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You Don't Have To Touch It To Feel It

Have you ever stood in front of two products in a grocery store fretting over features, promises, prices per ounce?? All in all making a 20-30 cent decision and then pop into a Starbucks and spend $4.29 on a White Mocha Frappuccino and not think anything of it? How can we so easily part with $4.29 and fret over 30 cents?

Studies show that consumers rationalize buying decisions on facts but make actual buying decisions based on emotions. It is believed that 20% of the decision to make a purchase is logical and 80% is emotional.

Home purchases can easily be the single biggest purchase for a consumer. As realtor's do you have a litmus test to determine if your prospective client is a rational or emotional buyer?

If so do you deploy different strategies to:

Help your prospective client "feel good" about you representing them?
Deliver emotional value to get them to their final decision on home buying?

Perhaps we can share our thoughts, ideas, and experiences...

-Meg

Posted by Meg Stewart ~ Appraiser ~ Frisco, Texas on 10/28/2007 08:15 PM

Comments (9)

frisco, texas, appraiser, appraisal, real estate

9 Comments on You Don't Have To Touch It To Feel It

OCT

2007

Interesting question, Meg. You get props for not just posting the "same old." I'm fairly new at this, but my husband has been a realtor for 18 years. He's convinced buying and selling are both more emotional than rational. We've all had buyers with a long list of requirements fall in love and buy a house that doesn't meet them.

We've also had sellers upset and ready to say "no" to an offer that's really not asking for much from them. Like it's $1500 less than they wanted, when their mortgage payment is $5000/month. You need to explain the rational part of why it's better than waiting for another buyer.

OCT

2007

Thanks for the kind words Karen and for also sharing your thoughts. I truly believe we could all find greater success in business and life if we understood this aspect a little more...

Have a nice day.

-Meg

Karen. You can't help but to wonder why clients wouldn't want a good deal today rather than a perfect deal tomorrow...

-Meg

OCT

2007

Meg, I agree with your stats that financial wisdom is almost always 80% emotional and 20% head knowledge. If it was the other way around, we probably would not flourish as fast as we do in this country. Sad but true. This country thrives on credit and it is the only thing that flourishes this country.

As a RE professional, I still rely on a Realtor that is able to talk me out of the bad ideas that my emotions come up with.

OCT

2007

I'm getting better with making decisions with my gut (heart) vs. my head. The intuition is almost entirely 100% right. I think women are better in this area (the feelings stuff).

Meg, Have you ever heard that old saying "Buyers are liars"? It's because they say they want one thing and buy something else. It's all about the emotions.

NOV

2007

Meg - We call that "penny wise, and dollar foolish", and it is so very true!

Emotional support is definitely invaluable

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