We Control the Process, They Control the Decisions

Mar 1, 2021

28:11

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Episode notes

Some interesting buyer scenarios are beginning to pop up, and Matt and Garrett have chosen one in particular to examine today. Given the low level of visible inventory these days, they are hearing about realtors who are putting themselves into the position of making decisions for buyers by indicating that they are paying too much for their property. This is a situation that really needs to be addressed, and our hosts do so by giving a clear warning about the dangers of this practice.

They begin by defining fair market value and reviewing the dangers of installing limiting beliefs in buyers and trying to predict the future. Determining what is 'too much', the value of staying on the process side of things, supplying all the information for buyers to make their own decision, and how buying a home is different from buying mayonnaise regardless of the brand you feel is the best, are all discussed as well. Matt and Garrett finish up by exploring the intrinsic value that a house may have for buyers, the best way to protect your clients, and the potential buyer's remorse and reverse buyer's remorse that realtors can be generating by making decisions for their clients. There are no two ways about it, the role of the realtor is not to make decisions for buyers – you're headed for a world of trouble when you start down that road. Instead, ensure that you provide all the information for the buyer to make their decision on fulfilling their dreams, and in the end, you'll both be much happier.

Episode Highlights:

Defining fair market value
Installing limiting beliefs in buyers
Predicting the future
"How do we determine what's too much?"
Covering yourself by staying on the 'process side'
Supplying all the information to allow them to make their decision
How homes are different from even the best mayonnaise
Intrinsic value
Protecting your clients
Buyer's remorse and reverse buyer's remorse

Quotes:

"Let the market do the talking."

"We're literally installing limiting beliefs in our buyers, and I have a problem with that."

"You could squash some dreams potentially, and I don't want to put us into a position to do that."

"It's not for us to make the decision on…it's about giving them enough information so they can make decisions for themselves – that's what your role is."

"We can't tell them what to do."

"Building costs are going through the roof!"

"You could be scaring them into a much scarier situation."

"Every single piece of property is unique."

"Only they can determine what that's worth to them."

"If anybody says they can predict what the real estate's going to look like in the future, they're lying to you."

"We have to be careful what we're saying as realtors."

"If you are worried about them, give them more information."

"You have just lit buyer's remorse on fire."

"At the end of the day, they'll be a lot happier if they're the one making the final decisions either way."

"The plus side is you don't get blamed."

"We're here to serve, we're not here to decide."