🧠 you’re in the business of behaviour change...

GOOD MORNING FROM ELITE AGENT

Good Morning👋 from Elite Agent

Thomas McGlynn, CEO of BresicWhitney, shares some no-nonsense advice for tackling challenges in real estate: "In sales or entrepreneurship, setbacks and failures are inevitable. The key to success lies in embracing a mindset of continuous self-improvement.” So, don’t sweat it—just keep levelling up and you'll turn those setbacks into wins.

Today’s read time: 4 minutes, 16 seconds.

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MOTIVATION

Micely done, Dr Heath: Why we’re all in business of behaviour change.

"If you've ever wanted someone to make a bid at auction, sign a contract, or win more listings, you're in the business of behaviour change.”

Dr. Emily Heath, a PhD in Behavioural Neuroscience, has spent over a decade designing behaviour programs to help companies and governments change how their teams, clients, and communities make decisions and act. At Elite Retreat, she explained that to succeed in real estate, it’s essential to understand the psychological triggers that drive decisions, whether it’s a buyer, seller, or tenant.

Science of behaviour change in real estate

Dr. Heath explained how neuroscience is at the core of understanding human behaviour, which is vital in the world of real estate. "What you need to understand is that our brains are wired for habits, and the things we think will change behaviour are often wrong," she said, citing her experience working in a lab studying decision-making. She compared this to working with teams in real estate, noting that, just like training mice in a lab, real estate agents may inadvertently train staff to depend on them rather than take initiative. "When I was training mice in the lab, there was one mouse, Duncy, that I thought would learn by watching me press the lever and get food. But what I actually trained him to do was nothing. He figured out that if he just sat there, I'd do it for him."

Applying behaviour change to everyday interactions

It may not be obvious, but behaviour change is relevant in everyday real estate interactions. "Every single person in this room is in the business of behaviour change," said Dr Heath, referring to real estate agents, property managers, and principals alike. Whether convincing a client to bid at an auction or getting tenants to provide accurate information, behaviour change strategies can improve communication and decision-making.

Harnessing emotions

One key takeaway from Dr. Heath’s talk was the role of emotions in decision-making. "People don't make rational decisions, they rationalise the decisions they've already made." In real estate, this understanding is crucial because buying or selling a home is an emotional process. "People bring their personal baggage to every decision," she explained, emphasising that agents need to be aware of how incidental emotions, such as the stress of past rejections or the pressure of financial commitments, affect client behaviour. By recognising and managing these emotions, agents can create a more positive experience for clients and help drive better outcomes.

ICYMI, yesterday we covered some tips on how to fix weak marketing spots

SMART SNIPPETS

Mortgage stress
New research from Finder reveals that mortgage stress in Australia has reached record levels, with 42% of homeowners (around 1.4 million Australians) struggling to pay their home loans in August 2024. Finder’s Consumer Sentiment Tracker also found that 13% of mortgage holders missed one or more repayments in the past six months and the average owner-occupier mortgage is now $634,479, up 9.3% from the previous year.

Planning woes hit regional housing
If you thought finding a home in the city was hard, regional Australia is facing an even bigger challenge. According to the HIA, planning systems are failing to meet demand in regional areas. With 28 per cent of Australians now living outside major cities, the pressure is on. Key issues include lack of ready-to-build land, insufficient infrastructure, and slow approval processes.

More action needed to tackle underquoting
Consumer Affairs Victoria (CAV) has declared its two-year taskforce trial to address underquoting in the real estate will become a permanent fixture. Real estate coach and auctioneer Andy Reid said that while the taskforce is a good start, the CAV only attending 180 auctions in two years, falls short of making an meaningful impact. He said greater collaboration between CAV and the real estate industry is needed, and that the ongoing “us vs. them” mentality is limiting progress.

Celebrity news
Prominent New York broker and star of Netflix's Owning Manhattan, Ryan Serhant, CEO SERHANT, has just listed Andy Cohen's stunning West Village home for US$14M. The home is a combination of four units (yes, you read that right), and is currently configured with three bedrooms, 4.5 bathrooms, a nanny’s room, an en-suite office, a den, two wood-burning fireplaces, and a bar. The layout is flexible enough to become a 4-5 bedroom dream home and has panoramic views of the Manhattan skyline. Any takers?

SOUND WAVES

Today’s curated listen takes us inside the family feud of the multibillion-dollar Sol Goldman, aka, one of the most successful real estate investor of all time.

Read the original article from The Real Deal

AGENTS ON SOCIAL

So much can happen in six months. Just ask this NZ real estate agent who celebrated her first half-year in real estate. 🇳🇿 👱‍♀️

@zoedegotardi.properties

🫶🏽🫶🏽 #realestate #realestatenz #property #propertynz #nztiktok

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Wishing you a productive day

Elite Agent is crewed by Mark Edwards, Catherine Nikas-Boulos, Rowan Crosby, and Samantha McLean. We aim to uplift the real estate industry by delivering forward-thinking, hype-free news and education that fosters knowledge and fuels ambition.

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