How to Create a Real Estate Agent Unique Value Proposition
Being a real estate agent has become a very popular profession. In the United States alone, there is an estimated two million agents as of February 1st, 2020. This makes sense; real estate is widely considered one of the most satisfying career paths you can choose.
You can be a part of a team or be a solo agent, but either way, you typically have a large amount of freedom to set your own schedule, act as your own boss, and generally order your life in a way that isn’t possible with a normal 9-5.
On top of those perks, a career in real estate is one in which you have more direct control over your income. I’m not going to sugarcoat it, starting out can be tough. There is an often difficult learning curve and it is estimated that about 87% of all agents fail and leave the industry within the first five years. But if you can pull through, the sky is really the limit when it comes to how much money you’re bringing in. The more sales you make, the more money you make. This may intimidate some people, but all that really means is that your career and your income are directly in your hands.
How to Create a Real Estate Agent Value Proposition
So, being a real estate agent is a great career and there are literally millions of them working in the United States. What does that mean for you and your real estate team? First, it means that you will most likely never be the only agent in a given market. There will always be a lot of competition out there. Second, all that competition means that you have to find a way to make yourself and your team stand out from all the rest.
How do you do that? Part of it lies in crafting a unique value proposition, also called a unique value statement, that concisely and simply explains why a lead should work with you instead of a different agent. In other words, you have to show how your business delivers a not-so-unique service in a very unique way. Your value proposition needs to separate you from the crowd and showcase the benefits that you can provide in an easy to understand way.
Components of a Real Estate Agent Value Statement
The critical aspect of any real estate unique value proposition is that it is short and easy to understand. Here are some of the other key components:
Who is your niche market? – Whether you’re working with a big brand real estate team or not, you still have to understand exactly who are offering your services to and what you can do for them. For example, do you work primarily with first time home buyers? Do you deal with luxury, high end properties? Are you an expert in a particular neighborhood? The more specific you can be in your value statement, depending on who you are talking to, the more it will resonate with leads.
What can you do that other agents can’t? – Like we mentioned, there are a lot of real estate agents and many markets are saturated. Your unique value statement has to succinctly describe what you can offer that other agents can’t. This ties into the niche market component. For example, if you work with millennials, you should know a lot about the latest and greatest upcoming neighborhoods.
You should also touch on your marketing, local knowledge, experience, and anything else that makes you unique. Your value statement should leave the lead with confidence that they made the right decision in working with you. Again, specificity can help you a lot here. Really drill down into what you do well.
Focus on the benefits you provide – When crafting your real estate agent unique value proposition, the constant thought in your mind should be, “so what?” Because that is what your potential client is constantly saying in their head as you lay out all the reasons why you are the best and most amazing agent in the world. In other words, the main focus of your value statement should be how the client would benefit from working with you.
Don’t just list your accomplishments and awards, or even just describe all the success your team has had with clients in the past. Bring it home and explain clearly how you will help this specific person reach their specific goals. Focus on the client and the benefit you bring to their particular situation, not just general statements.
Speed Is the Key for Real Estate Unique Value Statements
Once you come up with the core components for your unique value statement, you have to cut it down to something that can be said in about 30 seconds or fewer. Think of it as your classic elevator pitch. Give this potential client a small taste of your skills, specialization, success rate, and personality in those 30 seconds, and communicate it in a way that leaves them hungry to learn more.
Here are some examples of real estate agent unique value statements that Inman lays out:
- I specialize in helping empty nesters find the luxury downtown condo that’s just right for them.
- I am a ninja negotiator with a track record of selling homes at an average of 2 percent over list.
- Want to sell fast? Then I’m your real estate agent, as my listings sell in 26 days on average, 13 days faster than the norm.
What all these have in common is that they are short, sweet, and conform to the type of lead you are talking to and their goals.
Next Steps for You and Your Real Estate Unique Value Statement
The first step is to actually take the time and see what sets you apart from other real estate agents in the area. Next, draft what you think you’d like to say and, remember, focus on BENEFITS, not just past achievements. Try it out, tweak it, improve it. Once you have it the way you want it, craft a written version for your website and marketing materials and a short version for you to communicate over the phone or at appointments.