Change buyer’s remorse with a fact-based big data real estate map tool
For all the endless emphasis today on social media, there’s one old-fashioned form of social media that’s a top priority for real estate brokers and agents but now there’s a new way to make it successful.
That’s the word-of-mouth referral. A survey of 2,000 home buyers sheds new light on how important it is to follow up on clients. According to the study, a whopping 80% of recent buyers said they regretted at least ONE thing about their new home.
That’s eight out of ten people. No broker or agent wants an unhappy client. There’s a real estate map search tool combined with a big data database that can help offset any buyer’s remorse. It will give those buyers a better frame of reference in regard to their purchase, the biggest purchase they will ever make in their lives and understandably a hyper-sensitive issue.
The survey found the top complaint from home buyers was that the home wasn’t big enough. Well, not much you can do there – the buyer obviously walked through the house a few times before they bought it. So there’s no surprise.
Another issue was lack of closet space or not enough bathrooms. Again, it is what it is. There are ways to increase storage space and adding a bathroom can always be done.
Then many home owners reported they moved into the house but found they had unpleasant neighbors.
That’s a tough one but can also be resolved in most cases. Sure, your next door neighbor might not be the greatest guy in the world, but that neighborhood certainly has plenty of other neighbors. They all can’t be bad.
Another issue that came up in the survey with unhappy home buyers was finding out their child was now attending a substandard school. Not up to their expectations. Perhaps their little Jimmy enrolled into a class where the teacher is not that great. Or perhaps, little Jimmy doesn’t like the teacher because he or she is actually a great teacher and is making the students actually do some work.
So, brokers and agents have to face these after-purchase feelings from their clients, right or wrong. What can they do?
Using a map and data tool such as SpatialMatch, a real estate professional can do some major damage control and put a new spin on ANY new purchase.
Because, just like any major purchase, there are a ton of factors to consider. You can always find the negatives. But you can certainly pile on the positives to make that buyer happier (and an eager referral).
For example, take the school system. Now, if the broker had SpatialMatch installed on his or her website, they could have produced a bunch of data about those schools so the buyers would know beforehand what little Jimmy was getting into. SpatialMatch has a plethora of current, local school data.
If the broker does have SpatialMatch embedded on their site, then perhaps they can point out the other schools in the area, including private schools and their relative distance to the home.
School data can be supplied in the form of enrollment, student/teacher ratios, ethnicity, etc.
While on SpatialMatch, why not point out all the amenities about the neighborhood as well?
Sure, the clown next door might be Mr. McGrumpy. But right up the street you can show on SpatialMatch that there is a great community center, park or playground where new and friendlier acquaintances can be made.
Maybe there’s also a great Italian restaurant right down the street with the best gorgonzola salad on the planet. And that’s located near a Starbucks a block away from a Cheesecake Factory which is located next to a cool independent bookstore.
On the other side of the neighborhood is a ballet studio for little Mary and a yoga studio for mom that is one of the best in the area.
All of a sudden, an agent can paint a reassuring picture that in the overall scheme of things, that buyer certainly picked a great place to live because of all these fantastic amenities. Amenities that certainly overshadow a neighbor who they will probably rarely see at all.
When you talk to a remorseful buyer, don’t just tell them how right they were in making this purchase. Take your laptop to their house or send them screenshots from SpatialMatch and SHOW the dozens of benefits of their purchase.
Talk only goes so far in convincing somebody. Data goes real far in convincing anybody.
There’s an old saying in retail, if you can turn an unhappy customer into a satisfied one, they will be a stronger advocate for your business than just a normally happy customer.
We all suffer from buyer’s remorse. It’s been around forever and will continue to be around forever. It’s human nature. The great thing is, now there are tools like SpatialMatch out there to turn this buyer around. Quickly. With facts.
When you accomplish this, you certainly won’t have any remorse that you as a real estate professional made the decision to add a big data, map-based real estate tool to your website.
To read the Money magazine article on the buyer’s remorse survey, click here.
