Almost every Arizona realtor has had the same training in marketing: prepare a listing presentation, research the comps to suggest a list price, photograph the home (sometimes even wow the seller with the more expensive “twilight” photo shoot), put a sign in the yard, and get it on the MLS as soon as possible. Then follow up with a Facebook post, maybe an email blast and, if necessary, “price reduction” alerts to whoever’s out there paying attention at that point.
But let’s look at the psychology of the buyer before evaluating the traditional marketing strategy. People in the market for a home really start looking on their own before their “official” search really begins. A couple might start talking about moving into a bigger home months before actually going out and looking, because they now have access to all kinds of online resources and tools. They will start to get a feel for the market, where their price range lies, and what’s available. They might start to see the same old properties month after month, and feel that they have a good handle on what’s out there, but they’re just not excited about much of anything.
At one time or another we’ve all been in the house hunting process and lamented, “We’ve seen
EVERYTHING out there!” So what if you found out about an amazing home that was going to be hitting the market soon, and, even better – you have the opportunity to see it before anyone else. You’d start to get excited, right?
Experienced luxury marketers understand that consumers of high-end products respond to access rather than promotion. The value lies in getting something exclusive that no one else has. This is also true for early adopters in the tech sector who are willing to stand in line to be one of the first to own the latest iPhone or other gadget. Whether someone is in the market for a phone or a designer handbag or a house, everyone wants to feel they have been given an edge.
A powerful side-effect of marketing a home before it is available to the public on the MLS is the anticipation and excitement it builds in the targeted buyers. Anticipation is generally a positive experience that plays well into the home buying process. Buyers are envisioning their happy future in a new home. As they feel a connection to the seller’s story and find out some details about the home, the anticipation will continue to grow.
As the buyer becomes more invested in the idea of having exclusive access to the potential home of their dreams, the momentum builds. This process whets the buyer’s competitive appetite and creates a fear of missing out that almost always results in a willingness to pay more.
As a seller, why not choose a listing agent that will play on the psyche of the buyer? Let your house be the “exclusive”. Let it be the iPhone 8 that buyers are lining up for. Let it be the property that buyers are dying to see before anyone else. It’s simple psychology.