This is an interesting little piece that, though not directly related to real estate, is something that can commonly happen in any sales transaction. The dreaded Buyers Remorse – just what is it and what causes it exactly?
Taken and adapted from the March issue of Bozeman Magazine – article by Tom at Small Town Marketing.
Buyer’s Remorse —That bitter regret or guilt that you made a bad decision. We’ve all had it at one time or another. We bought something and then comes that nagging feeling. Did I do the right thing? Should I have gotten the larger one? Smaller one? For most of us, it’s the most natural feeling in the world. You leave a restaurant wishing you had ordered the fish. You talk to someone at work that got a better deal than you on the same product. Price has no bearing on how we feel after the purchase. We can feel just as bad if it’s $10.00 or $10,000.00.
One common reason for buyers remorse is having been “burned” at some other business.
My wife and I both experienced buyer’s remorse in our move to Montana. Are we doing the right thing? Is Montana the right place? But, as we told more and more of our friends about the upcoming move, they were all so envious. “Wow, Montana, you are so lucky.” Once we had some conformation from others, the buyer’s remorse disappeared.
The most powerful tool for preventing buyer’s remorse is a personal, sincere conformation, at the right time, that you have done the right thing. Customers make decisions based on emotion, not on logic. Buyer’s remorse is an emotional response to a purchase.