In this recent article by @RichardWakelin in @AFR, he argues that property buyers [including investors] suffer from FOBO [Fear of a Better Option] and as a result are making worse investment decisions than they could or should.
FOBO was coined by Patrick McGinnis which is a phenomenon he describes as the insidious twin of FOMO and keeps people from committing to any choice, stretching out decision-making, and then making a last-minute choice without proper consideration.
This got me wondering if strata FOBO is a thing.
After all, strata owners and strata buildings often do the things that are classic FOBO moves.
Refusing to settle for the options in front of them at a given moment.
Putting individual preferences first without regard to anyone or everyone else.
Waiting until they have as many options available as possible before moving forward.
Living in the ‘maybe’ zone.
Imaging strata realities based on expectations of something better coming along.
Disappearing when it’s time to finalise things.
At the last minute choosing a newer shinier option.
So, in 2024 I’ll be watching for and calling out for Strata FOBO when I see it.
See if you notice it too.