This two-minute read looks at the, sometimes inevitable,
part compromise plays in many property transactions.
When
it comes to buying a home, there’s a word that buyers don’t like to hear, but
it really is a critical element of any property purchase.
And
that word is ‘compromise’.
People
often expect to step inside a property and know that they’ve found The One. But
in most cases, the home-buying process is more complicated than that.
Most
buyers, no matter how substantial their budget, usually have to knock a few
things off their wish list and compromise.
It’s
a dilemma that provides the narrative in almost every TV property show. (Kirsty
and Phil spend half their time telling sulky buyers their expectations are
WAAAYY off-target.)
Priorities
Every
buyer has their own set of priorities. These may include:
- Location
- Number of bedrooms
- Outdoor space
- Home office
- Transport
- Spacious kitchen and living area
- Off-street parking
- Access to good schools.
But
what happens if a buyer can’t get everything they want within budget?
Get real
This is
where a good agent steps in to help a buyer reappraise their priorities.
They’ll suggest a buyer:
- Looks beyond their current needs and imagines
what their life could be like in five or ten years. - Identifies their absolute ‘deal-breakers’ –
the things that are non-negotiable. - Figures out where there is wiggle room (after
all, the market waits for no one). This could mean being more flexible on
location or opening up to the possibility of doing renovation work.
What it
all means for sellers
Many
companies encourage sellers to do a lot of the leg work – including viewings –
themselves. But it pays to use an expert.
A
good agent can tease out buyers’ true priorities. They’ll filter out the
time-wasters, meaning you’re less likely to get bogged down with buyers who
later get cold feet.
A
savvy agent will also recommend your home to buyers who may not have considered
it – or even seen it. Many buyers type their preferences in a property portal
and rely on an algorithm to show them the relevant options. As a result, they
only ever get a narrow view of what’s on the market.
An
agent can think more laterally about the process and explain to buyers the
potential of a property, even if it doesn’t automatically tick all their boxes.