Leverage The Herd Mentality : Real Estate Marketing Tips From N5R.

Example: Two Competing Restaurants.

Two restaurants sit on opposite sides of the street. The cuisine and atmosphere of both of are of equal quality and the menus are comparably priced. But when potential diners see a line of people waiting at one of the restaurants and not the other, they assume the busy one is superior and they follow the crowd. It’s a phenomenon known by many names - pack Mentality, peer pressure, following the herd. And it plays a critical role in selling real estate.

The Herd Mentality Optimization.

People buy, rent and lease real estate when they see other people buying, renting and leasing. It’s something people find comfort in: going with the crowd, doing what everyone else is doing so they’re not left out or missing the boat. And not only do people follow the crowd when making decisions in real estate, the mere presence of too many people while making a critical decision – like what to buy or where to live - can cause people to act in ways they otherwise wouldn’t. And that can work to your advantage.

Study people who are experts at drumming up urgency and creating momentum. Go to a timeshare presentation because they’re incredibly skilled at this. Or look at the intrawest model of event selling as another excellent example. The idea here is to bring together a group of qualified prospects interested in the same property, thus creating a sense of urgency. When buyers must compete for real estate almost like in an auction setting – the fear of loss will often compel him or her to buy much faster than if no one was around and they had all the time in the world. However you do it, creating urgency creates a competitive environment that helps property to sell.

How To Sell Real Estate In A Changing Market