Developing your competitive advantage in real estate

There’s no denying that the real estate industry is competitive.  When it comes to selling their homes, people all over Australia have the choice of a multitude of different agencies to approach, many with a well-established name and market presence. 

In many cases, people are referred to specific agents as opposed to an entire agency by friends who had previously worked with the agent.  With this being the case, the competition levels in real estate become far greater, because agents are not just competing against other agencies, they are also competing against individuals.   

This means that individual agents need to sell themselves, as well as the agency that employs them.  In order to do this most effectively, an agent needs to determine what it is that is so special about them personally that sees clients enlist their help over any other agent. 

This ‘something special’ is your competitive advantage and it is what sets you apart from all other real estate agents working in your marketplace. 

The process of determining exactly what your competitive advantage is requires an understanding of yourself and your own skills (especially areas where you excel), the needs of potential clients as well as your competitors. 

If you can understand the services and support clients value, whether you have the ability to satisfy this need and how you are superior to competing agencies in this area, then you could promote this as a reason for people to choose you to sell their home. 

For example, you may find that many clients value feedback on the sale process, however it isn’t always convenient to contact the agent.  CENTURY 21 agents have access to Seller Login, a tool that sellers can access online which will update them on any progress that has been made.  An agent could use this tool to set themselves apart, proving their capability to satisfy a client’s need in a way that no other agency/agent is able to. 

Once you have determined your competitive advantage, it is important to tell people! Your competitive advantage becomes the central component of your sales pitch and it can be used to let potential clients know that you are the right person for the job.

It is also important that you are truthful in promoting your competitive advantage.  Reputations can very quickly be tarnished if an agent doesn’t perform on a promise.  For instance, there is no point in telling a client that you are contactable 24/7 if you always switch off your mobile phone at 6pm. 

In any case, developing your personal competitive advantage can be crucial to your success as an agent.  Know yourself and your abilities, and develop a strong selling message. 

 

Posted by Reality Bytes - Real Estate Training Blog on 22/07/2010 at 9:24 AM | Categories:

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