It occurred to me recently that in the buying-selling process of a real estate transaction, much of the attention of how to “perform” for a successful sale gets put onto the seller side of the equation. And, in fact, sellers frequently go to great lengths to make their property attractive and present themselves as sellers that are easy to work with. However, oftentimes not much attention gets focused on how to be a good buyer, one with a certain degree of etiquette that makes them an attractive component in a real estate transaction.
For many people, like me, much of this probably seems like common sense behavior. But you know what they say about common sense, right? It can be surprisingly UNcommon.
Based on past experience selling properties, I came up with a few suggestions for buyers to consider in their current or future real estate pursuits to help them put their best foot forward in the purchase process.
1. Don’t Disappear – I know it sounds obvious, but if you submit an offer on a property, don’t “ghost” after that. As my kids would say, “that’s just weird”. Yes, this has happened to me!
2. Have Good Communication – As another way to establish repertoire and respect the sellerer, communicate in a timely and responsive manner. This is way more likely to make yourself appear as a serious buyer.
3. Ask Intelligent Questions – Sure, sometimes getting information from a seller can be like pulling teeth, but when you are provided with data for due diligence actually take the time to READ IT so you can ask intelligent follow-up questions. Asking for or about information that is already been provided to you makes you look sloppy and inattentive.
4. Leave Your Ego at the Door – Coming across as “too busy” or “too important” to really focus on a deal once you have it under contract is really off-putting. Respect the time and relationship with the seller in such a way that they would want to work with you again in the future.
5. Don’t Be a Re-Trader – If you make a high offer to “lock up a deal” knowing that you have the intention of going back to retrade the offer further down the road in the transaction, that generally comes off as rude and distasteful. Make a fair offer you can stick to.
6. Time is of the Essence – Make good use of your due diligence time and don’t procrastinate working toward completing due diligence in a timely fashion. Sellers don’t want their property tied up unnecessarily while you drag your feet and act indecisive.
Have you had any particularly positive or negative experiences with a buyer? What did you find made a buyer easy or difficult to work with? Either way, hopefully each good or bad experience gives us insight into how to make the next deal that much easier and smoother regardless of which side of the transaction we are on.
Happy Investing!