How to use the ‘Scarcity Rule’ and ‘Lifestyle Amenities’ to sell more homes
Would you pay $1.5 million for five cents? Someone did. In 1996, a coin collector paid that amount for a 1913 Liberty Head Nickel.
Real estate agents continually use the same principle which created the high purchase for this coin. It’s called the principle of scarcity. Expert Dr. Robert Cialdini calls it “the rule of the few.” To define this phenomena in simple terms, he says “the idea of potential loss plays a large role in human decision making.”
Sure, if you’re selling a unique house or a home at an incredibly low price, it’s easy to persuade the buyer this property will not be on the market for long.
But not every house for sale was built by Frank Lloyd Wright. You can show buyers 3/2s all month long and never seem to get anywhere.
Why not apply the principle of scarcity to lifestyle amenities? This is where SpatialMatch tools play a critical role.
Open your SpatialMatch screen and ask the homebuyer which attributes they want in a neighborhood. Do they want to be close to their job? Create a mileage radius which narrows down the homes within a certain proximity to their place of work. Are they golfers and want to be a near a great golf course? Click on the Lifestyle App and instantly sonar circles will point out the courses nearby. Need more information? Use our Area and Deck Apps to learn details about each course. Do they like parks? Here are the parks in the area. Best schools, same process.
Now, instead of a hundred 3/2s to choose from, when the buyer looks at the SpatialMatch screen, they may only see 2-3 homes close to the amenities they want.
At this point, you don’t need to point out to your prospect that they might want to make an offer. They already know that. They can see it. As a real estate agent, what you need to do is get the paperwork ready and get out of the way. SpatialMatch has shown the home buyer there may be dozens of houses to choose from, but the one that fits all their needs is very rare indeed.