Understand Your Value Proposition
No need to remind you of this, but real estate is a brutally competitive business. Consider:
- There are more than 1.3 million agents in the U.S., according to the NAR
- The median number of transactions across those 1.3 million agents was 12 in 2019
Everyone’s hungry to nail down the next listing. Everyone is promising the moon and the stars, claiming to be more passionate and detail-oriented than any other agent in the MLS.
So, when you are engaging with prospects, why should they choose you over the next agent? What makes you special? What will give the prospect the confidence that you can deliver what you are proposing?
We submit that a critical part of being a top-performing real estate agent is to have a grasp of your “value proposition.” Let’s look at the definition of value proposition from Investopedia:
The value proposition provides a declaration of intent or a statement that introduces a company’s brand to consumers by telling them what the company stands for, how it operates, and why it deserves their business.
Replace the word “company” with “your” and you have the definition of value proposition as it relates to your world as a real estate agent. Let’s look at a few key aspects of a value proposition that you might want to consider:
DO YOU OFFER SOMETHING DIFFERENT?
How can you differentiate yourself versus the next person who Zooms or sits across from a prospect? How much are you willing to invest to create a unique set of offerings? For example, perhaps you can:
- Provide professional photography to bring their listing to life
- Pick up the cost of pre-inspection expenses
- Offer professional advice with regard to staging
There are myriad items to include on this list. If everyone is telling a prospect essentially the same thing, what’s the one thing (or more than one thing) that sets you apart?
HOW ARE YOU PRESENTING YOURSELF?
There’s a famous line from an old Head & Shoulder’s TV commercial: “you don’t get a second chance to make a first impression?” Even in the days of Zoom, your “presentation” has a tremendous influence on how prospects perceive your value as an agent.
- Invest in high-quality materials for new listing presentations. Unless you’re a Photoshop pro, engage a professional graphic designer to make your materials pop and bring your story to life.
- Never stop showing the prospect your passion, conviction and enthusiasm. Look them in the eye, smile, acknowledge, and repeat back what you are hearing.
- Dress for success! Many in our industry have become lax, thinking that every day is casual Friday. Always keep the “first impression” quote in mind,.
DO YOU PRESENT YOURSELF AS AN AUTHORITY?
It’s imperative that you convince a prospect you are an authority worthy of their trust and business? Here are a few thoughts:
- Start with being a neighborhood expert. The more comfortable you are with a prospect’s neighborhood, the more likely they are to feel like you’ll know how to present it to buyers. Uncover nuggets that others might miss and will set you apart from other agents.
- If you’re presenting to a new Expired, be sensitive to the fact that they may be frustrated and angry about the failed attempt to sell. But then show your confidence at how you would go about marketing and selling their home.
- Related to the previous point, have a well-thought-out pricing strategy driven by your first-hand knowledge of market dynamics and your interpretation of market data.
- ABL! Always be listening! Your authority will grow the more you understand your prospects needs, concerns and fears. And dreams!
Remember: the median number of residential transactions in the U.S. is 12. So, if your goal is to achieve three, five, seven or even ten times the median, you’ll need to step back and take a close look at how you are playing the real estate game. A good place to start is with a better understanding of your real estate value proposition.
In this post, we review a few essential strategies to…Read More