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Chairman’s Message: Working with the Educated – Or Overeducated – Home Buyer

Quincy Virgilio: MLSListings Inc 2018 Chairman

Quincy Virgilio
2018 Chairman, MLSListings

The Internet has done the world a lot of favors when it comes to making information readily available at our fingertips, but it can be a cautionary tale when it comes to working with buyers who come to the table often knowing as much as you do.

Owing to the internet, today’s buyer frequently comes into the process with extensive research on what’s available in the neighborhoods and areas they are interested in. Buyers also have access to pricing trends, days on market and sale prices. Millennials have gained a reputation for setting a high bar for the real estate professional in both property information, and the validation of their own research about the market.

The information advantage known as the MLS book of the “old days,” is over. Real estate professionals must now bring more than the ability to search for properties to the relationship and transactional experience, we must bring added value.

A few tips and considerations when going into a meeting with the knowledgeable homebuyer:

  • Acknowledge their informed understanding about the market. Use phrases, such as “You already know…” or “I don’t have to tell you…”
  • Be buttoned up and smart about the market. Present the deepest level of data and anecdotal information available in order to demonstrate your level of expertise and perhaps surprise them with new information or something they didn’t know.
  • Talk about the ways in which you can add value to their home-buying process. Reinforce the analytical aspect of your capabilities so that they see the importance of interpreting the information they may have or learn from you. Also, talk about the transactional contributions you are singularly qualified to help them with the process.
  • Share your insights about the market or neighborhood in consideration.  In working every day in a market, an agent or broker can bring invaluable insights and understandings to a potential homebuyer that are not captured in data points.

The key to building a successful relationship with the educated homebuyer client is to acknowledge what they know, think about what they don’t know, and demonstrate what you know. Do not be intimidated by this type of buyer; instead, compliment them on doing their homework and talk about ways in which you can expand their knowledge by rounding out their understanding with analysis, insights and experience. Handled correctly, it can become a true partnership that enables them to make the very best decision in the purchase of their new home.

 

 

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