The pleasure anyone takes in an experience — whether job hunting, waiting for a traffic light to change, gambling, watching a football game or undergoing surgery — varies according to what the individual believes will be the outcome.
A piece on expectations in the New York Times over the weekend is what reminded me of that verity. Notes the author, Alina Tugend:
Knowing what to expect colors so much of our life’s experiences, often more so than the experience itself. If we expect to pay $21,000 for a car, $20,000 seems like a deal. If we expect to pay $19,000, it seems like highway robbery. Either way, the car is still $20,000.
To me, the article underscores just how important it is for buyers and sellers to understand what they can achieve through their real estate transaction, and not only about the price they will pay or receive for an apartment or townhouse.
One point I always try to make as buyers being their search is that no buyer, no matter how wealthy, fails to compromise on the property they ultimately purchase. As you know, such a compromise may well involve location, light, floor level, layout, condition, space, closing date and so on.
In addition to price, sellers need to know from the beginning how much time may be involved in finding a buyer and how much of their own time the process will consume. They also must be told about their persistent inconvenience, unforeseen logistical obstacles, potentially growing competition and the extent of the broker’s future marketing efforts, among other things.
Let me stress that neither list is comprehensive.
But no matter what proves to be disappointing to clients, forewarning them is sure to mitigate any pain and accentuate any pleasure in an invariably stressful experience.
Although brokers may celebrate closings, they will suffer damaged or broken relationships if they don’t prepare their clients well for eventualities that almost always occur.
When expectations are managed, everybody wins.
Tomorrow: Will Aunt Sally be your rommate?
To take your own bite out of the Big Apple, search for your new home here.
Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022