10 Dec 2010

Rock & Roll Real Estate Observations

I spent 20 years as a rock & roll DJ. I grew fat and deaf sitting on my butt and tethered to too-loud headphones. My last segue was not Beatles to Stones but rather radio to real estate. But my love for music and popular culture remains with me. Now, I try to bring a rock & roll attitude to real estate.

For example, I was intrigued by a recent report about pink houses. It turns out that fellow rocker John Mellencamp may have been mistaken when he sang of the universal appeal of “little pink houses for you and me.”  In their look at the psychology of real estate, researchers at Old Dominion University (ODU) in Norfolk, Virginia found that home buyers generally dislike the color pink, among other biases.

The “Understanding Real Estate Buyer Behavior through the use of Ocular Tracking Technology” study, coauthored by Dr. Michael J. Seiler, Professor and Robert M. Stanton Chair of Real Estate and Economic Development at ODU, revealed many interesting behaviors by home buyers that could help inform strategies for home sellers. Among them…advertising that a home has “new paint, new carpet…” etc., may be a marketing miscue. Rather, let the home buyer be “surprised” at the pristine condition of the home.

Another interesting tidbit from the report: Men and women are inclined to pay more for a home if they’re working with an attractive female REALTOR®. That discovery is a bit sexist but right in line with the overt sexism often found in rock & roll. Looks like my career segue was not all that dramatic afterall.

 By Tom Gongaware (General Sales Manager, Triangle Region)

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