You got into this business to make a change.
Whether that’s your life, finances, or to make an impact on your local community.
This is one of the few careers in the world allow you to:
- Be your own boss
- Set your own hours
- And make money based on your efforts
However, there’s a problem with this too…
It’s the reason why everybody wants to be a real estate agent these days.
The industry has become extremely saturated in the last couple of years.
There’s an agent on every street corner (and new ones keep popping up every day.)
That’s why it’s harder than ever to stand out in the marketplace.
This all ties back to basic supply and demand.
In this case:
Supply: number of agents,.
Demand: number of people are looking for agents.
Right now, there are more agents available than people looking for them.
For the homebuyer this is great. They have dozens of agents they can pick and choose to work with.
For the agent however, this is terrible, because you’re competing with everyone else for the same business.
Now you might be wondering: “what can I do to stand out from my competitors?”
The answer is… You need to increase your value through perception.
Let me explain…
Let's take coffee for example.
Your local coffee shop sells a cup for $1.
The Starbucks down the street sells them for $5
Now, if they’re both the same, then why do does one cost 5x more?
The difference is in perception.
Starbucks coffee certainly isn’t any better than their local competitors.
However, they mastered the art of creating an amazing buying experience.
Think about it…
- The atmosphere
- The indirect lighting that sets the “mood”
- The suave bossa nova music playing in the background
- The aroma of fresh brewed coffee in the air.
- The friendly baristas that always take your order with a smile on their face.
- And all the unique names they give their products (I’ll have a venti, please.)
The key lesson is this: you can transform a commodity into something valuable with the right marketing.
The same principles apply if you want to stand out as a real estate agent.
That’s what we’d like to cover in this post today.
How you can become a local expert.
What’s a local expert?
Everywhere you look people have a different opinion on what it means to be an expert.
The most common ones are:
- You need to have a degree (PhD or MBA)
- You need to be featured on TV networks (CNN, NBC, FOX)
- You need to be featured on all major blogs (Huffington Post, Times, Etc.)
- You need to have millions followers on social media
- You need to wear a suit and tie
- And so much more…
The truth is… all of this is B.S.
Over time, people lost touch with what makes someone an an authority.
They forgot what makes someone credible enough to give their advice.
To be an expert you only need one thing…
The ability to solve a specific problem.
You don’t need to be perfect.
You don’t need to know everything.
All you need is to:
- Know more than your client.
- And deliver the results they want.
If you can do this, you can be an expert.
Now, the first step (and most important) step is to choose who you want to serve.
As stated: to be an expert you just need to solve a specific problem.
That’s why we recommend you focus on:
- One person
- One problem
- One solution
For example: Millennials (person) who hate commuting and want to buy an apartment in downtown “city” (problem).
You can become the real estate agent that helps millenials get the best downtown apartments that are close to the gyms, bars, restaurants and all the lifestyle locations they enjoy.
Your imagination is the only limit.
You can do this for multiple people, problems, and locations.
Note: you don’t have to stick with your choice forever.
Just start getting creative and think of all the ways you can help people specifically.
- Choose one person / group of people you enjoy working with.
- Talk to them and figure out their most painful problems
- Create a tailored solution for them.
Once you’ve done this, there are only 3 things you need to become a local expert:
- An attractive story
- A reason why (USP)
- And a way to achieve their desired result.
So let’s dig in...
1. Attractive Story
Every mass movement needs a leader.
While you might think most leaders are born that way - the truth is…
Leaders are made.
You become one when you master your craft.
In this case, when you can solve a specific problem for a specific group of people.
Now, to tell a great story you don’t need to…
- Be creative
- Have tons of life experience
- And a wall full of certificates / degrees.
The key to telling an attractive story is to have empathy.
Let me explain…
People only care about themselves (surprise!)
Your goal is to understand and describe your prospect's problems better than they do.
If you can do this, they’ll feel as if you know them on an emotional level and assume you have all the right answers.
That’s why you need to focus on researching what your ideal prospects care about.
- Use websites such as Google and Quora to research your chosen niche.
- Analyze the responses / content and answer the following questions:
- What problems are they facing?
- What are the solutions out there to solve this problem?
- What are the alternatives they have?
- What do they care about?
- What do they really want?
- If they could wave a magic wand, what would the perfect solution look like?
This is the foundation of what your marketing message will be.
Good marketing is when you speak to your prospects pains and show them a better way of doing things.
It’s about providing unique and valuable insights (instead of generic and mainstream content).
2. Develop Your Reason Why (USP)
As a real estate agent, you are the product.The human element is what makes this business so unique.
People “buy” you and your services based on your ability to help them achieve their goals.
And if you want people to follow you - then you need to give them a reason why.
In real estate everyone says the same thing.
“We can buy your house”
“We can sell your house”
And if this is what you’re saying, you’ll blend in with all the other brokers in your town.
Now, on the other hand, when you say something different and add an emotional connection to it, your messaging becomes much more powerful.
For example: I help dog owners buy homes in pet friendly neighborhoods because I believe all the members of the family need to be taken care of.
Now, if somebody owns a pet, this is certainly a message they can stand by.
You need to get clear on:
- What makes you different?
- What’s your unique advantage?
- What do you do that nobody else does?
- Why do you do this?
3. A way to achieve their desired result
Do you know how the economy really works?
Most people are quick to give a confusing textbook definition.
They’ll say that the economy is influenced by:
- The government
- And so much more…
But from our experience, it has a lot more to do with psychology.
The modern economy is built on people trying to buy a better version of themselves every single day.
Think about it…
Before the Industrial Revolution people only worked to have their basic needs met.
They needed to have clothes, food, and a place to sleep.
Now that most people have these things, they want to buy things for other reasons.
- The millennial wants an apartment downtown because they want to enjoy the conveniences of city living.
- The retiree wants a nice and quiet place to spend the rest of their lives. Somewhere warm and free of stress.
- The family man / woman wants a house in the suburbs so their family can enjoy a better quality of life.
And the list goes on...
The fact is: Your prospects are at point A and want to get to point B.
The gap in between these points is what you’re selling.
Therefore you are selling them a way to achieve their goals.
- What does your prospects current situation look like?
- What does their desired situation look like?
- What needs to happen for them to go from their current situation to their desired situation?
- How can you help them get there?
When you figure out how to fulfill that “gap” you will immediately stand out from other realtors.
You’re no longer just “selling a house” you’re “selling a dream”
While every agent is screaming and shouting the same thing, you can stand out from the crowd by focusing on who you serve in the results you get them.
- An expert is someone who solves a specific for a specific group of people.
- Choose one person, problem, and solution.
- Research into their pains and desires.
- Position yourself in a way that is unique.
- Sell them a way to achieve their desired outcome.