A hindsight bias known as the curse of knowledge is related to an intellectual kind of monolingualism. An orator is seen as being insensitively obtuse and off-putting to their audience when they employ insider jargon.
That's all, then! Well done, me! Have a fantastic day and I hope you learned a lot!
Oh, did I not make myself clear? Sorry… It's sometimes simple to forget who we're speaking to when we're too familiar with something's meaning. Would you say that I'm speaking to you or simply to myself in the first paragraph above?
By coincidence, I constantly observe agents believing their potential clients are knowledgeable about the real estate market, the buying and selling procedure, and other relevant topics.
There is a term in marketing known as the "curse of knowledge." This is the erroneous belief that just because we know something, others must, too. This could cause serious problems in your:
- Marketing
- Customer interaction
- Presentations listed
- Buyer presents
It's critical that we examine the signs of the curse, how it applies to you, and what specifically you can do to break it because poor communication is the most common grievance individuals have when working with a real estate agent.
Examining The Curse
In 1990, a doctoral student at Stanford by the name of Elizabeth Newton ran an experiment with 120 "tappers" and "listeners." The listener would try to identify the tune as the tappers would tap out a familiar song on a desk with a pencil (such as "Happy Birthday" or "Row Your Boat").
The tappers believed they were performing admirably when they predicted they would receive a guess rate of almost 50%. More accurately, it was one in forty. The tapping simply appeared to be tapping to the listeners, but once they learned what the song was, the solution appeared to have been clear-cut.
We cannot unhear something once we have heard it. Do you ever find yourself blathering to a lead or a client when you would actually be better off explaining things in detail?
Consequences Of The Curse
The Curse of Knowledge primarily manifests as jargon, non-explainers, and convoluted language.
Jargon is when you utilize phrases or abbreviations that others outside of the real estate industry don't understand. Both of us understand what "home equity" is. We frequently utter that. We fail to realize that this is commonly referred to as "the difference between the value and the money owed."
Abbreviations are also risky in this situation. They might not understand what you're talking about when you mention listing someone's house on the Multiple Listing Service (MLS) or why they're paying you a commission to do it for them.
Non-explainers are answers to inquiries that don't really qualify as explanations. I frequently witness unaware people engaging in this behavior. It is not an appropriate response to say, "I negotiate the deal and then take a commission," in response to a buyer's question, "How do you get paid?" You omitted to specify what you do in detail, who is paying you, and when to expect payment along this procedure.
Uncertainty and doubt are exacerbated by these non-answers. The likelihood that the buyer will work with you increases if you let them know that, in most cases, they won't even be footing the tab.
Not all complex language uses huge words or complicated syntax. Sometimes using complicated terminology simply fails to make your message. What if I choose a more provocative title for this post, like "The Curse of Real Estate," in an effort to draw readers in?
Is the title much more intense? Yeah… It's also unsettling and incredibly hazy. Am I claiming that the housing market is cursed? That could damage my brand in addition to giving me a terrible impression.
Being a successful knowledge broker requires avoiding confusing jargon, especially when marketing online. Informational films are one of the finest methods to draw in new customers, but if yours are too long and technical, they can do more harm than good.
How Can We Get Better?
Chip and Dan Heath, authors of the marketing book Made to Stick: Why Some Ideas Survive and Others Die, talk about overcoming the information curse with their 6 Principles of Sticky Ideas, often known as SUCCESs.
- Simplicity
- Unexpectedness
- Concreteness
- Credibility
- Emotions
- Stories
There is no sequential application of these six ideas. Each of them overlaps and merges with the others. Unexpected turns are the finest way to add emotion to a tale when you're telling it. An illustration of this would be case studies, some of which contain concrete facts so astonishing they could inspire optimism or excitement in your potential clientele.
It's crucial to find a balance when it comes to simplicity. It doesn't imply that your audience is less intelligent just because they are familiar with the same facts as you but don't work in real estate. Keep it straightforward but detailed. Your videos should be succinct, to the point, and brief.
Recall that simplicity does not equate to boring. Have you ever tried to pay attention to someone who was speaking and was providing excellent information? It doesn't matter how nicely you say something if no one hears you.
Unexpectedness requires a certain amount of personality. Because they trust them, people want to collaborate with them. As a result, your credibility stems from both what you know and who you are. Describe yourself with a few stories. You can read my conversation with Marc Hernandez for a fantastic illustration of this.
Decide To Improve Communication
I hope that this has helped you see things from a different angle. Remember that ignorance of how we are using knowledge makes it merely a curse. Knowledge is one of the finest gifts we can give when we are aware of how we communicate.