Real estate agents, you’ve got it tough. Many markets are crowded with agents and all of them offer exactly the same service at exactly the same price. Every agent seems to use calendars and bus benches to advertise.
If every agent is saying exactly the same thing, how do you differentiate? How do you position yourself as THE agent to call when someone wants to list?
This week, we’re looking at the different ways that Realtors try to attract attention from their prospects. All of these ideas will be familiar to you — in fact, you might even use some of them — but I’ll show you why these common real estate practices might be keeping you from success.
The marketing idea that can hurt a Realtor’s business:
“SELL YOUR HOME, GUARANTEED”
The idea: Agents offer to sell a home or they provide some kind of incentive if they don’t.
My opinion: I think this is a good idea for many agents. It’s a good tactic because agents want to list homes for sellers, maybe more than just present homes to buyers, so this targets home sellers extremely well. Also, it’s a guarantee that costs very little (compared to a commission) and yet it’s tangible evidence to the seller that you are working hard on their behalf.
Now, if every agent offered it, it wouldn’t be that special. But they don’t, so you might want to consider it for yourself. It gets dangerous in 2 conditions: when everyone offers it (then, everyone will have to offer more and more to differentiate) or, in buyer’s markets. However, the risk in a buyer’s market is mitigated because the incentive is relatively small compared to the commission of a sale.