looking to buy a new home, always remember that you are trying to make money on your home and not lose it. With this philosophy in mind, be sure to set up the first meeting with the prospect realtor as you would a job interview. Ask to see references, look for professionalism (do they shake your hand, how are they dressed and did they arrive on time) and listen to how they communicate. It is essential that the real estate agent understands your needs and sufficiently articulates them to others but in industry speak. Likewise, check with previous clients to see what they thought of the agent and if they’d recommend them.
Additionally, you should watch out for promises of a higher sale price or if the realtor is making a higher estimate – typically, these are tactics meant to win you over and not necessarily a sign of a competent agent. Moreover, be wary of a realtor who agrees to the lowest commission rate. Sometimes, buyer agents, who can see the commission amount and split it with the listing agent, won’t be motivated to show your property since they know they will not make much money.
What Realtors Can Do to Get Hired
Realtors must practice good business etiquette to demonstrate expertise and leave a good impression on clients. Proper business etiquette is like any other skill and will allow you to stand out from others and improve your chances of getting hired. By fostering good rapport, you will advance in your profession, entice new clients and build positive relationships. Also, real estate agents must possess excellent communication skills, using industry jargon when appropriate.
Similarly, the best real estate agents can adapt to change, as many had to do during the pandemic. Although many COVID-related restrictions have expired, some states and counties have reinstated their regulations – always check the rules for the area you will be working. And don’t forget to check with the homeowners, who may want sellers and listing agents to take precautions when showing off their homes. Whether limiting the number of visitors, scheduling showings with preapproved clients or using virtual tours to market properties, agents must be willing to adjust to serve their clients.
Be Sure to Maintain Communication
Homeowners and realtors should both diligently continue open communication with one another to maintain the relationship so that when it comes time to move, everyone is ready - or so you can refer the agent to a friend.