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Dated: January 27 2021

Views: 766

Expectation Gap here in Eagle Reserve 

Note: Here are links to some important docs for Eagle Reserve Homeonwers

HOA Docs

Fencing Guidlines

Architectural Polices

Most references to the “Expectation Gap” refer to the audit expectation gap in accounting, but all of you see differences in expectations every day. Not just in the price of things, but in the performance of people, animals, and things.  Sometimes expectations are set by culture, sometimes by education and knowledge, and often by misinformation.  When expectations are met, we call it success.

Successful people set their expectations high. They set their goals high and expect to meet them.  This goal setting is what sets successful people apart from the crowd.   But it is their ability to realize their expectations that makes them a success.  Their expectation gap is closed.

Managing expectations of buyers and sellers in real estate is often the job of a real estate agent. The real estate agent cannot not allow their client to set expectations that are not realistic without a full review of the goal and its attainability.

When I looked at buying a home in Eagle Reserve when it first opened, the salesman did a poor job setting my expectations of the price I would have to pay (That salesman is no longer here).  He said to Gail and I, “Don’t worry about the price, I can get you where you need to be.” Well, when he finally gave us the price of the Summerwood the way we optioned it, the price was about $40,000 above my expectations. We did not buy then.  On a subsequent visit months later, Don Faber did an excellent job of setting our expectations. We move in soon!

“I want a pool home on the water at $250,000 or under,”  is an admirable  goal, but an  unrealistic expectation, for example. But what to do about expectations?

Setting expectations

The first thing a real estate agent should do after an in-depth discussion of what the expectations are is to validate them. If you want to sell your home here in Eagle Reserve, it is my job (or your agent’s) to mold your expectations to reconcile closer to reality.

“I understand”, “Good Goal,” or “I hear you, tell me more,” are appropriate responses.  Then I will rely on my professional experience, data, and historical facts and trends to reconcile the goals with expected results.

If there is a chance that you can find such a home, or sell your home here in Eagle Reserve at a certain price, I need to review what other things you must take with it (upgrades, time on market, and lots of viewings,  might be a few). These will ultimately be supported by my opinion with data on the market. Please let me know if you have friends that want to buy here as well!

Communication is key to realistic expectations

“Here is what I expect…” should be music to our ears. But most relationships do not begin that way. Therefore, agents should be asking the expectation question often.    After a day of showing homes to prospective buyers, “Did this day go as you expected?”  The agent would have a better chance of getting an acceptable answer if she had asked them before they went out to look at homes exactly what their expectations were.

But expectations can change, can’t they? After seeing what I can buy with $250,000 I may want to see what $300,000 will get me.  After speaking with a knowledgeable agent, Mr. and Mrs. Sullivan’s expectations as seller can change.    For example, did you know what the average time on market of a for sale house in your area is?  The average price?  How about the sold price versus the ask price?

Work hard with your agent to set expectations. Get the knowledge, rely on his or her experience, and know that, at the end of the day, it is your expectations that must be met. Make certain you communicate that.

I know most of us here will not be selling in the near future, but none the less you will be hearing form me periodically with updates. I know that now you are more concerned with how to hang a mirror or a towel rack on a steel frame wall, can you air-condition your garage, or what you can and can’t do in your yard.

I’d love to help you. I welcome your comments by email or phone! And I can get answers to these questions for you, just call!

BTW, I will am building a landing page for Eagle Reserve. In the meantime, if you want the HOA docs please go to www.eaglereserve.club. The rules and reg are included.

Note: Here are links to some important docs for Eagle Reserve Homeonwers

HOA Docs

Fencing Guidlines

Architectural Polices

Blog author image

Gregg Fous

Real estate has been my passion since I took my first Al Lowery class on real estate investing in the 1970’s. I vowed during that class that I would buy one property a year. Over the next five ....

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