Retailers take great pride in creating impulse purchase opportunities.
There’s a complete science around show-room and store display designs.
Each retailer puts tremendous thought into where they place certain products and how they price all of their inventory.
“Loss leader pricing” dangles unbelievably bargain priced goods in near proximity to highly profitable items with the intent to lure the customer into the lair of “MORE and BETTER.”
Once the customer gets within range (inside the store and on the right aisle), the URGENCY factor kicks in because there’s ALWAYS a “Limited time frame or limited inventory” available at that price.
If you wait, you’ll be a loser.
The way this might work is that Susie stops in the local “Outdoors Store” because she saw an ad for some really cool rain coats at $14.99 each (Retail Pricing $35). It just so happens these coats are on the edge of the “Camping” section, and there’s this FABULOUS complete CAMPING SITE set up with comfortable chairs, exotic tents, enough cookware to support a platoon of infantry and more.
$475.63 later, Susie arrives at home with a bunch of gear she may only use ONCE in her life . . . and she’s proud of herself because she resisted the urge to buy the matching Hybrid Bicycles (But secretly makes a mental note to go back and buy them before next Friday’s deadline).
In my world of real estate sales and consulting, I have learned that we REALTORS cannot create MOTIVATION. Most home Buyers and Sellers simply will not take action until proper motivation surfaces from within . . . because changing your place of residence is a HUGE and tumultuous happening. Discomfort or excitement about things to come must be at a very real HIGH in order for a person to consider Buying and/or selling their home.
Properly formed motivation (Personal and authentic) creates a vision for the “end in Mind” upon which to FOCUS. (Susie’s motivation was to buy some rain coats) . . . The advertised sale price created URGENCY for her to do it NOW!
I think where so many go awry is at the intersection of the “Seller’s attempts to create urgency” and the Consumer’s lapse of FOCUS. It’s at THAT intersection where the consumer’s urgency is at a high and the focus is vulnerable to shift.
Relative to Buying and Selling Houses, this dance of Motivation and Urgency plays an extremely vital role in the process because there are 2 parties to the transaction (Buyer & Seller), and they each have differing motivations and degrees of urgency . . .
The best REALTORS in the market understand these principles at a deep level and understand that point at which their client has High Motivation AND High URGENCY . . . and the real challenge for these REALTORS often comes in protecting the client from losing focus (Short term Motivation Memory Loss) and allowing the urgency to trump common sense resulting in a “knee-jerk” purchase that falls short of the goal.
It doesn’t do the Real Estate Sales Professional any good to create undue urgency because the resulting contract will ultimately become a field of land mines and treacherous pits of ugliness as the client deals with remorse for jumping too quickly on a real estate decision that fails to meet the intended end.
We see this happen more often than we like in this market of inventory shortage and fear relating to mortgage rate fluctuations, economic and political instability, and job uncertainty.
The REALTOR has more responsibility NOW than EVER to manage this real estate transaction process in an Honest and ethical way.
In my 20+ years in this industry, I believe that the VALUE of the representation of a REALTOR to the client in the transaction is at an all time high. Our responsibilities are far greater (and more complex) than before.
So . . . go hug your REALTOR today and THANK her for helping you maintain your focus and managing your urgency such that you’re now living in the RIGHT place.
Is you’re in the mood to move and you don’t know a great REALTOR, connect with me and tell me your story, and I’ll find you the PERFECT LOCAL REALTOR.