The study examined the 'standard deviation increase' in estate agents' physical attractiveness, finding that for every step up the ladder of perceived beauty, the final selling price of a property reliably increased by 2.3%, translating into thousands of pounds for sellers.
Robert Tumarkin, researcher and UNSW Business School Senior Lecturer, said: “Our research shows that that the degree of attractiveness of an estate agent spills over into the property they are selling, making it more attractive in the minds of buyers”
The study matched photographs of estate agents, who had been rated on attractiveness in independent tests with property sales that had generated the same average investment, and found that good-looking agents were achieving substantial price premiums.
It's an expansion of what is known as the 'halo effect', where a person's overall impression of something affects their evaluation of its individual aspects. In regard to property, the research purports that attaching a beautiful estate agent to a property produces an overall picture so good that it distorts our ability to isolate and accurately discern the true value of a property.
Genetically blessed agents are hardly at fault for buyer behaviour, however with few afforded the luxury of hiring a buying agent, UK buyers are often introduced to a property and its estate agent simultaneously at property viewings. While UK laws like the Property Misdescriptions Act 1991 prohibit misidentification of various aspects of a property's specifications and particulars by estate agencies, agents themselves can hardly be prosecuted for their physical appearance.
A similar US study in 2013 found that based on the nature of agent commission and the profits yielded from an increased property sale price, 'beauty enhances an agent's wage'. Frank Mixon, a professor of economics at Columbus State University's Turner College of Business who conducted the study said he was hardly surprised by the findings, however qualified them by noting that “attractiveness is not the 'be all, end all' – it just helps to tip the scales when competitors are otherwise equally talented or skilled”.
As long as attractive agents are not using beauty to supplement, rather than to complement, other productive activities, it is up to buyers to be more discerning when considering a listed property.
As far as sellers are concerned, while there appears to be an attractive advantage to hiring a beautiful estate agent, there are a few other considerations to keep in mind when researching prospective estate agencts. It is important to find an agent who:
• Shows clear commitment to their clients.
• Professional experience in your market and a depth of knowledge of your local area.
• Can offer positive references from previous clients.
• Has a great marketing strategy that they can tailor to your property.
