Today’s episode is about scarcity, why it’s important, and how it can actually help you even when you’re selling. One of the members in our Facebook group, The Sales Evangelizers, actually posted this question concerning scarcity so I want to specifically touch on this today.
Not only in the real estate world, there are so many industries wherein buyer have so many options so they don’t necessarily need you or your company since they can find the same thing elsewhere. So how do they do business with you?
A Scarcity Study
A study done in 1977 and published in the Journal of Personality and Social Psychology entitled Physical Barriers and Psychological Reactance: Two-Year-Olds Response to Threats to Freedom where the researchers took a group of 2-year-old kids and took two cool toys, putting on behind a clear plexiglass and the other right next to the plexiglass. The bigger kids were able to reach over the plexiglass and get access to the toy while the others had to walk around to get access to the toy. The toy that was out of reach actually drew the most attention to those who didn’t have the capability of reaching over to get access to the toy. So why didn’t they just grab that toy next to the plexiglass to save them of all this time and effort?
The same thing applies to us and the buyers we’re going after. In real estate, for example, people can sell their houses anywhere and there different resources and companies that can help you sell your house. But what can you do to bring in scarcity to they want to work with you as a realtor or as a seller?
Value through Education
We have to be masters at providing value to our clients through providing education. No two sales are created equal. Figure out a way for you to convey to your prospects the importance of education you have to offer. This could be in the form of blogs, website, or by addressing the topic straight up.
The Potential of Loss
People actually pay more attention to what they may lose as opposed to what they may gain. They are more willing to focus on things where there is a loss tied to it. So try to figure out a way to provide good education either through video or content or when you’re meeting with the prospect. Formulate questions you can ask to educate them and show them that you have knowledge of your industry and the potential of losing.
People hate losing money. Find a way where you can talk about the things they could lose and make them think about the potential of losing something.
Another tool you can use to present value is through incorporating time in your sales process. If possible, present studies that are able to show how, for example, a house in the market for an x amount of time would decrease in the potential sale price and then show them how you have sold homes with an x period of time which is outside of that range, hence their house won’t decrease in potential value.
Scarcity of People You Work With
You may also make your clients understand that you only work with x amount of clients at any given time or talk about the clients you’re working with. Talk about the limit of people you can work with.
Do you have any idea of how you create scarcity? I’d love to hear your thoughts about this topic. Simply go to The Sales Evangelizers and drop us a line or two.
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