There is one challenge that almost every buyer or seller faces when making a move from one home to another. How do you take charge of the emotional rollercoaster that seems to get the best of most of us?
All of us are unique; personality is just one of the traits that differentiate us. Some of us are very analytical; we want the facts. Others are more emotional; it needs to feel good. The rest of us might think we are balanced; maybe we are, maybe we aren’t.
It’s important that you respect the importance of fact and emotion. Regardless of which group you personally identify with, you will likely encounter both extremes during the purchase or sale of residential real estate.
My husband manages residential properties for real estate investors. He often states that investors can’t afford to be emotional when making decisions about real estate. “It’s a numbers game,” he says. But even David admits that investors need to make some decisions based on gut instinct. That’s where emotion comes in.
We all agree that emotion plays a bigger role when the home is one that we have lived in or will soon occupy. If we have lived in a home that was the backdrop for creating great memories, it can be tough to leave them behind and move away. On the contrary, the home may have triggered bad feelings and we can’t wait to sell it and move away.
There is no doubt that emotion plays into the condition of a home in other ways, too. Two parties can look at the same home in disarray. One sees the work needed to bring the home up to standard and turns away. Another sees potential; envisioning the home with updated cabinets, new landscape or anything else that the mind can imagine. That’s emotion.
Embracing the facts is equally important. The easiest to illustrate might be the financial side. There may a difference of opinion on what a home is worth, but the market or appraisal will ultimately decide. The credit worthiness and capability of a prospective buyer is determined by verifications and financial formulas. The answers might stir emotions, but the outcomes are based in fact.
One area that illustrates the middle ground between fact and emotion is evaluating the condition of the home. We hire home inspectors to report the facts as they observe them; alerting a prospective buyer to needed repairs or other deficiencies.
Since most homes are constructed on site (not in a factory) with thousands of little parts, there is nothing perfect in a home. But we all have different expectations. Sometimes facts are in conflict with emotions when negotiating repair requests during the sale.
Over the years, I’ve learned to share facts with my clients and seek to understand their response. It is almost impossible to succeed in real estate if you cannot be empathetic and communicate clearly with the client while doing so.
Finally, unless you are a professional investor with no attachment to the home, allow time for the rollercoaster of fact and emotion to find a level spot. Moving too far or too fast in any one direction may not be in your best interest – now or over the long-term.
For more information or comments, contact her at (615) 397-4024 or AskAnn@AnnHoke.com. Each KW office is independently owned and operated.