Australian research has shown that the more attractive an estate agent, the higher the price of a property.
By analysing the photographs of estate agents, and comparing them to the final sale price, the researchers discovered that prices were 2.2% higher when the estate agent was considered attractive.
This could result in an extra £5,750 on a home worth £250,000.
Business School lecturer Robert Tumarkin said: "Attractive real estate agents do achieve substantial premiums.
"Our research shows that the degree of their attractiveness influences the price they receive from buyers."
Co-researcher Joakim Bang added: "It's known as the 'halo effect' and it's where a person's overall impression of something affects their evaluation of its individual aspects."
Tumarkin was inspired to do the research when he was driving around Brisbane and noticed a property for sale. On the poster, the photo of the real estate agent dwarfed the image of the property that was actually for sale.
Robert Tumarkin comes from the US, where buyers have their own agents, and was curious as to why there’s such an emphasis on the agent in Australia.
“Buying a home is like every other kind of decision people make,” he explained. “It’s always helpful to be aware of your biases and take those into account. Make sure you’re coming up with an intelligent decision.
“Everyone thinks they’re immune to biases like this but, on average, people aren’t. Buying a house is a big decision and the more rational you are the better price you’ll have.”
While there could be some truth in the research, we’d be intrigued to see the influence of other factors in sale prices, like age or experience of the negotiator, rather than just whether the estate agent was considered physically attractive. The report also didn’t say whether the higher prices were dependant on the estate agent being a gender the buyer felt attracted to.
One thing is for sure though, when it comes to getting the best price, first appearances count. Is your website as good-looking as a top agent?
If not, you could be losing sales and instructions to your more attractive competitors.
If you’d like a website that’s stunning enough to attract even the most reluctant client or buyer, don’t hesitate to get in touch.
