Guest Post - Trouble tossing your old things? Blame the Endowment Effect

It’s summertime. Your family has chosen today to finally tackle that mountain of stuff that’s been slowly filling the garage over the years. The work starts smoothly enough - no one wants to hang on to old bank statements. But then you notice something happening. You’ve started reasoning why you should keep clothing that you haven’t worn in years because, seriously, who wears Hammer Pants anymore? Your son bursts into tears because you tossed his water wings despite that fact that he’s now on the swim team. Your daughter loudly demands her teeball set back; the one that broke after she started on her path to the All State player she is today.

What’s going on? Why is it so hard to part with things no one’s used in years?

Blame the Endowment Effect.

The Endowment Effect, coined in 1980 by economist Richard Thaler, is the act of ascribing greater value to something by virtue of you owning it. Here’s the gist: you could dump your neighbor’s old clothes in a donation box and never look back. But yours? You’re already breaking a sweat thinking about parting with these pants you haven’t looked at since people listened to cassette tapes. That’s the Endowment Effect at work.

The effect has evolved over time, originally pinned on a person’s innate aversion to loss, a sort of “I’ll miss it when it’s gone” idea. More recently, however, researchers have looked more closely and discovered that our attachment is due more to a perceived link between the object and the self. In other words, “I own this, it’s part of me, and therefore it must be good.” Indeed, sometimes simply touching the object can trigger enough of a sense of ownership to get the Endowment Effect going.

Looking deeper, researchers found that the link becomes stronger the longer you own the object, meaning those Soviet-era pants in your hand may need their own coup before they can break free.

So we’ve established the cause. But your mission today is to clean the garage of things you objectively know that you can do without. What techniques can you use to do an end run around human nature and convert that cluttered space into the cavern of tidiness that you want?

Here are some ideas:

• Keep only the items that spark joy. By now you’ve heard about Marie Kondo and her decluttering cleanup method. Pick up each item in your pile - yes, you’ll have to touch it - and decide if it’s really something that’s a joy to have around. If not, it’ll be easier to part with.
• Do you say yes when you ask yourself if you really need something? Try asking yourself a different question instead. Imagine you’re seeing this item for the first time and ask yourself how much effort you’d really put into acquiring it now. If going to the store or even to Amazon is too much, then it’s a good bet you can toss it.
• Find out the real value and see if you’d pay it. This can really help you gauge how much you value that item. Go to Amazon, eBay, or Bonanza and find it or something similar. Would you spend what it’s worth to get it? If you don’t think you’d buy it, try selling it!

Cleaning out your own stuff doesn’t have to be a relentless fight against yourself. A simple change of perspective may be all it takes for you to give yourself the space you need.

Ben Oatis is a freelance writer based in Connecticut with over 10 years of experience as a technical writer for global tech companies. In addition to writing about technology, he also covers politics, lifestyle, and health and nutrition. He can be reached at boatiswrites@gmail.com.

Interview - Inna Agujen

When we saw how Inna was allowing clients to visualiz their future space virtually, we had to know more.

Tell us a little about your background before you were a realtor?

My background was in Animated and Feature films creating visual effects and 3D environments. I worked for Blue Sky studios, a subsidiary of 20th Century Fox. My position was Senior Technical Director.  Before Blue Sky, I worked for FX Boutique in NYC creating commercials and animations. 

You have an interesting service you offer your clients when they want to look at house, what can you tell us about it? 

Yes, I am one of the partners in a company which manages the marketing side of my listings. Procyon 7 LLC. One of the services we offer is 3D scans of homes for sale that allow potential buyers the ability to view online and in VR using glasses like google Cardboard to better visualize their possible future.

We also create 3D renders of houses to-be-built from architectural plans. Then we create VR, videos of 3D renders so that house can be viewed even before it is build. Everything is put together online for potential buyer to see. So all of my properties get its own website with all of this content. 

What is the most interesting or fun home VR experience you have had? 

I think the most interesting VR project I did wasn't for my listing, but for the Westport/Weston Y. Since a 3D scan needs to be done when a building is empty, it was challenging.  The YMCA is always full of people from 5am to 10pm. I had to be there at 4 am in the morning before opening and it was kind of surreal experience to be in this huge open space alone. 

Can clients view the designs remotely? Do they need a headset?

Yes. Headsets are so inexpensive nowadays especially Gcardboard.  You can actually make one yourself with cardboard or buy one on amazon for 5$ then put your phone sideways and you are now emerged into VR experience.

What have you noticed is the reaction people have to the VR?

Inna Agujen Realtor Virtual Design

People have an amazing response to VR and it makes my job of showing houses a lot easier. I can highlight the areas that we want buyers to see and not miss. When you show a house in person you can sometimes miss awesome features. Also, people tend to like playing with this interactive tours especially with doll-house view which is called that for a good reason, it literally makes house look like a dollhouse that you can spin and see any room from any angle.

3D Rendering & Virtual Staging

Interactive Tour

YMCA Project

Interview - CarePatrol

Recently, many of our clients have been dealing with aging parents and after speaking with Paul at CarePatrol we thought this service might be helpful.

What is Care Patrol?
Care Patrol is a free Senior Placement Agency. We help families find Assisted Living, Memory Care Communities and Nursing Homes.

We service Fairfield, New Haven and Litchfield Counties in CT.  As well as Westchester, Putnam and Duchess Counties in NY.

We are not merely a web referral service. We accompany families on "community tours" to alleviate the sales pressure and to insure that you ask the right questions. We understand the process can be overwhelming and something most people have never done before and our clients are often relieved when we ask questions they didn't know to ask, especially when it comes to lease agreements.

If someone wants your help, how do they start?

A phone call or email to CarePatrol is all it takes to get started.

CT Office Phone: 203.244.9562 (located in Westport Ct.)

NY Office Phone: 914.357.8084

OR

 www.CarePatrolCT.com

www.CarePatrolNY.com

How much do you charge?

As mentioned there is no charge for our services. We are compensated by our referral network providers.

Do you help all seniors, despite the level of care needed?

We can help all seniors in advising them of the options available associated with assisted living arrangements. There are many pieces at work including medical, social and financial. In a case in which the financial resources might not be available for certain facilities we still help people with the next steps that are right for them.

What happens cases in which an older adult doesn't have family members near by?
We will assist, advise and coordinate with family members who are located remotely. We do all the leg work to educate the family on all the options.

In your experience what are the biggest challenges facing older adults?
Over the years, I feel the biggest challenge for older adults is the difficult task of locating safe and appropriate assisted living that meets their individual requirements.

There's an App for that!

Not the One from Frozen

One of the many things we often hear from our clients is that they are busy. Time can be a barrier when it comes to getting rid of unwanted items. While many organizations offer pickups for donations it can be time consuming if you want to sell items. Sites like eBay can sometimes work well for valuable items that are easily shipped. However, large pieces always present a challenge. For a long time Craigslist dominated the market but now there is a new kid in town. Letgo is a free mobile app that is very easy to use. Once downloaded you simply post a picture of the item you want to sell adding a brief description. Since you are using your phone you take and upload the picture basically at the same time. If you allow location services than even that step is taken care of quickly. What’s the catch you ask? Currently, there is no fee to list, buy or sell. In other words everything is free for now (the app is part of the tech bubble phenomenon where your stock price is huge but your company doesn't make a profit). Another option allows you to list the item for free which works well for treadmills and other large items since paying a hauling service to take unwanted items can get pricey. Since people have to come over to pick the item up it is best to make sure they bring enough help to carry the item and a suitable vehicle to take it away.  You do need to be comfortable with the buyer coming to your house and if you can, it works best to have the item in the garage or outside when they arrive. Additionally, if you list multiple items try and book all the pickups near the same time as to free up your day.