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 First impressions in real estate, we know how important
they are. First impressions start with curb appeal and continue on inside. No
brainer, right? We have all encouraged a client to please get out of the car
even though the curb appeal may be less than stellar. Sometimes they are so put
off they can't get over it. There is also the consumers first impression of
us, which is very important. In person, our online presence, the list goes
on and on.
Price is part of the first impression too. And
not just for the buyer. I read a post on PSYblog by Jeremy Dean and found it eye
opening about first impressions, The Anchoring Effect: How The Mind is
Biased by First Impressions. And first impressions relate to
overpricing a house as well as physical first impressions the house makes on a
buyer.
Take the seller who has an unrealistic price
set as their first impression of the value of their home. They may have gotten
it from thin air, from the dreaded Zestimate, from a neighbor, from a real
estate agent, it really doesn't matter. For many sellers that first impression,
no matter how much we try to fight it, is the one that sticks. If they don't get
that price it can be a very, very bitter pill to swallow. Even if you tell them
it is unrealistic, if you make pre-authorized price drops, if you have them sign
a paper that says you disagree with that price it doesn't matter. That higher
price is THEIR first impression of the value of their home. They may never be
happy with your services unless you sell the house at that first impression
price, that first impression price is their set point. And I wonder if that
explains why many have a problem telling you what they believe their house to be
worth.
And buyers have the same first impression. They
know what they perceive as the value of a home and getting them to come up to
match a seller can be very, very difficult. They can create that first
impression of value out of thin air, they can create it because they have been
studying the market, or we can give it them ourselves. And often that first
impression is made before they even see the house!
Interesting to note, car sticker prices are
often set higher, I think because we are all very, very conditioned to negotiate
the price of a car. Although there are some who don't negotiate, I believe
because they are also conditioned to think that negotiations are the same as
confrontation which they avoid at all costs. Home prices are different. To the
seller, the value of their home is often more emotional and certainly need
driven. To the buyer, too high a price can knock the house off the list before
they even get started.
Did I get an answer how to combat that first
price impression? Not really, but being aware of what you are up against can
shed some light on those difficult negotiations, including setting a proper
listing price for a home. Knowing is half the battle, right?
Swiedler, Pomerantz &Adams, the Luxury SPA Real
Estate Treatment!
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