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Follow @bokauffmannYour real estate agent uses psychology to help you sell
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photo: Ryan Wick
When you choose the Winnipeg real estate agent who will be your home-marketing partner, you are choosing someone who will need to fill many roles: marketer, stager, tour guide, negotiator. And don’t leave out another role — psychology major! To build my kind of successful track record, a real estate agent needs to study and understand the way prospective buyers think about their search for a future home, how they are likely to react to different forms of presentation, and what builds or detracts from the value they assign to your property. It’s psychology, all right — and it’s usually an integral part of any sales or marketing success.
A good example of how psychology can affect a real estate transaction comes from a study done at the University of Texas. There they have a Real Estate Finance and Development Program. A couple of years back, they began conducting some psychological studies, and one of them used sophisticated statistical tools and a huge sample of real estate transactions.
‘New’ – Not Always Such a Good Old Word
What’s fascinating is what they discovered about using the word “new.” A real estate agent who markets homes with phrases like “new paint,” “new carpets,” and “new roof” wound up selling them for slightly less than real estate agents who did not!
The study’s explanation is that, for homes that are not brand new, touting “all new” features seems to call attention to the fact that the items mentioned needed to be replaced. It unnecessarily opened the door to suspicions about what went wrong that made replacement necessary.
Psychology helps Winnipeg home sales
A more effective strategy might be: under-promise and overdeliver. Rather than trying to convince buyers how “new” an older home is, do the renewal work, but don’t brag about it. Then when potential buyers walk into the home, they will be impressed by the new carpets and fresh paint. It’s the approach that uber-successful Zappos company founder Tony Hsieh calls “surprise and delight.” What is effective for leading a company and retaining customers can also be psychologically effective for selling a local home.
As a leading real estate agent in Winnipeg, I am constantly reminded of how important it is to never stop learning. If you are considering selling your home and are looking for cutting-edge marketing and advice, I hope you’ll contact me for a complimentary consultation and free market evaluation.
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