There’s more than one way to buy or sell a home. In today’s environment, iBuyers and discount brokers are all vying for the attention of buyers and sellers. Many real estate brokers and agents feel significant pressure to compete with these discount options by offering their services at increasingly lower prices. This puts financial strain on brokers and agents, and decreases their ability to provide the highest quality service. There are better ways to not only compete, but dominate, in a market heavy with iBuyers and discounters.
Here’s what you need to do to have a competitive advantage without cutting your fees.
Differentiate Yourself With Your Value Proposition
The key to competing with discounters and iBuyers is defining your value proposition. What do you offer that’s different? What makes your service better? More importantly, how will the consumer benefit from using your services?
If you can clearly outline the benefits, you’ll attract clients who value those services and are willing to pay for them. While there will always be consumers looking for the lowest possible cost, there will also be those looking for the best possible service and outcome.
Communicate That Value
Many people aren’t aware of how much value they’ll receive from working with a top-quality real estate agent. This may be because they’re newcomers to real estate, they’ve worked with lackluster agents in the past, or they view real estate agency services as a commodity.
After clearly defining the value you provide and the benefits to the consumer, it’s time to spread the word. Practice scripts and dialogues to communicate the benefits effectively. How much do your buyers pay above or below asking price, and how does this compare to the market? How much more do your listings sell for? How much faster do your listings sell? Once you’ve compiled this data, compare it to that of the discounters. Using data points like these is very effective. If, for example, your marketing touts that you sell homes for $9,700 more than the average agent in your market, those looking for a higher sales price will be attracted to your ad.
One of the best tools for competing with discounters is better personal connection. While there have been fewer options to connect lately, as the world continues to open back up, this will change—and you’ll find opportunities to connect with people who are eager to connect with you.
If you need help scripting conversations that build relationships, visit https://bit.ly/WSS-scripts and download several of our biggest winners. There’s no cost or obligation.
In the next two weeks, I challenge you to clearly define your value and the benefits you provide the consumer, communicate these benefits in your marketing and connect on a deeper level with a minimum of six people.
Verl Workman is the founder and CEO of Workman Success Systems (385-282-7112), an international speaking, consulting and coaching company that specializes in performance coaching and building successful power agents and teams. For more information, visit www.WorkmanSuccess.com.