Andrew Wetzel's Musings

May 27, 2017

The Difference between “Vision” and “Action”

Filed under: Uncategorized — awetzel @ 4:38 PM

I tell my clients, both Buyers and Sellers, that EVERY Real Estate transaction has “Five Steps to a Sale“.  In fact, I created a Word document describing these steps and posted it on my web site (AndrewWetzel.com).  I tell my clients that you may cut corners and one or more steps may evolve quickly but you have to “touch all the bases” to complete the transaction regardless of the amount of the sale or location of the property.

The “Five Steps” essentially involve three distinct phases:  vision/ planning; action; settlement.  In the vision/ planning phase Buyers and Sellers each have unique tasks to accomplish.  Both need to decide which Realtor to use, when to start the process and what expectation to have as to how and when the process will (hopefully) conclude.  Sellers need to determine an asking price, consider what (if any) preparation must be done prior to marketing the home, discuss how the home will be marketed, determine a course of action should the results be insufficient to generate a sale and make plans for after the sale among other things.  Buyers need to talk with a lender to determine what they can and are comfortable spending, determine where they want to consider living and what they really need in a home among other things.  The planning phase must include setting expectations/ bench marks that will be “re-visited” as needed.

The action phases for both will be a natural extension of the vision/ planning phase and, frequently, additional planning will need to be done as actions generate (or do not generate) “expected” results.  For Buyers, “action” involves reviewing potential properties (meaning looking at printouts and online postings), previewing them (meaning driving by before going inside), actually seeing them, evaluating them to review their plans, adjusting their plans, making an offer and other things.  For Sellers, “action” involves allowing showings, responding to feedback, taking responsibility for what happens when results are unsatisfactory, adjusting plans/ expectations and other things.

Now, lets discuss the disconnect when “vision” or “action” are missing.  Of course, either or both can derail any expectation of reaching settlement.

For Buyers:  they may do all the work necessary but never quite get around to looking at houses.  I have seen prospects seemingly fall off the face of the earth after talking to a lender and having me set up automatic emails with new listings.  This is relatively painless for Realtors even if it wastes time and creates frustration.  The sooner this happens the better for all concerned.  On the other hand, Buyers who want to start looking at everything on the market without a plan are real time wasters.  Experienced Realtors know that EVERY Buyer must talk to a lender before “shopping”!!!  Unfortunately, some Realtors start showing house after house after house and, even though they start to get the feeling that their efforts are going nowhere, they fear ending the relationship.  I cannot tell you how many times agents have told me that their buyer is only now getting “pre-qualified” when providing “feedback” after a property showings.

For Sellers:  a number of them put their property on the market, are “shocked” when they come to realize that the demand for their home is much less than they expected (this is demonstrated by few showings and/ or low or no offers) or they change their mind about selling and they take their home off the market.  This can happen even if the Realtor did all they could to explain the market to the Seller.  On the other hand, there are Sellers who get offers that they are afraid to accept because they never quite determined where they would move and what that would cost are out there.

The bottom line is that it is our job as professional Realtors to set the expectations early on and make sure that Buyers and Sellers have a realistic “vision” and are prepared when the “action” starts.  We can’t look into their souls and know if they are serious and that is part of our challenge.  Some clients should pay us a retainer up front!!!

HIRE WISELY!

Thanks for reading.

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