The model may include the following psychological factors:
Perception of the property: People perceive properties differently based on their personal preferences, past experiences, and emotions. For example, a property located in a busy urban area may be perceived as attractive to some people and unattractive to others.
Motivation: People are motivated to buy real estate for different reasons such as security, investment, and lifestyle. Understanding the buyer's motivation can help sellers and real estate agents tailor their marketing and sales strategies.
Personality traits: Personality traits such as risk tolerance, impulsivity, and openness to experience can influence the decision-making process. For example, risk-averse individuals may prefer properties with stable and predictable cash flows, while risk-takers may be more willing to invest in high-risk/high-reward properties.
Emotional factors: Emotions such as fear, excitement, and anxiety can play a significant role in the decision-making process. For example, fear of missing out (FOMO) can motivate buyers to make hasty decisions, while anxiety about the future may discourage buyers from making a purchase.
Social factors: Social factors such as peer pressure, family expectations, and cultural norms can influence the decision-making process. For example, some cultures place a high value on homeownership, which can motivate individuals to buy a property even if it may not be financially feasible.
The model may also consider other factors such as market conditions, property features, financing options, and legal considerations. By integrating psychological factors into the real estate decision-making process, the model can provide a more comprehensive understanding of how buyers make decisions. This can help real estate professionals to develop more effective marketing and sales strategies, and provide buyers with more personalized and relevant information to support their decision-making process.