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Key Lessons Real Estate Agents can from the success of UBER

Monday, May 27, 2024

what uber's success can teach you as a realtor

If you are trying to change the real estate industry, or at the very least disrupt it and carve out a piece of your pie, and you have come up with your game changing movement, you’re going to start attracting a lot of people who resonate with what you’re doing.

However, they’re not just going to mindlessly buy whatever you offer, you need to tick a few boxes to get them over the line, especially if what you are offering is different than the status quo.

Luckily, a gentleman named David Rock created a framework that will show you exactly what those boxes are so you can tick them with ease.

David’s framework is called the SCARF model.

According to David, much of our behaviour is governed by a need to minimize threat and maximize reward, and these needs are treated in the brain in much the same way as our need for food and water.

What this means for us is that there are 5 questions that need a positive answer in your prospect’s mind in order for them to buy.​

The Meaning Behind S.C.A.R.F.

SCARF stands for:

Status: Will this increase or decrease my status?

Certainty: Is buying this safe?

Autonomy: Do I have control once I purchase?

Relatedness: Are other people using it?

Fairness: Will they cheat or deceive me?

If you have a strong enough offering as a Realtor and your product or service ticks these boxes, it is likely you will sell incredibly well.

This is partly why Uber became such a huge success:

Status: Uber boosts the status of its users by offering various service tiers like UberX, Uber Black, and Uber SUV. They also get a taxi wherever they need with just a few clicks.  Are you offering different Tier levels for your clients or is everyone perceived to be the same?

Certainty: One of the biggest drivers of Uber’s success is how it reduces uncertainty significantly. With Uber, you can follow your driver as they head to pick you up and you have a very good idea of exactly when your ride will arrive, what time you’ll reach your destination, and how much it will cost.  Do you deliver certainty to your clients?  If not, why?

Autonomy: Customers can choose their pickup location, select the type of ride they prefer, and even prefer routes. Feedback and ratings systems also give users a voice, influencing driver quality and accountability.  What systems do you have in place to grow your real estate business autonomously? 

Relatedness: Because it was such an improvement on the existing means of getting a taxi, early adopters raved about the service. On top of that, users are encouraged to leave a review so you can see others are using it.  Do past clients recommend you?

Fairness: Uber strives to maintain fairness through clear communication of pricing, a straightforward user feedback system, and responsive customer service.  Are you offering fair value for your services?

Look at everything from your marketing to your onboarding to see what you can add to tick these boxes in your customers mind. For example:

  • ​Having a phone number people can call for support and a strong guarantee would go a long way to improving certainty
  • Testimonials will do a lot to improve their need for relatedness
  • ​Focusing your marketing on the results people will achieve after using your product or service will increase their perception of the status you can give them

By using the SCARF model you can significantly enhance how users perceive and interact with your sales business. This will go a long way to building a loyal user base motivated by a deep connection to you and your services.

Until next time, Elevate Your Sales!

Sincerely,

The Realtor Coach

The Investor coach podcast

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