A team at an Australian university crunched the numbers – and looked at a lot of photos of handsome and beautiful agents – to determine whether buyers are swayed by a good-looking face.
Researchers at the University of NSW discovered attractive agents get 2.3 per cent more for their clients’ properties. In the Toronto market that would equate to $22,926 (CAD) on top of the average Toronto house price of $996,770, according the July report from TREB.
Lecturers Robert Tumarkin and Joakim Bang compared pictures of agents with the prices they achieved in the sale of high-end properties.
They found the “halo effect,” a term used in marketing and psychology to describe the bias shown towards good-looking people and the brands they are associated with, has an impact on the buying and selling of real estate.
If it sounds farfetched, don’t worry, because there is even a term for studying the role of attraction in economics and the labor market – pulchronomics.
A new report may confirm what seasoned brokers already know – good looks in an agent often lead to more money in the seller’s pocket.