Real Estate Emotions
by: Ines.Hegedus-Garcia on July 07, 2007 13:56:18 4 comments »
Some people think that adding emotions to real estate could be a formula for disaster but I totally disagree. Emotions are the core of real estate, without them, transactions would be equal to buying a gallon of milk at the grocery store.
How can you ignore those feelings of elation when you walk into a home that you love the rush of adrenaline and the excitement you feel¦.and the fact that you can imagine yourself living there?
As Realtors in Miami, we deal with customers emotions on a daily basis and we help people identify the reasons they feel good about a property, as well as help them negotiate the right price for that property always keeping those emotions in mind.
One example of this was a couple we were working with not long ago. After 3 weeks of looking at properties they fell in love with a house in Miami Shores. I did a price analysis and they decided to place an offer. The sellers were not very flexible and made a ridiculous counter offer and made the experience unpleasant and our customers decided to pull away from the transaction. Two weeks later we received a call from the sellers agent saying the sellers would now consider our customers original offer. The whole experience had been so negative that they decided not to entertain it.
This example teaches us two lessons one lesson is for buyers to let their emotions flow when looking and finding a property, but not to let emotions get in the way when negotiating. The lesson for the seller is to be careful how you counter an offer because you may turn people away and loose out on great opportunities. In todays buyers market is it of the utmost importance to be able to identify serious buyers and to be able to negotiate and make deals happen.
Knowing that people are emotional by nature is critical. Working with the right real estate professional is even more important. One that can guide you and let you know when emotions are appropriate and when they are getting in the way.
The real estate market is going through a rough patch (this should not be news to anyone), which means understanding the process and the in and outs of emotions involved is crucial for a successful transaction. Make sure you work with a Miami Realtor that has your best interest in mind and understands the emotional side of Real Estate.
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· http://www.rsspieces.comYou are spot on, Ines. John and I just purchased our second home here in Cape Coral. We ended up in a bidding war over the property and had to move a lot faster than we would have liked. Both John and I were nervous wrecks thinking that at moment we could lose our dream home, but our Realtor, a constant professional made the situation bearable. So, yes, there must be room in the transaction for emotions but the steady hand the professional should be able to mitigate some of the nervousness and sadness when transactions don't go to plan.
Permalink July 08, 2007 13:36:43 · http://www.miamism.com/
Mary - it just amazes me when people try to avoid the emotional side. In my opinion this makes things so much more difficult. I am happy to hear that your Realtor took good care of you and was able negotiate in your behalf. When I see customers really like a property and then don't want to place a good offer, I always ask how they would feel if the deal would not go through....it really puts things into perspective.Permalink July 08, 2007 19:31:54 · http://www.RealEstateSizzle.comI find emotions are even more important with the sale of a family home. I ask my sellers to say a final goodbye with a party, or a tribute that is meaningful to them. For some, it is important not to attend the closing. And, for others, it is critical to be at closing, for the closure. It's important for the agent to be "tuned in" to their emotions and share their pain, but help them with the process of moving on.
When the realtor tells the client that they understand because they have been in the situation many times before, I think they feel much better. I also tell them it is acceptable, and expected, to be emotional. That, in itself, helps them with the closure process.
Permalink July 16, 2007 18:18:53 · http://www.miamism.com/Jackie - I totally agree. Letting clients know before hand that they may experience these feelings can be very helpful to them. It's extremely important to understand that people deal with these feelings differently and even more important for them to know it's OK. It just amazes me how some people insist that buying and selling real estate is a non-emotional process.
Permalink July 19, 2007 23:10:20This post has no comments awaiting moderation.
