This week, we turn the keys over to agent Tatiana Delaserna and let her take over the blog. In this post, Tatiana discusses “FOMO” – we don’t want to spoil her article, but we have to say, it’s a very real thing and we love that she’s teaching her clients about it (and now, we benefit from it, because she’s sharing the knowledge with all of us).
FOMO – “Fear Of Missing Out” is real. It is especially real in real estate and is the reason we often see multiple offers on a freshly listed home. The ability to leverage this emotional response from buyers has never been so powerful as it is today thanks to our integrated world of social media, websites like zillow.com, and instant satisfaction consumers crave on all aspects of life. Because buyers can see in real time when a home hits the market, the idea of “you only get one time to make a great first impression” is more impactful than ever. If a buyer sees a home that looks great on pictures, in an area they have been looking for, and for the right price, they start wondering who else saw it too and the race begins.
Unfortunately, the opposite has also never been more damaging to sellers. When a buyer disqualifies your property, they will never revisit it online (they can block that home permanently!). If they feel it is overpriced, they will save it, and wait on the sidelines to see when seller will drop the price.
The three components of creating the perfect FOMO are visual appeal, being at the right place at the right time, and price.
- Visual appeal – Over 96% of all buyers start shopping online…and they will move on if you do not catch their attention within the first 3 seconds. If they cannot see how great your home is from the pictures, then you may have lost the “perfect buyer.” Taking the time to prepare your home before it hits the market is not a luxury, it’s a must if you want to ignite the desire of buyers. At Kimberly Howell Properties, many of our agents work closely with stagers for this exact reason.
- Being at the right place at the right time – Your property has to be seen by the right people at the right time (when they are in the market to buy!). If a buyer sees your property popping up in all the places she has been looking, the reality that other buyers are seeing it too hits home quickly. Unlike at our favorite clothing store, there is no way the buyer can hide your home behind the out of season sweaters – the only way of hiding it from other buyers is to submit a competitive offer and take it off the market!
- Price – There is that saying, “everything sells…at the right price.” The thing is, many times that “right price” is very different from what a seller has in mind and what the market will bear (what a buyer will ultimately be willing to pay for it). There are several pricing strategies for each seller situation but if we want to create that fear of missing out, there are some time tested principles successful listing agents utilize.
Remember, the biggest enemy of creating FOMO is days on market. The longer you property sits on the market, the less buyers worry someone will come and snag it from them. They have less and less desire to submit a strong offer and start to wonder why no one has bought it yet. It becomes a vicious cycle – they wonder what is wrong with it. Do not let your home become victim of “nobody wants what nobody wants,” let’s work together to create the perfect FOMO storm!