Estate Agents: If you're battling overvaluations with logic alone, you're losing 19 times out of 20.
Harvard research found that in 19 out of 20 of decisions, the emotional side of the brain has to say โyesโ first before logic kicks in to justify the choice.
So, when you tell a homeowner that their property has been overvalued and try to prove it with facts and figures, you're fighting a battle theyโve already emotionally lost.
Instead, you need to create emotional buy-in firstโand the best way to do that? Tell a story they can see themselves in.
Try something like this:
"Just last month, we I caught up a lovely couple in [local area]. Their home had been on the market for six months ( I had valued 6 months before yet it went on with another agent). The agent they originally chose told them it was worth ยฃ50,000 more than we suggested. They were thrilled at firstโuntil months passed with hardly any viewings & no offers. The market had moved on, buyers had lost interest, and when they finally adjusted the price, the best offers they got were ยฃ20,000 below where they should have started. By then, their dream home had sold to someone else. If theyโd started at the right price, theyโd be living in that home today."
Once a homeowner feels that scenarioโsees themselves in that coupleโs shoesโtheyโre far more open to hearing the logic behind your valuation.
So, the next time youโre up against an overvaluation, stop leading with numbers. Lead with a story, paint a picture, make it real.
Then, once theyโre emotionally invested, bring in the data to back up your case.
Have you used this approach before? How do you handle overvaluations? Letโs discuss ๐