This April, one of Inman’s most popular recurring features returns: back to basics. Throughout the month, real estate professionals from across the country share what works for them, how they’ve developed their systems and tools, and where to invest personally and professionally to drive growth in 2022. It’s always smart to get back to the basics with In-Man.
Jay Thompson is a former brokerage owner who has spent more than six years working for the Zillow Group. He is also the co-founder of AgentLoop. He “selectively retired” in August 2018, but does not appear to have left the real estate industry behind. for him inman column It is published every Wednesday.
One day, I reached out to my travel agent for assistance. Yes, a real travel agent. You know, the profession that many have described as “dead”, “dying” or “replaced by the Internet”.
Why use a travel agent when anyone with Wi-Fi can book flights and hotels? Because a successful trip to a destination I have no experience with is more than a flight and a bed. I need to understand the nuances of the site. How to assimilate culture. Ways to try a new site beyond the countless articles on the internet that usually start with “best places to eat…”
I need an expert to guide me through an expensive and often stressful process so that I can get the most out of my money. It may be selfish, but I want someone more knowledgeable than me to do the work that will ensure my success.
real estate agent value
looks familiar? Many consumers do not understand the value of a real estate agent. Read the comments on any major media article referring to real estate agents and you’ll see calls to our heads. Heck, even some agents think their jobs will be taken out by the internet, an app, or someone in their parent’s basement is working on the next big industry turmoil.
Technology won’t replace you. The real estate transaction is too expensive, personal, emotional and scarce to replace the human element. Take advantage of technology, stop being afraid. Honestly, if you think an app can do your job and the days of agents as an integral part of the transaction are near, start looking for a new line of business.
This may be an overall simplification, but if you don’t understand or believe in the value you provide, how do you expect the consumer to appreciate you?
Trust generates commission
When I owned a brokerage firm, I could rank the success of my agents based on two factors: 1) how hard they worked and 2) their level of trust. Without fail, the most successful agents in our brokerage were those who worked hard and had the most confidence in their abilities.
If you want to increase your business and income, it starts with increasing your confidence in your ability and the value you provide. Here are three ways to do this:
- Understand what you’re doing and who you’re doing.
- Educate yourself in the market and your competition.
- Stop comparing yourself to others.
The first step to increasing your confidence is to clarify exactly what you’re doing. This may sound like a no-brainer, but you’d be surprised how many people (proxies included) can’t articulate what they do or for whom they do it.
If you can’t explain what you’re doing in one sentence, you’re probably not very clear about it yourself. If you are not clear about it, how can you be confident in it?
The second step is to educate yourself on your market and your competition.
This doesn’t mean you need to spend hours upon hours reading online about the industry (although it wouldn’t hurt). But this does mean that you must have a solid understanding of the trends affecting your market and know who your main competitors are.
The third and final step is to stop comparing yourself to others. This is something we all struggle with, but it is important to remember that we all have a unique set of skills and experiences.
All those posts you see on the agent’s social media? You know those. “Just sold another home in 30 minutes for $35,000 off the list! Multiple offers! or ‘Best year ever! And it’s only April.” Yes, who cares? First, let’s be real. Lots of clients will beautify their accomplishments. Some even made them up. But even if the bragging is true, so what? How does that affect you, your clients, or your business? No .
Comparing yourself to others will only generate feelings of insecurity and self-doubt. Instead, focus on honing your own skills and becoming the best version of yourself. Self-doubt is real. It’s easy, but You need to get past it.
If you can do these three things, you are well on your way to increasing your confidence and, as a result, your job and your income.
Understand your value proposition
Embrace your value proposition. Empower yourself with the knowledge that you are an expert in your field and technology will never replace the human element in a transaction as important as real estate. If you want to be successful in real estate, you need to understand your value proposition. What do you offer that your customers cannot get anywhere else?
There are a lot of agents, but not all of them provide the same level of service or have the same skill set. It is important that you understand what makes you different and be able to express that to both potential clients and clients.
Here are five tips to help you define and communicate your value proposition as a real estate agent:
- Do your research. Just because you think you know what makes you special doesn’t mean your customers will. Make sure you know what your target market is looking for and what they consider valuable.
- Be clear and brief. You want to make sure that your value proposition is easy to understand and that what you offer is communicated quickly.
- Once again, show confidence. Remember, you are the expert. If you don’t believe in your value proposition, your customers won’t believe in that either.
- With training comes mastery. Take some time to practice your value proposition so you can present it with confidence.
- Get feedback. Ask your colleagues, friends, and family for their honest feedback on your value proposition. They can help you adjust it so that it is at its best.
Your value proposition sets you apart from the competition and is the foundation of your success in real estate. Embrace it, refine it, and use it to build strong relationships with your customers.
Market conditions in most parts of the country today are limiting the insanity. A shortage of inventory frustrates buyers, and competition for listings is fierce, expensive and frustrating. Selling a home is rarely a pleasant and painless process, even in a market that can bring in your best home bucks.
Stuck in the middle of all of this is you – a real estate agent who does his best to please people in a complex and often intimidating deal. Consumers need guidance from an expert.
It’s easy for customers to get frustrated with this market. You need to put that frustration aside while doing what you do best – helping people buy or sell a home. Gaining (or regaining) your trust and the ability to communicate your value proposition can help others.
Jay Thompson is a real estate expert and co-founder of AgentLoop who lives in the Texas Coastal Bend. follow him FacebookAnd Instagram And Twitter. He holds an active broker license in Arizona with eXp Realty. He has been called “the hardest-working retiree ever”, as founder Jay. He writes, speaks and advises on everything related to real estate.
