Wednesday, June 5, 2013

How to work with Parents of the buyers- agents share your tips too!

Realtor
How To Handle The ParentsWe've all been there. Your buyer finds the home they want to make an offer on, but before they can make an offer, they want their parents to take a look at it.

Parents Can Kill A Deal

Nothing can kill a deal faster than parents. Some parents can be extremely critical of every aspect of the property. In addition, they tend to ask questions that have nothing to do with the purchase of the property. They also usually think the price is too high and don't understand the buying process in a different state. Don't get me wrong, I understand completely where they are coming from. They want to protect their "child" from making a mistake or buying a money pit. I get it.

Two Major Issues

But the issue is this...the parents get caught up in things that no one can control or do anything about. Buying property is different from state to state. What the standard of practice is in Minnesota is different than California. If the parents are coming from a depressed real estate market, they definitely won't understand the pricing or what goes on in a hot real estate market. They'll want to make a low ball offer thinking they can negotiate. Unfortunately, if there are multiple offers, their "child's" offer will be the first one thrown out. The other issue is they have come in at the end of the home search. They didn't have an opportunity to see all of the other horrible properties. As a result they really don't have a good frame of reference.

Respect The Parents

You would think that the parents would realize that their "child" is an adult. And if they raised them well, that adult is capable of making major life decisions. As the real estate agent you walk a very fine line. You have to respect the parents and patiently answer all of their questions and often times debunk some of the things they say about the real estate market. The interaction may require you to hold your tongue, but that is exactly what you must do, if you want to continue working with this client. Parents can have a very powerful influence over their children and if the parents don't like you, you will be gone in no time.
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