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Competition in real estate is fierce on many levels. Low housing inventories are plaguing markets across the country, so buyers are having a tough time finding properties that suit their needs. However, home shoppers still have high expectations and are seeking updated, move-in–ready homes—which means the stakes are higher for sellers as competition rises.
How does your company stand out among all the hullabaloo? What can your agents offer potential clients to set themselves apart from other practitioners in your area? Here are a few things you can do outshine them all:
Know the market stats: Your agents need to have a deep understanding of the market, going beyond just knowing pricing and supply to provide predictions for the future. They should be able to share solid numbers with their clients to back up the transaction. The more confident people feel in their purchase or sale, the more apt clients are to refer your agent or use him or her in a future transaction. I encourage you to read the latest news that covers real estate trends and to keep a close relationship with the National Association of REALTORS® to stay abreast of all real estate statistics.
Spread your knowledge: Experience is powerful. Agents and clients alike can benefit from the wealth of information in your brain. Share your market insights often. We have so many ways to disseminate knowledge in the digital world, so take advantage of it. Start a company blog (I have some recommendations on this) and share on social media and in e-newsletters. Provide market insights that agents can distribute at open houses and events. Attend community functions and encourage your agents to join networking groups. I guarantee there will be people in those groups talking about the real estate market, which gives your agents the opportunity to be the smart one in the room.
Teach the importance of urgency: Nothing will turn a client off faster than a missed phone call or message. In a culture and society that expects everything to be instant (or faster), it can feel like an eternity waiting for a return call or email—and no one is going to wait an eternity before moving on to the next agent. Talk to your agents about the importance of urgency and how critical it is to be there for leads and clients. Set up a system so that if an agent is unavailable, a trusted colleague can handle emails, calls, or showings.
Go the extra mile: Does your company offer staging services? How about a moving van? While competition is fierce when looking for the perfect property for your buyers, it’s also fierce when vying for coveted listings. Your company and its agents need to take care of their buyers and sellers every step of the way to eclipse the competition. This will also help you create buzz about your brand.
Find a niche: If your agents are struggling, it might be because they’re attempting to be the Jack (or Jill) of all trades, master of none. Help agents be a master by working with a particular clientele, property type, or neighborhood. For instance, it might make sense to specialize in mixed-use buildings in high-demand areas or focus on out-of-town transplants. Your agents can become the go-to resource for first-time buyers, investment properties, retirement communities, or commercial properties. Then, teach those agents how to market their business around those niche neighborhoods or specialties so they’re better positioned to win over potential clients.
