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Thursday, March 17, 2016

How Does Social Proof Affect Luxury Home Sales?

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If your goal is to sell your home for top dollar, you’ll need to get an acceptable offer quickly after you list it on the market. Studies have shown that buyer interest declines sharply when a home sits on the market for an extended period of time. The longer the home is on the market, the less desirable it is.

Now, human beings are hard-wired to look for social proof, often through mediums like Facebook, Twitter, and LinkedIn. I’ve read that 95% of home buyers are using the internet to find their next home. They are visiting search engines and social media sites looking for signs of social proof. Positive social triggers lead to positive decisions, decisions to buy. Negative social triggers will cause a buyer to avoid the home. As Tony Robbins once said, “People will do more to avoid pain than they will to go for pleasure.”

Today, we’d like to share a few examples of social proof with you. First, let’s talk about positive social proof. Let’s say you are looking at homes with your agent, and find an open house to visit. When you get there, you see 3 other buyers there as well, and you can tell they are excited by their body language. That’s positive social proof. Even if you don’t end up buying the home, that social proof will cause you to wonder if the home sold or not, and at what price.

Conversely, here’s an example of negative social proof. Let’s say you come across a home that meets all of your criteria, but you soon find out that it’s been on the market for 120 days. You will likely ask yourself why no one has bought the home yet, and if you make an offer, it will likely be lower than the offer you would make if the home was fresh on the market.

If you have any questions for me, or would like a detailed report on exactly how I can sell your home for top dollar, give me a call or send me an email. I look forward to hearing from you!

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