Real Estate – Selling + Buying = Intensely Personal
Emotional turbulance is common place in the business of real estate. There are countless situations where any real estate broker can reference a client becoming overwhelmed with the impact of an emotional episode. As emotions intensify, a buyer or seller can lose sight of their objective. If you are a seller and this is a move not by choice, any proposal (offer) can be seen as a threat. The buyer who may initially have viewed the transaction as a simple purchase may respond to the seller’s emotions in kind. There are many unknowns in a residential transaction. Their combination can create fear. Fear can be expressed as anger.
As emotions intensify, we hear the words: “I would not sell to them, at any price” or “They could not give me the property”. Not a very productive outcome.
To help avoid this outcome, recognize the role of emotions at the time of listing or prior to submitting an initial offer. It’s helpful for both buyer and seller to view the transaction from the other’s perspective.
What are the emotions your counterpart might be feeling? If you are disappointed by a buyer’s offer or a seller’s response, you might attribute emotions that have little to do with the intent. By listening to the emotions of the other side, you have a better understanding of their expectations and what is important to them.
Residential real estate is seldom just a price negotiation. Every condition and contingency has the potential of touching an emotional point. Understanding the emotions that may be associated with these contingencies can be the difference between a smooth or contentious negotiation. Both the seller and buyer need to remember that there are hopes, anxieties, fears and expectations associated with any transfer of personal investment.
When things get difficult… always remember to take a step back and try to look at a situation from both sides before forming a conclusion!