What makes you you unique as a real estate professional?
How are you different from the competition?
I was speaking with an agent a couple weeks ago from Orlando. We got to talking about how many agents are here in Vegas (around 8,000), which I would not have guessed that. That is a huge number (or so I thought) and just proves the point of this blog post.
She told me Orlando has 11,000+! I could not believe they had that many. She knew how important it was for her to have a good value proposition or USP (Unique Selling Proposition). I read on another blog while doing some research for this post that Phoenix has close to 23,000 licensed agents. That is a LOT of competition!
What is a Value Proposition?
A value proposition is a statement of the unique benefits your service delivers to the target customer. It must answer three questions.
- What is the service you offer?
- Who is the perfect client? (read how to do that here)
- What value does your service provide?
- Save buyer’s money
- Stressfree home buying/selling
- Sell a home faster
- Sell a home for more money
These are just a few examples of some benefits you could highlight. Think of the outcome you provide.
What Sellers Want
We recently sold our house and I was interested in two things, and two things only;
1– Sell our home for MORE money
2 — Sell our home fast!
Be careful what you wish for…
Well, we listed the home on Friday of Memorial Day weekend. It was hectic on that Friday with the baby and all the agents showing the house.
We decided to take a trip to California to visit my parents. It just seemed easier to get out of the house as we showed it 9 or 10 times that first day.
Well, we got back on Monday afternoon and I met with our agent.
14 offers in 3 days!
13 of them being at or above the listed price.
We accepted an offer on Tuesday (4 days after we listed it) to a cash buyer for $10,000 over asking price.
The One Question You Must Answer
The ONE question you must answer BEFORE you market your business might seem simple, but it is very important. I see so many agents that do not have a clear, concise value proposition.
You must answer this question…
Why Should I Hire You to Sell/Find My Dream Home?
“Good service” is not a value proposition
“I work hard for my clients” is not a value proposition
Here is a great video from Bob Loeffler, on the importance of a value proposition. He provides a great example at the end of the video;
How to Build Your Value Proposition
This is from a post on SelfGrowth.com,
Here is the step-by-step process to building your value proposition:
- List all the services that you provide for buyers
- Determine which three services do you do best
- State how you provide the three services
- Clearly identify what benefit your client gets from each of the three services
- Write down the three benefits and practice verbalizing them until you are comfortable saying them
Also, here is a great infograph from Neil Patel, on how to write a great value proposition
More Links to Help You Define Your Value Proposition