Residz Team 3 min read
It’s a buyer’s market out there. Cashed up home buyers are well aware they have the upper hand as house prices plunge at sharp rates and they can afford to be ‘meh’ about what’s on offer. So, home sellers would do well to understand the concept of the ‘purple cow’ theory.
You see a purple cow…..
Purple Cow is the name of both the marketing concept and the New York Times bestselling book from marketer and entrepreneur Seth Godin.
The purple cow theory is essentially this: If you saw a purple cow in a paddock, you’d stop the car and call all your friends. A purple cow is something worth noticing and it’s memorable.
Use the purple cow theory to get noticed
In his book, Seth Godin urges companies to put a Purple Cow into everything they build, and everything they do, to create something truly noticeable. For example, a Dutch hamburger restaurant’s purple cow is its $7200 AUD hamburger. With this price tag and ingredients like truffles, caviar, A5 Wagyu beef, and champagne-infused gold-coated buns, it’s very memorable.
So, could purple cow theory work for real estate - especially for sellers competing in a buyer’s market?
Piano players and 3-D light shows
Certainly some real estate agents appear to be trying to do something memorable. A colleague tells a story of a recent Sydney open home where a talented pianist was performing for potential buyers. Another home held a 3-D light show in a room designated as a home theatre.
We’ve seen more homes using virtual styling platforms to make their homes more appealing.
Drone footage has become de rigueur for selling property, and professional photography and professional in-person styling are standard.
Fireplaces are always in action for opens, candles are lit, and biscuits are on offer, fresh out of the oven.
Buyers have the upper hand
It’s all part of the sellers’ scheme to achieve a DreamPrice(™) for their property. Buyers have the upper hand right now in most capital city markets, with prices in the biggest city plunging at their sharpest rate in nearly 40 years. If they are visiting many properties across a Saturday or Wednesday, it might be hard to remember each property clearly.
This is where the purple cow comes in. The house with the live pianist will be the one they tell others about. When buyers feel the warm and fuzzies, it could be due to such a purple cow moment.
Can you try a purple cow to sell your property?
What are the purple cow ways you can get buyers to notice your property?
Some top-of-the head ideas include:
Be careful not to put buyers off
Use your imagination but also your common sense. You don’t want it to be so distracting that buyers think you’re hiding something. Try something that makes them smile, makes them feel good, makes them notice your property, and makes them talk about what they saw to others - just like they would if they did see a purple cow. Send us your ideas and good luck!
Residz can help buyers and sellers reduce the stress of researching property:
Image: Alex Arkink, CRV, Wikipedia Commons