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Maslow’s Hierarchy of Needs & your Real Estate Business

Looking at Transforming your Business ?

Wow ! I had totally forgotten about Abraham Maslow’s hierarchy of needs until I read Peak by Chip Conley. The way he relates it to the business world, especially for someone like me who is intrigued by human behavior, is fantastic! I was a psych major and have a Masters in social work. My journey has taken me through sales & management, specifically in the real estate business and my successes & failures have been due in great part to my observation & understanding of people & their behavior as well as my own behavior.

So back to Maslow. Here is his Pyramid

•  At the bottom of the pyramid is survival – meeting a customers expectations. Here you are focusing on the basics … such as finding them a property.  Do you think that customer will be referring you if you just meet his/her expectations?
• At the middle of the pyramid is success in our social relationships and within ourselves. This is where we feel a sense of accomplishment as a business person. This is also where we create loyalty.Think who are you ad what are you Selling ? It is probably not what you think !
• At the top of the pyramid is transformation; meeting the unrecognized needs of your customers. This is where you create customers for life.

What are You Selling  to Whom?

Just focusing on the base needs will  never allow you to transform the relationship with customers to its greatest potential. Imagine the progression from survival to success to transformation.

Creating customer satisfaction will not ensure that your customers will be loyal to you and not wander, in an increasingly  promiscuous marketplace. Tapping into the desires of your customers may be the one and only thing that creates the differentiation between you and others. When a customers desires are met they are more likely to stick with you, and refer you to friends, family & colleagues.

 Chip Conley describes a parallel phenomenon  with the three levels of the employee pyramid above.

• Money is at the base of the pyramid it creates a base motivation
• Recognition/success creates commitment
• Transformation at the top creates inspiration & meaning

How many companies are actually looking at these things? Most are so busy at the bottom of the pyramid they cannot get out of their own way.  I highly suggest they read the book, Peak by Chip Conley. He took his company in a down market, to the top by focusing on aspects of this pyramid.

I challenge you all to focus on your customers and to start listening to what they are telling you. There is alot of information between the lines!

Ready to Sell Real Estate in South Florida?

Price Wisely!

One of the main challenges for Real Estate agents is how to price properties.
We have to make sure:
*Our sellers get as much for their property as possible
*Potential buyers/cooperating brokers find it attractive enough to get traffic and realistic offers to present to our sellers.
*Once we are in Contract the property appraises Read the rest of this entry »