The only thing that is constant is change and this is the same in the real estate industry.
There are instances when people need more time to think things through before they make any decision to buy or sell property, which is totally understandable because of the big risks involved such as the financial aspect of the purchase and ownership.
Real estate agents are among the best people that can help guide homebuyers through such a period of change and provide the prospects of making the right choices.
For some, this can be a very big responsibility and real estate agents are often burdened by it.
Time can be a valuable resource
Real estate agents are trained to think quickly and make the best decisions when the times call for it in favour of their clients. However, imperfect as they are, there are instances when acting in haste may not lead to the best outcome.
In order to avoid this, time can be essential in helping home buyers make the right choices and expectations have been properly set.
Preparing home buyers for the conditions and expectations for actions on their real estate options must be a basic priority, which will greatly contribute to options should they require more time to think things through.
Situations that could require urgency
There will be times when urgency is a necessity, such as a pricing adjustment as a strategy, which clients may be able to leverage in making a good deal for purchase.
Another delicate situation is when sellers may be torn between making a decision to sell or rent, such as a limited time offer by a buyer to purchase the property.
A situation can also present itself for a seller when potential buyers have limited time to negotiate for a sale.
All these scenarios often occur and the prospect of change for all parties concerned often causes a stalemate especially when emotions are involved.
This is a situation that calls for a real estate agent’s guidance in helping clients come to terms with the possible impacts of their decisions, provided all premises and remedies have been considered and properly weighed.
The phases of change
Sellers go through different phases when they are addressing and dealing with change.
First, they go through a period of uninformed optimism. They find the idea of a sale as a viable choice but have not yet considered the underlying effects of a sale such as maintenance costs, lifestyle choices, or their financial capabilities.
Second, this is when informed pessimism occurs after they have been presented with the offers and options for change, for which they have established an understanding of the value of the sale and the possible changes they would face.
This is when emotions begin to come into play, such as the loss of the property’s sentimental value, change in dwelling locations, etc. This is when they start to feel nervous and anxious about the prospect of selling the property.
At this stage, real estate agents need to be careful about dealing with the seller, especially when a sales strategy has ruled out and could cause the seller to start losing confidence in the agent and contemplate on cancelling the transaction.
Third, realism starts to creep in and a time when the seller is faced with the reality of making a choice to accept or reject the change outcomes. It often increases the level of pain and discomfort of letting go of the property.
One such situation is when no reasonable offers have been made and the property stays in the market. The seller may have to face the reality that it may take some time before they get a good offer and would resolve to agree to adjust the price just as long as they are able to dispose of the property.
Fourth, the informed optimism phase allows the seller to accept any possible outcome from a sale and be confident about coming to terms with the choices they make. This is when they start considering other options when moving on and finding ways to embrace the changes.
Finally, the outcome phase is when all things have been considered and the eventual realisation of the impending changes. The outcome may not be as expected, but the seller has come to terms, moves on, and live with the changes that result in the sale of the property.
The real estate market is not just about selling or buying, it is also burdened with the responsibility to ensure that the changes have to be dealt with. Understanding these key changes are critical to also help guide real estate agents on how to properly deal and address these outcomes in order to provide the best possible solutions for all industry players.