Great REALTORS® understand Buyer Psychology.
The biggest, most motivated category of buyers for your new listing are ‘Current Buyers’, They’ve already viewed most or all of your competitors, but they’re not satisfied, for whatever reason. So, what are they doing?
They’re waiting for new listings.
As soon as you pull the trigger on your HOT 🔥 new listing, notifications are going off all over town.
It’s not hard to understand why most of the activity on your listing always occurs at the very start, and why this ‘Flurry of Activity’ tends to die off, quickly.
Once the Current Buyers have come and gone, you’ll be left waiting for New Buyers to enter the market. But New Buyers are not as motivated as Current Buyers. They need more time to see more listings before they’ll be ready to write an offer.
Ideally, you want to take full advantage of the Flurry of Activity from the Current Buyers, and sell quickly for the highest possible price with the least amount of hassle.
But there’s an important caveat with ALL buyers that you must understand, if you want to be a successful Listing Agent:
Buyers MUST perceive good value in the property. If they don’t, they will focus on a negative.
This is the way our brains work. If we don’t subconsciously perceive good value (“this seems like a good deal”), we focus on a negative (“I don’t like this”).
Now, the flurry is over. Two weeks later, the showings have dried up, and you drop the price $20K.
Does the potential buyer think, “I hated this negative thing about that property, but perhaps I should now re-evaluate my feelings, based on this new price?” 🤣
That’s a hard NO.
Here’s the lesson:
If a buyer perceives good value, they will OVERLOOK the negatives. If they DON’T perceive good value, they will FOCUS on the negatives.
If you want to take advantage of the biggest and most motivated group of buyers - the Current Buyers - getting the price right from the start is critical.
If your seller says, “We can always lower the price, later!” 🤪 you need to be able to logically explain WHY that’s a bad idea.
You’ve got to learn TWO skills - how to price it right AND how to convince your seller to price it right.
They don’t teach you this stuff in ‘Real Estate School’.
Members: For more information, refer to ‘Pricing Psychology’ - module #11 in the Real Estate Master’s Program.
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