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Old 06-27-2012, 10:18 AM
 
Location: Chicagoland
1,544 posts, read 1,459,785 times
Reputation: 1391

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I had two specific questions, but thought maybe I should just open it up broader and ask. So within reason, what do experienced realtors hope for in a client (short of looking at one house and offering asking price - jk)?

My specific questions FWIW:
  • Having relocated and bought four homes, we know what we like. We have a 3 page list of what we like and don't like, though there are about a half dozen desires (identified) that are show stoppers. The list is mostly for us to make sure we've thought of everything (is there an abandoned superfund site next door, flood plain, etc.) - we fully realize there's no chance we'd ever find a home that meets all our desires, or even close, unless we build from scratch. What do realtors want in terms of buyers needs: give me the 3 page list OR give me your top 3-5 show stoppers (and don't bother with all the rest)?
  • I like to research purchases, that would certainly include a house. I don't expect a broker to do it all for me or hold my hand, I'm more than willing to spend the time on my own. So I'd want to see (on paper, not in person) all the listings, and maybe recommend a few to view, before making a purchase. That does not mean I want to look at houses for 6 months. When I've bought homes in the past I don't remember looking at more than 10-12 before making a successful offer. The last thing I'd want would be a broker who screened everything for us without showing us listings to view on our own. Are realtors OK with letting me see (on paper) anything I want to consider?
I assume one of the biggest issues for brokers is buyers who want a $500K house for $250K and take forever coming to the realization it ain't gonna happen. After several home purchases, we understand comps/market value so hopefully we're more realistic than some buyers (you see totally unrealistic buyers on HGTV all the time if that's to be believed). The other thing we see on HGTV is buyers who faced with something they don't like, can't seem to differentiate between what can be easily changed (paint colors, cabinet hardware, etc.) and what can't (or would be very expensive).

Last edited by Midpack; 06-27-2012 at 10:57 AM..
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Old 06-27-2012, 10:36 AM
 
Location: Martinsville, NJ
6,160 posts, read 10,936,527 times
Reputation: 3939
Quote:
Originally Posted by Midpack View Post
I had two specific questions, but thought maybe I should just open it up broader and ask. So within reason, what do experienced realtors hope for in a client (short of looking at one house and offering asking price - jk)?


My specific questions FWIW:
  • Having relocated and bought four homes, we know what we like. We have a 3 page list of what we like and don't like, though there are about a half dozen desires (identified) that are show stoppers. The list is mostly for us to make sure we've thought of everything (is there an abandoned superfund site next door, flood plain, etc.) - we fully realize there's no chance we'd ever find a home that meet all our desires, or even close, unless we build from scratch. What do realtors want in terms of buyers needs: give me the 3 page list OR give me your top 3-5 show stoppers (and don't bother with all the rest)?
  • I like to research purchases, that would certainly include a house. I don't expect a broker to do it all for me or hold my hand, I'm more than willing to spend the time on my own. So I'd want to see (on paper, not in person) all the listings, and maybe recommend a few to view, before making a purchase. That does not mean I want to look at houses for 6 months. When I've bought homes in the past I don't remember looking at more than 10-12 before making a successful offer. The last thing I'd want would be a broker who screened everything for us without showing us listings to view on our own. Are realtors OK with letting me see (on paper) anything I want to consider?
I assume one of the biggest issues for brokers is buyers who want a $500K house for $250K and take forever coming to realization it ain't gonna happen. After several home purchases, we understand comps/market value so hopefully we're more realistic than some buyers...
I think knowing what you want, and being realistic about affordability, are the most important issues. Whether your list is 3 pages long or just 3 items, share it with me so I can do my job, which, at the initial stage, is to find the property that most completely meets your needs & wants. Let me know which ones are "nice to have but not critical," "Sort of important to us," or "Absolute must have." I'll do the research and show you all the results. If it happens that you have expectations that are unreasonable, and don't want to believe me when I tell you that, The research will surely make you see it. So I will HAPPILY show you (digitally) every house. Typically, my preferred method is to send you all homes that meet the criteria, letting you know which ones I have seen and believe are worth you going to see, and inviting you to add or subtract from that list.
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Old 06-27-2012, 11:32 AM
 
Location: Salem, OR
13,762 posts, read 31,699,392 times
Reputation: 12150
I'd want the entire list. I have a Fung Shui buyer right now and there are a lot of deal killers on that. Most of which I can rule out via Google earth or a quick drive-by.

My ideal buyer
1) Asks a lot of questions
2) Is realistic
3) Only looks at homes they can afford, online too.
4) Is respectful of sellers

That's all I ask.
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Old 06-27-2012, 11:39 AM
 
Location: Chicagoland
1,544 posts, read 1,459,785 times
Reputation: 1391
Quote:
Originally Posted by Silverfall View Post
I'd want the entire list. I have a Fung Shui buyer right now and there are a lot of deal killers on that. Most of which I can rule out via Google earth or a quick drive-by.

My ideal buyer
1) Asks a lot of questions
2) Is realistic
3) Only looks at homes they can afford, online too.
4) Is respectful of sellers

That's all I ask.
What do you include in realistic, price and expectations or other?
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Old 06-27-2012, 11:45 AM
 
Location: El Dorado Hills, CA
3,672 posts, read 8,016,554 times
Reputation: 3758
Quote:
Originally Posted by Midpack View Post
I assume one of the biggest issues for brokers is buyers who want a $500K house for $250K and take forever coming to the realization it ain't gonna happen. .

Yes, this.

Or the ones that don't realize that the ideal home may not every come up for sale but they can't give up one item on their 3-page list. They look forever and never buy.

I like to know "ideal" world. Then the must haves. That helps me narrow down the possiblities. But there's nothing like a house hunting trip to see the buyers reactions. Sometimes, most the items on that 3 page list become not important when buyers fall in love with something completely different.
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Old 06-27-2012, 12:02 PM
 
Location: Columbia, SC
8,870 posts, read 17,507,475 times
Reputation: 6265
You buy the first home you see and offer full price with no concessions. I'm kidding of course.

I like working with buyers that have an idea of what they want, get prequalified before looking, and sign a buyer agency. I like when buyers ask questions and answer mine honestly. I like when buyers only look when they are ready to make an offer.
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Old 06-27-2012, 12:04 PM
Status: "Planning for the future." (set 11 days ago)
 
Location: Just south of Denver since 1989
10,695 posts, read 28,592,320 times
Reputation: 6871
I'd go with motivated, qualified, and willing to listen to professional advice.
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Old 06-27-2012, 12:04 PM
 
Location: Gorham, Maine
1,818 posts, read 4,282,578 times
Reputation: 1240
I find it very helpful to work with buyers (who are local) who are willing to drive by first before asking me to see a home. That eliminates a lot showings that look good in MLS but are in areas that the buyers aren't interested in. Obviously that is not possible for those from a different location.
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Old 06-27-2012, 04:08 PM
 
Location: Salem, OR
13,762 posts, read 31,699,392 times
Reputation: 12150
Quote:
Originally Posted by Midpack View Post
What do you include in realistic, price and expectations or other?
Just having some semblance of reality. I've submitted many a low offer on behalf of my clients but I only go as low as I think I can justify in negotiations. I won't work with low ballers for the sake of lowballing. So negotiation strategy vs. market reality is important.

Then there is home reality. If someone says to me during my buyer consultation "I want a 4 bedroom with a bonus room in an historic neighborhood" then I don't have a realistic buyer. They didn't make bonus rooms in 1900. So we chat about whether or not they want the historic homes or the bonus room. They are mutually exclusive here. Or they say I want a 4 bedroom house in a good school district for under $150,000 they are clearly tripping on something as that isn't possible here. We have urban growth boundaries so if someone wants a 1/2 acre lot, that only happens above a certain price point.

Part of my job is to educate about reality for my area and that is fine. If they get it and shift their criteria accordingly we can move forward. If they don't, then I'm not the right agent for them.
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Old 06-28-2012, 05:51 AM
 
25,368 posts, read 37,666,606 times
Reputation: 13286
Having money to pay for the house of pre qualified...

Know what you like and what you don't want.

Know which area.

Being realistic what is available for the amount you can afford.
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