“The Association of Real Estate License Law Officials (ARELLO) estimates that there are about 2 million active real estate licensees in the United States.” That’s approximately one real estate agent for every 122 Americans over the age of 18. The competition is certainly not less severe for Canadian real estate professionals. Statistics show that there is one realtor for every 119 Canadians over the age of 19.
Given the extreme severity of competition in the North American market, agents and teams should find a way to stand out from the crowd to make money.
At Goodfellow Coaching and Consulting, we are working with extremely successful teams and agents which are making millions in GCI. They all have competitive strategies that help them beat the competition in their areas and generate millions in revenues.
But how have they achieved this success? It is not a coincidence. There are well-thought out and carefully executed strategies behind every successful team and agent we are working with.
Here are 4 surefire ways to beat the competition in your area and generate millions of GCI.
1. Identify and Address Client Pain Points in Your Market
When your potential clients set out to find a real estate agent, they specifically know what they want and what they need which goes beyond selling or buying a house. However, depending on your area or market, your prospects likely have common pain points. These pain points or priorities can be price, time, legal issues or the cost of retaining real estate services. You should find the common problems and expectations in your area and include them in your integrated communication strategy.
Your integrated communication strategy may include:
- Your website copy
- Online advertising
- Print advertising
- Social media
- Public relations
Example: Let’s say, in your area, the average length of time to sell a house is extremely long. In this case, your potential sellers will not be looking for the most affordable agent, their priority will be finding the agent who will help them sell their house as fast as possible.
If you have already identified a problem and you have determined the best communication channels where you will be spreading the word, you should be addressing your client’s pain point in your messaging in every channel you are using.
This way your messaging will resonate with your prospects and it will be more likely that they will contact you for your services.
2. Find Your USP
USP is an acronym for unique selling proposition or unique selling point. Your USP states the main reason why your prospects should choose you over your competitors. This is what separates you from other real estate businesses in your area.
Think about your primary competitors and find your USP. If you are having trouble, answer the questions below.
- What is that one thing you do different and better than your competitors?
- Why would your potential clients choose you over your primary competitors?
- What is so unique about your service?
Your USP should always tie back to your clients’ pain points and priorities. If these two are not aligned, change your USP. Don’t forget it is all about meeting and exceeding the expectations of your clients in the best way you can.
3. Do it differently and better than your competitors
You have identified the client pain points, and you have addressed them with your USP, but what if your competitors are doing the same thing as you do? In highly competitive markets, this is the situation for many real estate teams. So, what should you do to the beat the competition even when your competitors are doing a good job?
There is only one way to overcome this: Do it differently and do it better than they do.
Even if they are getting it right, there is always something they could be missing in their service and marketing strategy. Analyze your competitors carefully and figure out how you can do it differently and better
4. Find a niche if you can
Specializing in a niche market is the easiest way to make the competition irrelevant. If you narrow down your target audience to a specific group, you can be considered an expert in your niche and easily become top of mind in your market.
However, narrowing down your target audience without thinking and planning can be very dangerous as this could reduce the number of your potential clients. This doesn’t mean focusing on a niche market is a bad idea. You will be extremely successful and make millions of dollars if you can identify an opportunity in your market. Is there a specific group of people that need special real estate services? Is there anyone else in the market catering to this specific group? If you can find that group of people whose needs haven’t been addressed by any other real estate businesses yet, this is your opportunity.
Need more help on competitive advantage? Book a Complimentary Business Evaluation and one of our executive coaches will be happy to help you beat the competition in your market.