Two restaurants sit on opposite sides of the street. The cuisine and atmosphere of both are of equal quality and the menus are comparably priced. But when potential diners see a line of people waiting at one of the restaurants and not the other, they assume the busy one is superior -- and they follow the crowd. It's a phenomenon known by many names -- Pack Mentality, Peer Pressure, Following the Herd -- and it plays a critical role in selling real estate.
For starters, people buy, rent and lease real estate when they see other people buying, renting and leasing. It's something people find comfort in: going with the crowd, doing what everyone else is doing so they're not left out or missing the boat. And not only do people follow the crowd when making decisions in real estate, the mere presence of too many people while making a critical decision -- like what to buy or where to live -- can cause people to act in ways they otherwise wouldn't. And that can work to your advantage.
So, how can the principle of the Herd Mentality work in real estate?
Here's one thing I always tell my clients when I'm consulting with them. Consider closing your sales offices Monday to Friday and only opening them once you have multiple appointments booked at the same time. By scheduling overlapping appointments, your team can build a sense of urgency with these potential clients, rather than spreading those same few client visits out throughout the week. This also frees your team up throughout the week the make presentations, meet with brokers and get out into the community.
Check out this video for an example of the Herd Mentality in action!
Comments