Simply, Too Much.
A real estate buyer, we’ll call him Tom, approaches me and asks to help him find a home to purchase in the next ninety days. As we proceed through the initial consultation, it becomes apparent that Tom is extremely knowledgable about the homes for sale in Plymouth and has found a wealth of real estate information. Yet, as time goes forward and thirty days turns into eighty days, it is glaringly evident that Tom is paralyzed by the abundance of information at his fingertips. The sheer volume of information about the Plymouth real estate market that is daily refreshed causes him to second guess and delay his decision cycle.
Paralysis of Analysis
At what point do we have enough information to make an “informed” decision? I have heard it said, and believe, that there has yet to be a decision made with 100% of the pertinent information revealed. Throughout our life, while learning to make decisions, we gain a level of comfort with the lack of informational detail.
What if we had an overabundance of information or choices in front of us? What if we are like dear Tom above, faced with so much information in flux that we become paralyzed?
Why More Is Less
“Paradox of Expanded Choice” is not only the title of a book by Barry Schwartz, it is also a pretty cool statement that encapsulates the frozen decision cycle. The article at Fast Company on Why More Is Less does a great job of summarizing the paradox and how it applies to consumers in general.
In real estate, I will never argue for less information for the consumer. I will make the distinction between information for information’s sake and good real estate information, however.
Good Cholesterol vs Bad Cholesterol
Oddly, we need cholesterol in our bodies, we simply need the right kind of cholesterol. The same holds true in our data diets; especially within the real estate realm. While decent resources and fine indicators, I would label sites like Zillow and Trulia bad sources of the freshest real estate data. Even Realtor.com is suspect.
Yet these three online resources are the top three sites referenced by folks like Tom. They spend hours pouring over “new” listings and data that come directly off these sites. And while the information provided by these services is free and relatively accurate, it is not the “good data” that a real estate consumer needs to make the most informed decision.
Too Many Choices a Bad Thing?
On the surface, having a lot of choices from which to make a decision appears to be a great proposition. However, as the article points out, many choices can actually be demotivating for the purchaser. To go back to our example buyer, Tom.
He has at least four different sources of real estate information flowing directly into his decision making pattern; Zillow, Trulia, Realtor.com and the daily updated listings that I am sending him. From Tom’s perspective, he is getting all of the real estate information about the Plymouth marketplace. Receiving all of the information is important to him, yet his decision making process is paralyzed by the sheer volume of information he believes he needs to process. Obviously, I will want to emphasize the information that I am sending him, as I am providing him the homes that meet the criteria he communicated to me.
Communication. It’s Important Vital.
Actually, it is all about trust…
This is where communicating with your real estate agent is vital. A clear line of communication, in both directions, is needed. Your agent needs to know exactly what it is that you are looking for in your next home. And your agent needs to be able to show you where the good information is, based on what it is you told them you are looking for.
At the end of the day, there is a dearth of real estate information out there. As a real estate buyer or seller, you should find an agent you trust and work with them to secure the real estate market information you need.
And that is the rub right there, isn’t it? Many real estate consumers trust a faceless, albeit well-known website, more than they trust the real estate agent they can call or meet with. We, as an industry, have earned a reputation for being pushy, demanding and, in the final analysis, lacking in our customer service.
Are you ready for something different? Are you looking for quality real estate information without the spin?
If you are a buyer looking for that perfect home, allow me to assist you by setting up a search that meets your criteria.
If you are a seller looking for quality information on the sale of your home in today’s market, let me know how I can assist.
Comments feed