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December 28, 2018

On Trust: The Three Key Elements for Change

As we enter an age of change for the real estate industry, I find myself thinking a lot about the concept of change. Specifically, the interesting ways that we usher true change into our world.

The following is an excerpt from an article written by Rachel Botsman for The content for this article was sourced from Botsman's book, "Who Can You Trust." You can read the entire article at Ideas.Ted.Com. And I highly recommend her book; it's an excellent resource for understanding the ways technology is changing our lives. 

Trust in new inventions doesn't occur by accident. There are some universal psychological and emotional hurdles to overcome first.

The conditions that enable that to happen are summed up in three fundamental notions:

The California Roll Principle: The California Roll principle depends on making the unfamiliar more familiar. Consider sushi. When US restaurateurs attempted to popularize the Asian delicacy with Americans in the 1960s, at first the idea did not bite — to many non-Japanese eaters, the thought of consuming raw fish wrapped in seaweed was bewildering, even dangerous-sounding. What helped win them over? The introduction of the California roll, which had ingredients — cucumber, avocado, crab — that were already very familiar to people and well-liked. Demand exploded, and Americans now consume $2.25 billion worth of sushi annually.

The WIIFM Factor (What's in it for me): American sociologist James Samuel Coleman was fascinated by the ways people decide whether or not to trust a new idea. Essentially, his research showed we decide whether to trust based on assessment of the upsides and downsides. We make a calculation about whether trusting an idea will make our lives better or not.

Trust Influencers: These are groups of people who can disproportionately influence a significant change in the way we do something; they set new social norms.

Saul's Note: As we stream into the future, with new technologies and new ways of doing things, we will all need to develop trust in new ideas and concepts. This includes the real estate listing, sale and purchase process.

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