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23
Finding A Foothold In A Competitive Real Estate Landscape
No matter whether the real estate market is up or down, competition is constant.
Thousands of people join the real estate industry every year, and not all will succeed. You increase your odds by focusing your attention on the right things in the right order. Once you've learned the ropes in your first year, it's crucial to take the next step.
What's that all about? Differentiating yourself from the competition.
Many times, in many different businesses, people fear the concept of differentiation. Deciding who your ideal customer is and seeking them out feels like it has the potential to turn business away. This mindset drives professionals of all stripes to struggle to be "all things to all people."
In truth, differentiation accelerates your business growth and satisfaction.
How can that be the case? When you define the kinds of customers you most enjoy working with, you create the conditions to attract that kind of customer to you. Every piece of marketing is for someone, and without understanding who that "someone" is, you can't craft messaging that resonates with them.
It's far easier to fill your pipeline (and your schedule!) by being the #1 choice for 10% of the population rather than being the #10 choice for 90% of the population. It can take a while to fully understand and accept this, but it's often the key to taking your real estate practice to the next level.
You can use real estate technology and other resources to support that process.
Let's take a look at some valuable steps to enhance your position in the real estate landscape:
- Define What You Want from Your Business
A successful business is something that becomes a day-to-day part of your life and an extension of your personal goals. Even someone who is wildly successful and delegates most everything is still connected to their business, so you must know what you want from it. Envision your ultimate goals: Who you will help, how much you will make, and what your level of involvement will be. Then work toward that picture. - Clarify Who Your Ideal Customers Are
To create a business that does everything step one implies, you need to have a crystal clear idea of just who you want to help. First-time buyers, for example, have very different needs from retirees who want to downsize into a smaller home. Cast a wide net of experience in your first year, then narrow it down. Ideally, you should be able to describe the right customer for you in a single sentence. - Expand Your Value Offerings in Focused Ways
Every type of customer brings their own challenges, concerns, and "burning questions" to the process. Each one of these offers you a new opportunity to add value. Sometimes, that value may be provided for free. Other times, it comes in the form of a referral which may win you a fee, or an add-on service not everyone will opt to use — but in the end, all these help you deepen the relationship and secure a customer. - Reduce Repetitive Tasks Through Automation
There are many time-consuming processes not directly related to real estate transactions that help you move your business forward. With a real estate CRM, you have the opportunity to automate several of these without compromising on quality. For instance, your CRM can deliver event-driven social media updates about your listings or compose entire email marketing messages in just a few clicks. - Systematize Your Workflows for Seamless Customer Care
Critical junctures in your relationship with a contact can happen suddenly. For a prospective customer, the first attempt to reach out to you is decisive. Ensure that no matter how a person contacts you, you receive a text or other notification so you can follow up instantly. Likewise, your real estate website can help customers answer questions and get help even when you are not available. - Reconnect with the Importance of Open Houses
Open houses have seen some of the biggest changes of any real estate marketing technique. More people are seeking face-to-face open houses, so be sure to make them part of your toolkit. They are often the fastest way to meet qualified, serious buyers. At the same time, it benefits you to develop comfort with real estate video, including virtual open houses for buyers who may be far away. - Use Networking in the Right Ways
Becoming a recognized figure in your community helps establish your local expertise. That's a tent pole of a memorable real estate brand. Getting involved with nonprofit events and meaningful causes in the community is often the strongest form of networking for real estate agents since it enables you to put your values into practice and earn prospects' trust.
Contact us to find out more or get started with real estate digital marketing best practices.
