My partner Kris Feldman has been a very successful buyer’s agent in the Bethesda area for over 25 yrs. Last week she gave our team a talk about working with buyers- I thought it was an interesting insight into the inner workings of a buyer-agent relationship, so I wanted to share some highlights:  

“Whenever I first meet new buyers, I try very hard to understand what characteristics they have set for the home of their dreams.  I am always surprised that the criteria for the home that they want to buy are not well defined.  Since everyone is usually prequalified for their mortgage, the buyer does seem to know what they can afford to pay for the property.  So at least we know a price range.  However, this is not true all the time so I start by prequalifying the buyers. 

Sometimes the area of interest is very clear because they have lived in the general vicinity.  But even this is not always clear in the minds of the buyers.  This makes my job much harder because I have to educate these buyers about neighborhoods and different types of property (single family homes, town homes, condos, coops, duplexes, low rise condos, mid-rise condos, high rise condos, and so on) and also establish their basic housing needs.  For example, are they only going to buy a single family house?  If yes, what style will they consider?  How about a colonial, a rambler, a cape cod, a Tudor style, or a contemporary?  Assuming we know the style of home you may want, what about floor plans?  Does there have to be two bathrooms upstairs, a half bath on the first floor, a family / recreation room, a basement, an attic?  How many bedrooms are required?  Does the master bedroom need to be on the first floor to accommodate a handicap, or can it be upstairs?    The list can be endless, and that is the point.  There is no need to pile into my car and begin touring properties if my buyers do not establish the basics for the tour.  Just like going to the grocery store, you need to prepare a list in advance of what you want to purchase.  And it is important to carry your list with you whenever you tour properties.  This will help clarify in your mind how to pick one property over another – check your criteria and see if they are met. 

Another great way to decide on a property when you finally get out and start looking is to compare the first property to the second and make a decision about which one is better for you (A versus B and you chose B).  Then you tour the third property (C) and compare it to the better of the first two you saw (B).  So you always have one property pitted against just one other.  That way, when you get to the end of my tour for you, it is easy to recognize which of the 10 properties you saw is the “best” according to your criteria.  That should be the property for which we write a contract.”

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