When it comes to making decisions, more often than not, logic should take precedence, yet despite this, many people still tend to rely heavily on their emotions for decision-making. According to research conducted by Market Logic and PointSource, 68% of respondents believe that emotional responses play a bigger role in decision-making than logic and reason.
Furthermore, the same study found that 90% of respondents acknowledged the primacy of emotions when making decisions. This suggests that even if people are aware that logic should be more influential than feelings, they still tend to lean towards their emotions as the driving factor.
Did you know:
- Most of the processing power in our brains occurs at a subconscious level,
- Our feelings are formed before our conscious mind can even process them. When we meet a stranger, our brains make a decision about them in just one-tenth of a second
- In a study on decision making, our brains often chose to experience a smaller reward, like a piece of chocolate, immediately rather than a larger reward, like an ice cream sundae, when it’s delayed. This shows that our emotions can overpower the logical decision.
From this data it’s clear that while we may try to rely on logic and reason when making decisions in our daily lives, these stats showcase the power that emotion has over reason when it comes to making decisions. Estate agents must take this into account when building relationships with their clients.
People are more likely to respond positively and make decisions based on emotions if they can build trust and rapport with their estate agents. This means that it’s essential for agents to focus on establishing empathy and building relationships, in addition to providing facts and figures about any potential property deals.
But you already knew that!
The next level is using technology to enhance the relationship-building process so it can be done at scale, with more success.
How does this look in practice?
Connect logic and emotion by going beyond basic data
Estate agents should focus on providing their clients with more than just property listing information. They should offer an in-depth understanding of the market, as well as comprehensive real estate advice that goes beyond property listings and instead looks at broader trends affecting the sector. By utilizing both logic and emotion while helping clients make decisions, estate agents can ensure their clients are fully informed and can make decisions with confidence. Talking about real-life scenarios, playing video testimonials and showing true examples can connect emotion with logic.
Be prepared to spend time discussing a wide range of topics
Savvy estate agents should be prepared to discuss a range of topics. It’s essential to educate clients on the local market, as well as inform them of potential risks and rewards associated with real estate investments in their area – but it’s also key to make emotional connections on smaller subjects. By undertaking client research, you can identify the kind of person your client is. Why does this matter? Well, if you can understand their motivations and feelings on a personal level then you can tailor both your logic and emotion to better appeal towards them.
Connect emotionally before you even meet
Making a connection before the market appraisal could be key to it’s overall success. A study showed that people make a decision on whether they trust someone within the first three minutes of meeting them. That’s why it is important for an estate agent to be passionate, warm and friendly from the outset with a proper pre-appointment introduction. This can help create a positive and trusting relationship between the client and estate agent that goes beyond feeling like a simple business transaction.
At its core, successful real estate sales are based on trust and understanding, and technology can enhance this.