by Rob Wicker
There’s a psychology to effective sales techniques. Retailers have been using them for years. SmartMoney writer Kelli Grant says “Merchants have always used marketing tricks and rotating sales to encourage consumers…These strategies work in part because they tap into hard-wired behaviors that go back to our days in caves. We learned to stockpile in the event of shortage and to compete for scarce resources, psychologists and neuroscientists say. The stakes are considerably lower when you shop, but studies have shown our brains react similarly nonetheless.”
Grant references real estate brokers using odd-numbered pricing to attract prospects. You list the home for $158,333 instead of $160,000. The odd number gets the buyers attention and implies that the property has been marked down as far as possible. This tactic might be effective in today’s real estate market where everyone thinks there are great deals out there for buyers.
SmartMoney gives more examples of sales psychology in the article “7 Sales Pitches You Can’t Resist.”