BUSINESS TIPS
5 STEPS TO TAKE TO STAND OUT FROM YOUR COMPETITORS
It’s no secret that the real estate business is highly competitive. In most cases, many agents are covering the same market. In addition, agents can have connections to relatives and friends which gives them an advantage in being awarded a listing or hired to represent a buyer. So, in this kind of environment, how can you stand out? Experts say here are the five steps to take to distinguish your brand from the rest.
Identify your target market. Start with their age range and economic bracket. Then, identify their need. Do you want to focus on single-family homes or condos? Pre-owned homes or new builds? Properties that are in an association or other type of planned community? Do you want to specialize in first-time buyers, move-up sellers and buyers, people re-locating from outside your area, or down-sizing seniors? Should you concentrate on one specific geographic area? It’s difficult to stand out when you’re marketing to anyone and everyone. Choosing a niche might feel limiting at first, but it’s a quick way to make you stand out.
Define your Core Value Proposition (CVP). Your value is based on the unique benefit you deliver to your clients. You will no doubt describe this differently for sellers and buyers, so you’ll want to come up with a CVP for each. Some people like to call the CVP their Unique Selling Proposition, or USP. No matter what you call it, make sure it states, in one simple sentence, what you deliver to clients that others don’t.
One caveat: your CVP or USP must communicate a benefit, not a feature. If your brokerage has offices across the country, that’s a feature. The benefit could be you have the ability to market your listings to people moving to your region from anywhere in the U.S. Ideally, this benefit should be the most promotable advantage you have over your competition.
Define your Unique Experience Proposition (UEP). Think about the experience sellers and buyers can have working with you. How will they feel during the process—and at the end of the sale or purchase? A great customer experience can be an important differentiator for you, and a key reason for clients to hire you. Like the CVP/USP, you probably should come up with one UEP for sellers and another for buyers.
Craft a Mission Statement. This defines what you want to accomplish in your work. It communicates your vision of how you want your transactions to go, and can often incorporate your goals for both sellers and buyers. The important thing is to come up with a mission statement you can live by, as well as promote.
Write down the Reasons Why all these things are true. Here’s where you can bring in the features of the service you provide. They may include the capabilities of your brokerage, your team, your experience, and your training. These things add up to the reasons prospects can believe everything you’ve said in the first four steps.
TECHNOLOGY
8 STRATEGIES FOR SUCCESS ON SOCIAL MEDIA
With social media, it’s important to remember that people have short attention spans and aren’t fascinated by your marketing tactics. In addition, they are swamped by social posts from family members, friends, popular influencers, and big brands with a ton of money. So, what can a real estate agent do to get some attention? Here are seven strategies experts recommend.
Keep it simple. People don’t want to read much, nor hear how terrific you are. They aren’t on social media to hear about your business—they’re there for themselves, not you. So, make headlines punchy, and highlight your call to action. Don’t add filler. If people are scrolling quickly, they won’t see the filler, so don’t waste your time producing bloated content that nobody will read.
Be realistic in your ambitions. Don’t try to become an influencer with a million followers. That takes too much time and isn’t your goal anyway. You’re using social media to build relationships, and the best way to do that is to be yourself and not some superstar.
Be relatable. Real estate is a relationship business. People want to work with people they trust—and they typically trust people they can relate to. Don’t worry about being professional—just be real. Show people who you really are. Make your posts more personal than business—people are there to connect with people they like, not to be sold to. In any case, the best way to sell people is to make them like you. Post about your hobbies, your family, or a funny thing you saw at an open house or showing. Instead of another “Just Listed” post, show them something that could make them smile. Hey, it’s easier to be real than fake—and way easier to build a relationship!
Put your face on it. People know you—and remember you—by your face. Our brains are hardwired to look at faces, and people will recognize your face when they don’t have time to read your words. Your face is your trademark.
Make your branding personal and engaging. Share your name and face rather than hiding behind a logo or an impersonal team name. Let your branding reflect your unique personality.
Make it memorable. The most effective marketing efforts are the ones that are remembered. To get referrals, you have to stay top of mind. You want to not only get someone’s attention, you want them to think about what you did for days. This could be posting a cute picture of your dog, or telling a heart-warming story about someone you helped. Don’t be afraid to make an impromptu video that’s so funny, people will want to keep watching it. And don’t worry about being perfect.
Be consistent. Post regularly and don’t disappear, Keep your templates the same. People want to work with predictable professionals. And always be yourself—that’s the most important way to be consistent.
Be smart. On social media, you can gain followers quicker than you lose them. To keep people engaged, focus on sharing positive content, celebrating achievements, discussing interesting topics, and posting when you’re in a great mood. A thoughtful post can make someone appreciate you and know you’re professional.
MARKET TIP
DO THIS REFRESH TO JUMPSTART YOUR BUSINESS
If your business has hit a plateau—or, worse, is sliding backward—the best way to give it a jumpstart is to refresh what you’re doing. It’s easy to get caught up doing the same things the same way. Of course, if that brings you success, great—keep doing it! But if it’s not delivering the goals you want, it’s time for a business refresh. Experts advise taking these two steps.
One, assess your present situation. This is a relatively simple self-diagnosis. Write down your answers to the following questions:
- What isn’t working for me?
- What is working for me?
- What don’t I like to do?
- What do I like to do?
- How much business did I do last year?
- Where did most of those deals come from?
The answers to these questions will give you a clear understanding of where your business is coming from and what you should focus on to grow your business—and enjoy what you do. Key on the activities that are both enjoyable and bring the greatest benefit to your business.
Two, imagine your ideal business. Do that by answering these three questions:
- What would I love my business to look like?
- How many hours do I want to work in a week?
- How much revenue do I want to bring in?
The answers to these questions will reveal a gap between where you are now and where you’d like to be in the future. Interestingly, if you’re like most people, no matter how successful you are, that gap will always be there. Most people will always desire something more. By returning to this step often, you can continue to push yourself to new levels of success!
