Numerous reports have been written about the effect an abundance of choice can have on a buyer. It overwhelms them, often to the point of not being able to make a decision at all.
Logic would have you think that a large and varied list of options would lead to a happy buyer (of anything, from ketchup to cars), but researchers have found otherwise. Too many choices can lead to overwhelmed and confused buyers who just throw in the towel and then either delay purchasing or end up buying nothing at all.
This effect is heightened even more in the current buyer’s market where there is such a selection of good homes at great prices that buyers become panicked that they haven’t seen “everything” yet and don’t want to miss a great opportunity. Â After awhile, they become so confused about all of the homes (seen and not yet seen) on the market, they shut down, unable to make any definitive decision.
I’d bet that most of us have worked with at least one buyer who was well qualified and started their home search with good intentions, but became so obsessed with not missing “the one” that they let many great homes pass them by. I know we have in our office.
Qualifying and consulting with your clients is the only way to deal with this dilemma. Meet with them in the front end and assess not only their ability to buy, but their motivation as well. Life changing events such a marriage, job changes or new children could be the signs of a truly motivated buyer. Ones currently in a home which “fits” them who more just want to see what’s out there, might be less serious. Really try to hash out in the beginning just how serious and committed they are to buying.
When you start to see the train derailing and the list of “must sees” just keeps going on and on, it might be time to start talking to your buyers to see if you can narrow down their search criteria and regain focus.
What do you think? Have you experienced overwhelmed buyers? Any suggestions on how to avoid that in the future? I’d love to see your comments below….
