Failing to manage expectations from the get-go can come with hefty implications for real estate professionals and clients alike.
While buyers can be left feeling frustrated, more likely than not, they’ll also feel some level of resentment toward the agent they trusted to see them through the process.
As if that’s not bad enough, agents can lose clients and potentially even damage the reputation they’ve worked so hard to build throughout the years.
“Statistically speaking, nearly 73% of buyers don’t use their agent again due to poorly managed expectations, including the agent not having a clear strategy or communication,” says Northrop, underscoring the importance of setting expectations early in the relationship.
This is especially important when the housing market is hot and buyers find themselves competing to submit the winning offer.
“With low inventory, buyers are looking to find the perfect home, or the one, and it is disappointing for them to find out that they have lost by multiple offers,” adds Northrop. “This leaves them upset with the market, the process and many times you if you don’t manage their expectations appropriately.”
If expectations aren’t managed properly, there’s also a very real possibility that buyers may feel misled, which will undoubtedly reflect on the agent representing them throughout the home-buying process.
“Many homeowners feel like they’ve been duped when they learn that their dream home isn’t as perfect as they thought it would be, so it’s important for real estate agents to set realistic expectations from the start so that buyers don’t feel misled,” notes Ige Johnson, who points to the following issues as the most common sources of disappointment among buyers:
- Hidden problems with the property
- Mismatched expectations between the buyer and the seller
- Unrealistic demands from buyers
“In order to avoid these kinds of problems, it’s crucial to be upfront and honest about what they expect from the sale,” she adds. “Otherwise, buyers may end up feeling cheated.”
“We try to teach our people to have thoughtful conversations to help lead clients to the right decisions for themselves given everything that is in the market today,” says Robinson, who explains that nothing good can come from not taking the time to manage expectations from the get-go.
While there’s no telling exactly what the future holds, there’s no doubt that managing expectations will continue to be a key piece of the puzzle for real estate professionals who are 100% committed to guiding their clients through the home-buying process as seamlessly as possible.
