How real estate brokers can compete with discounters — RISMedia
There is more than one way to buy or sell a home. In the current environment, iBuyers and discount brokers are all competing 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 pressure on brokers and agents and diminishes their ability to provide the highest quality service. There are better ways to not just compete, but dominate, in a crowded marketplace of iBuyers and discounters.
Here’s what you need to do to gain a competitive advantage without lowering your costs.
Differentiate yourself with your value proposition
The key to competing with discounters and iBuyers is defining your value proposition. What do you offer different? What improves your service? More importantly, how will the consumer benefit from using your services?
If you can clearly describe the benefits, you will attract customers who value these 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 this value
Many people are unaware of the value they will get from working with a top quality real estate agent. It could be because they are new to real estate, have worked with less than stellar agents in the past, or view real estate agency services as a commodity.
After clearly defining the value you offer and the benefits to the consumer, it’s time to spread the word. Practice scripts and dialogues to effectively communicate benefits. How much are your buyers paying above or below the asking price, and how does that compare to the market? How much more do your ads sell? How fast are your ads selling? Once you’ve compiled this data, compare it to 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 sale price will be drawn to your ad.
One of the best tools to compete with discounters is a better personal connection. Although there have been fewer options for connecting lately, as the world continues to open up that will change and you will find opportunities to connect with people who are eager to connect with you.
If you need help writing conversations that build relationships, visit https://bit.ly/WSS-scripts and download several of our biggest winners. There is no cost or obligation.
Over the next two weeks, I challenge you to clearly define your value and the benefits you provide to the consumer, communicate those 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 communications, consulting and coaching firm specializing in performance coaching and building high performing agents and teams. For more information, visit www.WorkmanSuccess.com.