Friday, October 13, 2006

Influence: The Psychology behind The San Antonio Silent Market

Why is the San Antonio Silent Market so successful?

I know why the San Antonio Silent Market works. The San Antonio Silent Market works for sellers because Joe Barfield understands the mind of the buyer and what compels them.

Dr. Robert Cialdini, professor of Psychology at Arizona State University describes 6 social and psychological principles of Influence in his outstanding book, Influence: The Psychology of Persuasion. The San Antonio Silent Market takes full advantage of each of these strong psychological principles and rules as follows:

1. The Rule of Reciprocity- Joe shares privileged info with privileged people who are on his list. In turn, buyers who are on that privileged list aren't likely to low-ball or play games. Joe is like a kinder, gentler soup nazi. I can't imagine Joe yelling "No house for you! Back of line!"- but he does control who gets on the list, so offers will more likely be written with an air of respect and deference with fewer "small print" gotchas.

2. The Principle of Commitment & Consistency- I receive Joe's newsletters and emails like clockwork. All of his communications and materials have a consistent look and feel. And his houses and clients are always presented in a unique and interesting way.

3. The Principle of Social Proof - Joe gives us a glimpse at the admirable lifestyle of his sellers and how their lifestyle is reflected in the home. The buyer, when first reading about a silently marketed house can relate to the home and sellers by association.

4. The Principle of Liking - Joe's clients and family sure seem to like him...

5. The Principle of Authority - Joe is clearly an authority in San Antonio Real Estate services and in vintage homes... There isn't another San Antonio agent that does anything even approaching what he's doing in terms of marketing, counseling and customer service. By retaining the services of an Architectural Historian and Photographer, The Joe Barfield Group is well equipped to understand and communicate the significance of a historic home.

6. The Principle of Scarcity - The biggee! When any agent has a home for sale, buyers have to move, or they risk someone else buying. But Joe's Silent Market trumps that. What is really compelling buyers to move on Joe's listings isn't so much that someone else might buy it, it's that he might put it on MLS next week and share it all the other buyers and agents in the world. They are competing with imaginary buyers! In San Antonio's current real estate market, the real commodity isn't the actual house. The commodity is the information. Any agent can put a home on the MLS and put up a sign. But there is only one San Antonio Silent Market.

Joe might not have understood the science behind the San Antonio Silent Market back when he was first developing it. He probably just had an innate understanding of buyers. That may actually be part of why the San Antonio Silent Market works so well- he built it while following his gut and his heart and it speaks to buyers from that level.

I have noticed that Joe may be working on the unpublished seventh psychological principal. You might consider that the Rule of Curiosity. Consumers are bombarded with marketing missives and have learned to block, ignore or delete the bulk of them. All of Joe’s emails seem to have an odd angle somewhere. Who could resist a read? More importantly, his readers forward on these emails to their friends forming what could be called a Silent Viral Market. I know that whenever I get one of Joe's marketing emails, I eagerly open it looking for I call the surprise "Easter egg" of the home that only someone as creative as Joe could think of presenting. You can't pay for that sort of openness to marketing!