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How Psychology Can Help Realtors Sell Property

Written by Posted On Thursday, 13 September 2018 15:51

Selling and buying a home requires lots of careful thought. It follows, naturally that psychology is a critical factor of the buying process. While Freud may not be needed for closing on a home, a basic understanding of the human psyche can be of benefit both to realtors, and the buyers that they are catering to.

While many people associate psychology with the sciences, the actual application of the discipline is not nearly so abstract or distant. Psychology refers to human thought and behavior. No matter what a person is thinking or doing, psychology does play a factor.

There are many disciplines surrounding this field of study and developing an understating of them can help a realtor close on homes.

Today we will explore the ways that psychology can help realtors sell homes.

Understand the Customer:

Everyone is a little bit different. Buying a home is such an individualized experience, that acknowledging the specifics of their unique situation can go a long way towards establishing trust.

A basic understanding of psychological profiles can help you to approach a home buyer in a way that is appropriate for their needs and expectations.

Keep in mind that for as exciting as buying a home is, it’s also usually pretty frightening. Everyone comes to the table with their own set of fears and anxieties. Intuiting what those anxieties might be, and addressing them point for point will earn you a lot of good favor.

Build Trust:

When you really think about it, the task of convincing basic strangers to make a $100,000+ purchase is really pretty daunting. An ability to understand the anxiety of needing to rely on a stranger can help you to close on your sale.

Start by providing friendly testimonials and references that establish you as a professional that is worthy of trust.

The formula is really pretty simple. When people like you, they are much more willing to make a major purchase with you.

Remember, We Live in a Diverse Nation:

One of the wonderful qualities of the United States is its diversity. A staggering 14% of people living in this country are foreign born. While one should refrain from making broad assumptions based on ethnicity, the amount of time that a person has spent in this country can provide insights into how they approach the buying process.

For example, the less time an individual has spent in the country, the more vulnerable they are. Because they are not as familiar with the market, or even their new environment at large, establishing trust becomes all the more important.

Familiarizing yourself with common regions of migration could help you establish a quick bond with potential home buyers.

No one could reasonably be expected to have extensive knowledge on all of the regions of the world that people migrate from. However researching prominent ethnic regions, or regions that have spawned many new members of your community can help.

For example, 53% of foreign born residents come from the Latin American region. Another 27% come from Asia. That in mind, a perfunctory knowledge of these regions could do well to help you establish the connections you desire.

Remember, Emotions are a Critical Part of the Process:

We already mentioned that fear and anxiety play into the buying process, but there is an entire spectrum of emotions that factor into the process of home buying. As clients tour houses, they are envisioning the future life of their family.

An understanding of these emotions (joy, anticipation, excitement, etc.) may help you to better accentuate the aspects of a given home that might trigger a favorable response in the client.

Conclusion:

It may sound a little bit manipulative to try and use psychology to boost sales. As you hopefully have gathered from this reflection though, that really is not the case.

Taking a psychological approach to sales is just as good for the customer as it is for you. By understanding the diverse market of homebuyers, and catering your approach of sales to each individual’s unique state of mind, you can ease them into comfort as they make one of the biggest purchases of their life.

Psychology in sales is a true win, win for everyone.

 

References:

Forbes

Maryville University Bachelor’s Degree in Psychology

Wake Forest University’s Online Master of Arts in Human Services

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