The No. 1 thing that frightens buyers revealed
Some buyers are genuinely frightened about purchasing a home, reveals a new one-question survey, conducted by Viewber in September 2021. When asked ‘What frightens you most about buying a property’, the biggest fear was being rejected for a mortgage, with 27.7% of respondents saying this is what scares them most.
The survey was carried out to establish where estate agents could better support buyers, who, despite a duty of care, are a crucial but perhaps sometimes overlooked party in the sales process. A close second was losing out on a dream home through no fault of their own – a fear shared by 23.4% of those who took part - followed by getting awful results in the property survey, voted for by 17%.
Other aspects of buying a home that left purchasers fearful were the seller getting cold feet and pulling out of the sale (12%); the purchaser not understanding the legal process (10.6%) and being gazumped by another purchaser at the last minute (8.5%).
While the survey presented a list of the most common fears to choose from, some of those taking part felt so strongly about other aspects of the buying process that they made separate comments directly to Viewber. One said their biggest fear was buying a property only to see its value plummet, while another cited fees, including stamp duty.
“Our survey results paint a clear picture – those buyers are often nervy, hesitant and scared when it comes to house buying. Many of the fears identified can be soothed by estate agents,” comments Ed Mead, Viewber’s founder and former estate agent.
“Agency is a customer service-based industry but it is easy to lose sight of the buyer if you concentrate all your efforts on your client – the seller,” adds Ed. “We know buyers are just as precious - they may have a property to sell and are yet to appoint a sales agent, or they may be a customer in the future. What is guaranteed is that they will be an advocate – a champion of your business and quick to offer others their opinion about your agency, whether they buy through you or not. Just because they don’t pay you doesn’t mean they deserve less attention”
Support, no-obligation advice and encouragement will ensure buyers speak positively of their experience with your brand. Look at social media and the school gates to see how a company with a bad reputation and/or poor customer service is soon saddled with the label ‘avoid’.
“We know transactions can be beset with niggles and problems but an agent with helpful, honest solutions – be it through a partner mortgage broker, a recommended solicitor or via really good sales progression – will lay good foundations for meaningful, and fruitful, relationships in the short and long-term,” adds Ed.
“We acknowledge that some fears listed in our survey results fall outside the control of agents or involve decisions that are made on a purely business basis, but a little hand holding can go a long way to reassuring buyers and creating the supportive environment that they clearly need.”
Viewber can become a valuable link in your buyer’s journey, ensuring they always have access to an accompanied viewing. If you’d like to chat more about our services – remember we do a LOT more than just viewings – please don’t hesitate to get in touch.