I love it when buyers fall in love with a property.
I hate it when they ask for a second or third viewing accompanied by parents, friends or individuals who supposedly have a great deal of experience purchasing real estate.
Seven, eight or nine times out of 10, the extra visitors will kill the deal.
While the buyer himself or herself sees everything that’s right about the apartment, glossing over compromised requirements, those additional eyeballs generally seem to focus on everything that, in their view, seems wrong. Whispering to each other, those in the party leave. . . and the deal usually dies.
What brings this phenomenon to mind is a telling, nearly tongue-in-cheek account in New York magazine of the additional visits that real estate brokers endure with persons other than the buyers tagging along.
Writes Jhoanna Robledo:
Start asking brokers about this, and you’ll quickly learn that it’s a colossal irritant—and that lately, it’s happening all the time.
True, and one explanation is understandably declining consumer confidence and rising uncertainty about the housing, stock and bond markets.
Who can blame nervous buyers? I don’t blame them, but I do wish they would come to grips with a notion that I’m constantly emphasizing: No one else but them has to live in the home of their choice.
I am, incidentally, all in favor of a buyer returning for a second look; in fact, I mandate it. But I cannot stop myself from considering the subsequent tagalongs a curse, even though they may, in fact, help buyers make the right decision.
You’ll doubt me, but I believe that their making the right decision is more important than my making making a single sale. Purchasing real estate is a huge commitment, after all, and referrals from happy former clients is the key to more business.
One final note: If you have been following me on Twitter (@MalcolmBlogger), you would have had this information a couple of weeks ago, along with news almost as it breaks daily about celebrity doings, mortgage rates, home sale statistics, happenings on the Upper West Side and a range of other useful and occasionally entertaining developments.
Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022