12 Mar THE PILLARS OF PERSUASION IN PROPERTY AUCTIONS
It was long ago when the father of philosophy, Aristotle, uttered these words:
“Of the modes of persuasion furnished by the spoken word there are three kinds. The first kind depends on the personal character of the speaker; the second on putting the audience into a certain frame of mind; the third on the proof, or apparent proof, provided by the words of the speech itself.”
Aristotle goes on to label each kind as ethos or the reliability of the speaker, pathos or the manipulation of the emotional predisposition of the audience, and logos or the logical argument. It might surprise you to know that each of these are an integral element in persuasion. In the context of real estate, specifically of selling a property, these kinds make up the pillars towards a successful property auction.
Ethos as the Real Estate Agency’s Reliability
Time and time again, the effectiveness of real estate agents when it comes to managing the sale of a property has been tested. There are times when things don’t go as planned but these are opportunities for agencies to hone their craft so they can improve their chances of success. Such effort in making things better gives rise to better results. And better results, as we know it, leads to the formation of credibility.
It is common among vendors to not know where to start. The absence of their knowledge about reliable and credible real estate agencies (or agents) is one of the main challenges they encounter. But in a world where acquisition of information is digital, it becomes apparent that being reliable and credible may be measured in seconds. The criteria? Success rate.
More vendors will approach a real estate agency with a proven record in sales. On top of that, more people will approach a real estate agent with a proven sales performance. That’s because the more credible an agent appears, the more certain sellers become when it comes to the odds of selling their property on time and at the right price.
But note that working with a real estate agency also entails working with multiple individuals – from the agent to the auctioneer, these individuals represent a whole unit that works together. Therefore, all of them becomes the embodiment of your property. The moment any one of them speaks, ethos is put to the test. So when it comes to working with real estate agencies, you always have to choose the right one.
Pathos as the Emotional Context of Price
There are factors that lead to the identification of what we call ‘the right price.’ These are the pricing trends in your neighbourhood; the pricing trends in the local, regional, and national market; buyer competition; and the property’s condition. With the exception of the property’s condition, each aforementioned factor clashes directly with the emotional response to price. Why?
That’s because some, if not all, buyers are particularly cautious when dealing with property prices. This is further influenced by the current market condition. When the market is hot, buyers compete for scarce supply. There’s an understanding that the current property prices is brought about by competition. But what if the market is on a cooldown?
The indication of plentiful demand against a challenging price leads to an emotional disruption among buyers. And that’s because they’re confronted by the thought that they might not find something that has far superior qualities than the one at present with that little window of time they have to buy a property. Home buyers do not have the luxury of time to keep on searching.
As a result, real estate agents and sellers have to properly frame the concept of price in the minds of potential buyers. And because pathos deals with concept manipulation, both agents and sellers have to consider one last pillar to successfully frame the discussion about price: logos.
Logos as the Power of a Property Makeover
It’s plain and simple: a property’s price needs to be justifiable. The moment buyers ask about it, quoting a property’s price has to be immediately followed by a series of justifications – something that appeals to the logical minds of interested parties. What better way to do that than through a property makeover?
The concept of logos is closely tied to concrete reasoning – a good deal of physical and verifiable evidence needs to be presented. The tangible elements that accompany price are easily identifiable through a series of value-add decisions agreed upon by the real estate agent, the seller, and a third, important party: the property makeover specialist.
The integral role of a property makeover specialist in creating value is continuously gaining traction across the nation. That’s because the results of a property makeover goes beyond the establishment of a rewarding price. It also helps create competition which further justifies the notion that a property’s value is what it is because of value-add components.
So you now see how a property makeover helps integrate key elements in a property to make it more appealing to prospective buyers. It’s not simply about adding a room, doing landscaping, or doing furniture hire that necessitates a property makeover specialist’s expertise; it’s also about identifying the hidden gems in a property that needs a little polishing to create mass appeal. Once that appeal comes to the surface, logos is established.
There’s a very good reason why selling a property involves a good deal of ‘philosophising:’ value proposition. Where psychological concepts provide a good insight on how buyers’ minds work, philosophical concepts provide the doorway towards positioning thoughts that enhances a property’s sale potential.