Real Estate Procrastinators
We all know the type: they look, look and look, but they never buy. For some strange reason, however, they keep on looking!
Five or ten years can easily pass, then they kick themselves for all the deals they have missed. Frequently, they can often recite all the features of a home including frontage, square footage, price and financing a decade later. Naturally, it’s now more than doubled in price. But, why didn’t they buy?
Oftentimes, the real estate procrastinator will have full market knowledge and just be apprehensive about actually doing the deal. There is always one more piece of information, one more item at the office, one more piece to the puzzle before they can say “yes”, let’s put in an Offer.
More frequently than not, these individuals will be highly-educated. They will require a great deal of information about a property before they can make a decision. But, why is this?
An experienced entrepreneur will be the first to decide. An entrepreneur will be one step ahead of the competition. A successful entrepreneur will act on limited information, while at the same time limiting the exposure to risk and completing the due diligence required. Certainly, as more and more information becomes available then everyone will know how good a deal it is. Right now, the successful entrepreneur is the only one who knows, and he will be able to act before everyone else.
So, that brings us back to the real estate procrastinator. This is still someone who is “in-the-game” because they always seem close to doing a deal. They are armed with up-to-date market information; but, they just can’t seem to bite the bullet and actually sign an Offer. They take "due diligence" to the next level.
Naturally, they always miss out on the good deals. Frequently, they solicit opinions from friends, colleagues, family and just about everyone else they know. Finally, someone in the group will say something that causes some hesitation. And, that’s all they need to put this one “on the back burner”. Sometimes, there is a sigh of relief when someone else buys the property.
Now, it’s interesting that they can have the “go-ahead” from their own real estate agent, financial advisor, mortgage broker and banker, but rather than the experts, the “advice” they often rely upon will be offered by a friend who is not in the business at all. Actually, “this friend” is just their own inner voice of hesitation speaking to them.
Now, with the average person, there’s no need to have a sober second thought. But, with a true procrastinator, this moment of reflection will be all that is needed to end this deal.
So, if you are a real estate procrastinator, you need a little bit of advice: you already have all the facts, and if they all point to purchase, Just Buy It.
Don’t lose out, again!
Brian Madigan LL.B., Broker