Psychological Tips & Tricks Realtors Use in Selling Homes

Selling | November 4, 2019 | written by Corbin Chivers

man in suit on computer holding phone

The real estate industry, at the height of the Canadian housing market, can be tough to navigate. The goal is to ensure that you’ll be able to sell your house at a reasonable price. As much as possible, you want to reap the benefits of your home investment after all the preparation you’ve undergone to maintain the property value – here are some great tips on finding the price of your current real estate

That said, hiring a realtor becomes imperative. A realtor understands the psychology of sales and knows how to use it. They believe in the power of persuasion and understand the art of negotiation. As much as possible, you want to look for and deal with a realtor who can salvage a potentially sour deal, apply pressure, and use other successful strategies to increase your sale price. 

Please be advised, however, that you should also be wary in doing business with realtors. Below are some psychological tips and tricks that we’ve seen in the past that some realtors use in selling homes.

 

  1. The bitter pill

When it comes to the property pricing, you may deal with two pills: the blue pill and the red pill. The blue pill represents the comforting ignorance of illusion, while the red pill represents the harsh truth of reality. Chances are, the blue pill may be the price you think your home should sell. On the other hand, your realtor may use psychological strategies to make you swallow the red one by asking you to lower the price. Your realtor will most likely ask you to set the price at a minimum. Though there’s nothing inherently wrong with this practice, you should be clear about your price range and understand how to get top dollar on your home.

 

  1. The pick-up

In some cases, agents may have other reasons for listing your home, despite knowing your property is overpriced. Their goal is to pick up unrepresented buyers who will come to see your home without a realtor. Chances are, your realtor will set one or more open houses and will eventually charge you a marketing fee. In most cases, realtors don’t charge clients on the assumption that it is part of the business cost. However, your realtor may ask you to pay the expenses upfront while using your home to pick up new businesses from active buyers.

 

  1. Twice as nice

In most cases, realtors won’t pursue with viewing requests, once they already have a registered offer at hand. However, this is a grave mistake. Some wise realtors will continue to accept viewing requests until the sale is complete. This is because while an offer is a signal that a buyer is seriously interested, it won’t be considered a close deal until all conditions have been met or waived. Because of this, your realtor should continue to promote your listing until the deal is finalized.

 

  1. The double-dip

Another trick that you should be wary of is why your realtor is doing what it takes not to sell your home. You may not know, but this is one of the simplest ways to double-dip in the commission pool. If you are clueless, the goal of a double-dipper is to postpone any interest from the general population, which is 92 percent of the interested home buyers using the internet. Instead, your realtor does what it takes to look for a potential buyer by themselves. Their ultimate goal is to represent both you as the seller and the buyer as well. As a result, they end up getting a double commission.

 

Fortunately, many great realtors do not practice unethical or illegal conduct. Yet, you can expect that they’re good at persuasion, negotiation, and ultimately closing the deals – make sure you ask your new realtor the right questions before hiring them. With a vast understanding of the power of psychology, they have tips and tricks up their sleeves in making real estate decisions. While it makes sense for you to hire a realtor who can help you out in selling your property, be wary of these psychological tips and tricks that may be used against you. Instead, opt for one who can use such tactics to draw in the right buyer for your property.

 

If you’re looking for a one of the best real estate agents in Clayton Heights, get in touch with us today! We’re happy to help.

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