Is real estate an addiction?

I mean, for me is real estate in addiction. We need to talk about that. Are people spending so long on their? Are they getting all these dames and bells going off when it when a great home comes up that they look at it and they’re like, Hmm, what’s going on?

Do they spend so much time there? Is it making homes sell faster? That’s Shana. She’s going to tell us some of the things that she thinks, Oh, wow. Well, so let’s pick a couple of spots to talk about.

So in the past, real estate used to the average person would take out a 30 year mortgage and they would live there and they would pay it off and then they’d be done right. And they would like stay there.

And then all of a sudden you start hearing some different numbers and then you’re like, Well, the average person only stays in their home for 15 years. It’s like, Wow, that’s crazy.

Then it was the average seven to 10.

Yeah, and now it’s five to seven. And we heard a Bankrate the other day. You say that the average mortgage now is like under five years and it

Was like five years. And we’ve seen just in our, you know, in our transactions that we’ve had a lot of people that have have moved on within a year and they haven’t owed. We had a client years and years ago that had to that was relocated and he had moved here. I think it was two years and he had to come to the table with like fifty thousand. He had to go get a loan to close to be able to move.

Remember that? Well, just prices didn’t appreciate. It did not go up.

So yeah, it was crazy. So so yes, I personally do think it’s a it’s an addiction. And I think, you know, just as it used to be realtors, always. We were we were known for being on our on our devices and looking for homes. But I think whether people are looking for a home or not, they’re addicted to that. There’s something about it. There’s the shows on TV that people see.

It’s become the whole thing, right? It’s just become a whole thing, kind of like fashion. And then there’s real estate like people are always looking at fashion trends. I think people are always looking at real estate and it gives them that itch to move. But I also think it’s addictive in the way that you’re you can’t stop. You hear the bell and the notice and the alert and you’re on it.

And you know, we’ve we have even had discussions that, you know, just from texting or being on your device that, Hey, hello, where are you? Let’s put our phones away and let’s engage in the conversation because you’re totally turned out.

I turned every bell off. I get no notices, and now my wife can’t even get in touch. For me,

It’s it’s really, really, really fun. But yes, so I think it’s it’s it’s an addiction. It is.

So then what happened is there’s been things that have been set up. So I have an article that’s going to reference this that we can kind of look at. Omkar is going to chat that in and he’s going to go ahead and show our screen and we can talk about it.

So I think it’s an addiction and I think it can cause problems.

Just like any other addiction, because you’re so engaged.  

But I think this kind of like shows it right here, right? This gentleman is wearing his hoodie, so I don’t know that makes him cool or mysterious or something. He’s got to Zillow glasses on and he’s just in like, he’s just in. He’s totally in. Right? And if we scroll down, there’s a couple of things that I, I see in this article that were interesting.

So how big of a problem is, it is what it says.

Yeah, no. I think it’s a real big problem like that. Redfin and Zillow put me to bed every night.

And you know, it’s one of these different things that people are getting these notices. And I guess I know I get notices every once in a while on a couple of different neighborhoods that I follow, and every time I look at it and I start thinking, I’m like, Man, I should have cheese we could have.

And whatever that happens to be, and I saw an art something up in here that they’re designing them so that you stay there and it becomes more addictive and you search in sort and find only the ones that you’re looking for, right? And then all of a sudden it’s, you know, between the videos and the pictures and the colors and the it’s it’s appealing.

It is appealing. But you know, they I don’t know if this is true or not, but I was always told or heard that, like Chili’s and certain restaurants put something in their food that somehow triggers the brain to make you want that more and more

So on the website. They need to trigger something that makes you want to continue to go there. So it’s like, so do they eat something?

So it’s kind of similar that they Oh, I know what you’re saying. Mm hmm. Mm hmm. Yeah. So, yeah, so what were you going to say about what what the problem?

So it’s almost a gamification, right? And they have great pictures and they spend a lot of people spend money on marketing and it becomes really glamorous. And you’re looking at things that maybe you can afford or you can’t afford. Mm hmm.

Right? You dream.  Yeah. And it puts you in this fake world, almost a metaverse.

So everyone has unrealistic expectations, is that why are you pointing at me? No, no, you

Went like, No, I’m not coming at you specifically.

Ok. So our search portals intentionally gamifying. So you’re saying maybe that is true, that they are doing something to?  

Yeah. I mean, when you when you get these things to make it feel that way, there’s a whole list of people that play video games that do things that are, you’re trying to like, unlock this, you’re trying to open that, you’re trying to be able to see this. You want to be the first to know about. Right?

Kind of a competitive, yeah. You want to talk to your friends about, did you see what, Mary? You know, whatever that is. Mm hmm. Yeah. There’s stuff to it. There’s different ways you can search it up here.

I saw some relationship. They were they had relationship to all different types of industries within the article of things that were coming up. But people are like intentionally gamifying. What’s going on here? And it’s addictive. And like, you know, there’s psychology experts talking through things.

There’s so we need to hire a psychologist for for our search.

We need to bring a psychologist on for our yeah and a UI expert.

So for lots of reasons we do.

So ladies and gentlemen, it is.

Are you addicted? I think we are as realtors, but I think your clients are too. And I think it’s, you know, the other part of that, it’s addicting, but it causes the problems that it causes. I think it causes the, you know, the whole disconnection from, you know, in your relationships by having these devices.

But I also think that it causes a problem for us because people see so many things and they come telling us things about our job that they don’t have all the facts. So, you know, it’s putting stuff out there that’s really not realistic. And then they’re coming to us thinking it is and we have to fight that battle, right?

Yeah. And then there’s even some other things in there. So I’m not a gamer, but I hear of like these, you know, there will be like tokens or like things that you can’t get into and you have to unlock it and you can find it before others or it’s unique or it’s a hidden something or other right within the game. And then you look at real estate and then what Zillow has done is they have these other listings that aren’t over here on the web, on other sites, right?

And they have like their proprietary listings. They’re it’s basically a private listing network that they have on their own right that they’re putting stuff out here. So now you can find things in different places that aren’t that don’t exist, other places and it’s unique. And it’s like finding this hidden item, right? So you’re I don’t know. It’s especially when there’s a scarcity problem.

Yeah, yeah, it’s crazy. So, yeah, it’s a problem now, you know? And who’s

Addicted? Now you need to know what your clients are doing. Right? So if you there’s always reasons to talk about, is it something? And then you have to uncover why it’s something?

Well, and I think you if you if you understand that, then maybe it can help you with some of these, you can start to think about some of these questions you’re going to be getting from buyers and sellers and how you can overcome that and if you think about it in advance

And how to take advantage of it. So if you know this is going on, are you the type of person when you’re talking with the client? Are you the type of person that likes to find it on their own? Or would you like me to do the stuff and research and find it for you and have those discussions?

Are your are you searching on other places, right? And why do you like it? And could we consolidate that search and just put it in one place for a little market research? Maybe we can have our intern do a little market research on that.

Yeah, there’s all types of different things, right? But you just be asking and be having discussions. Yes, with your client. Right? So and each different site does things a little bit differently, so what you’ll see is a place like Redfin is maybe a little bit more nerdy and they have more stats and graphs and there are some things they approach it differently. I think we all can agree,

And Century 21 has a little bit more of a graphical representation. Some schools represent schools a little bit better. You know, some of the different portals have things that are better, and we’ve tried to take each of those into account when we’re looking at what we’re doing.

But everybody kind of has something that’s a little bit different, bend. So it depends on your kind of personality, which one you would tend to like back. Some places restrict things and you’re like consistently trying to open them and unlock them.

But when you have to put your information in, there are you x clicking out of it and not doing it?

Or or are you like, Yep, I’ll set up an account with you too.  

Yeah, a lot of people I know set up kind of dummy or junk email accounts that they give for that. I don’t know about y’all, but I have several people that’ll say, Well, don’t use that email. I’m going to give you my work email once they get to know you. But yeah,

Yeah. And when somebody gives you their real email address, it’s a Gmail address. You had somebody the other day give you an email address, right? And I was listening to you writing it down and you’re like, whatever the name was. And then it was. Their user idea was whatever it was at gmail.com.

And we’re like, I immediately was like, Nah, I was like, Not really going to know. I was like, It’s not a real thing, bro.

You didn’t think it was the right email.  

No, I don’t just write email, but I I immediately knocked him down like seven pegs on the list of seriousness of doing business with the person because based on their email, based on their email address that their email addresses at gmail.com,

Gmail is like pretty much what people have.

I know. But. So what he should have had was he should have been John at whatever company name it is. He can have Gmail host it. But not having your own proprietary email address as a as a person is not a thing. I don’t know. It’s a company. You can’t do that.

We don’t send our agents or our Gmail addresses like at Yahoo.com. Johnny, the realtor. Twenty seven at Yahoo.com. Wow. Maybe there was a different reason for that. Anyway, it’s an addiction. Understand it. Understand your clients.

Episode Links

average mortgage , Redfin, Zillow, Gmail, Yahoo.com, Mike Acquisto , Shana Acquisto , TNT 

Episode Recorded Live on YouTube 03.10.22

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