But FOMO (the fear of missing out) has led to “I can’t get no satisfaction” for many people across the nation. Homebuyer’s remorse is not something you want to hear about when trying to build your real estate business. It is difficult for buyers to fully understand a property when there is a lack of reliable information. Quick listings and even quicker property sales have led to many dissatisfied homeowners. However, there are ways to help your clients get the satisfaction they deserve by giving them the tools and resources to work with.
Understand the buyer’s needs
It is said that there is a buyer for every house. That may be true but how do you know which buyer is for which house? Focus on the needs of your clients. 43% of homebuyers are concerned with commuting costs and convenience to their jobs according to the 2022 NAR report. They want to own their home but the past couple of years and the fear of missing out has led to impulse decisions. You may find a home within the ideal proximity to their place of employment, but the buyer needs to know that their new living space will accommodate their furniture, family, and lifestyle. Examining floor plans and 3D tours helps everyone understand the fit and flow of a home.
Things of regret
The majority of homebuyers from the past year experience some form of homebuyer’s remorse. Regrets include miscalculating overall costs of owning a home, paying too much, poor layout and wrong location. Though not much can be done about unforeseen maintenance costs, a buyer would benefit from an accurate floor plan if one was provided before the purchase. Highly detailed floor plans with intuitive navigation allow potential buyers to understand the space before moving into it. Advanced measurement tools make it easy to measure for future renovations to avoid spending extra money on mistakes.
Try before you buy
Fear of missing out can have your buyer seeking a new home before they have settled into the one they just bought. That may sound like the perfect opportunity to make another sale, but a dissatisfied buyer may also seek out another agent who can guide them on their buyer journey with better results. The try before you buy method of understanding the fit and flow of a home can help. Interactive floor plans and 3D tours allow a buyer to picture living in the space. Proptech tools offered by companies like iGUIDE® assist the buyer by giving them the ability to play with the space by virtually changing colours and fixtures or modifying floor plans.
“Caveat Emptor” let the buyer beware!
One way to avoid a serious case of homebuyer’s remorse is to be aware of the big picture. Help your clients with a little “construction” criticism. All houses have the potential to be the perfect home when you remove a wall here and there or add an extra bathroom. However, before beginning any major or minor construction it is wise to speak with an architect to discuss the viability of the property’s floor plan. Theoretically, you can change any home with an unlimited budget but in reality, changing the house to match that 3D tour you loved from HGTV requires time, money and a whole lot of planning.
Foresight is better than hindsight
As you look back over the past several months of record-low interest rates and record-low housing inventory you can give pause to reflect on the importance of accurate information. The fear of missing out has led homebuyers into a frenzy of grabbing up properties without fully considering all the facts. Now some of those unhappy homeowners will want to re-sell their pandemic purchases. With home sales falling back in 2022 you can give your new listings a competitive edge by using 3D tour technology and floor plans to successfully market properties. Have a little foresight by ensuring measurements are ANSI-Z765-2021 compliant and ready for Fannie Mae appraisal requirements to help speed up the mortgage process.
It may be better to regret doing something than to regret not doing something, but not when it comes to one of the largest acquisitions in someone’s life. According to a recent article from Zillow, homebuyer’s remorse is as high as 75%. You can help the buyer avoid lamenting their purchase by communicating the important aspects of every home from location to floor plans. Make those regrets too few to mention.
