The Art of Compromise – What Buyers and Sellers in London Need to Know
This two-minute read looks at the, sometimes inevitable, part compromise plays in many property transactions.
When it comes to buying a home, there’s a word that buyers don’t like to hear, but it really is a critical element of any property purchase.
And that word is ‘compromise’.
People often expect to step inside a property and know that they’ve found The One. But in most cases, the home-buying process is more complicated than that.
Most buyers, no matter how substantial their budget, usually have to knock a few things off their wish list and compromise.
It’s a dilemma that provides the narrative in almost every TV property show. (Kirsty and Phil spend half their time telling sulky buyers their expectations are WAAAYY off-target.)
Priorities
Every buyer has their own set of priorities. These may include:
- Location
- Number of bedrooms
- Outdoor space
- Home office
- Transport
- Spacious kitchen and living area
- Off-street parking
- Access to good schools.
But what happens if a buyer can’t get everything they want within budget?
Get real
This is where a good agent steps in to help a buyer reappraise their priorities. They’ll suggest a buyer:
- Looks beyond their current needs and imagines what their life could be like in five or ten years.
- Identifies their absolute ‘deal-breakers’ – the things that are non-negotiable.
- Figures out where there is wiggle room (after all, the market waits for no one). This could mean being more flexible on location or opening up to the possibility of doing renovation work.
What it all means for sellers
Many companies encourage sellers to do a lot of the leg work – including viewings – themselves. But it pays to use an expert.
A good agent can tease out buyers’ true priorities. They’ll filter out the time-wasters, meaning you’re less likely to get bogged down with buyers who later get cold feet.
A savvy agent will also recommend your home to buyers who may not have considered it – or even seen it. Many buyers type their preferences in a property portal and rely on an algorithm to show them the relevant options. As a result, they only ever get a narrow view of what’s on the market.
An agent can think more laterally about the process and explain to buyers the potential of a property, even if it doesn’t automatically tick all their boxes.
For more advice about the property market in West London, contact us here at Shaws Kensington.