Applying Maslow’s Hierarchy of Needs to Real Estate
Applying Maslow’s Hierarchy of Needs to Real Estate When people consider where to buy a home, they’re subconsciously processing Maslow’s hierarchy of needs. There are five needs in renowned American psychologist Abraham Maslow’s pyramid: 1. Physiological needs. This tier relates to the ability to sleep, eat, hydrate, and clean yourself—the basic human needs every home must accommodate. 2. Safety needs. People will live in a home that meets physiological needs, even if it's not safe. Notice that satisfying No. 1 is more important than satisfying No. 2; such is the pattern of the pyramid. 3. Belongingness and love needs. Will people (wife, husband, kids, etc.) love me if I live in this home? 4. Esteem needs. Will people respect me if I live in this home? It’s one thing to accept someone, and another to respect someone. When we respect someone more, we’ll probably be going to pay more money for this prestigious home. 5. Self-actualization. People who are self-actualized are very c