To stand out in today’s competitive real estate market, it’s crucial to differentiate yourself from others. Determining your points of differentiation means defining what you offer that others in your market don’t, can’t, or won’t. This article covers seven categories of differentiation that you can leverage to make your mark in the real estate industry—and get more business than your competitors.
1. Product
The first type of differentiation is product. What are you offering that others aren’t? Do you specialize in or have particular expertise surrounding a specific type of property, such as luxury homes or green homes? Does your background grant you unique insights or expertise that you can use to help clients make more informed decisions? Consider what makes you unique and make sure to emphasize these differences in your marketing and sales pitch.
2. Process
Next up is process. How do you handle the buying and selling process differently from others? Do you have a streamlined, efficient process that makes the experience easier and more stress-free for your clients? Do you offer additional services, such as home staging or interior design, to make the process more enjoyable?
This is a point of differentiation that can net you a lot of repeat business and referrals. If you put the proper systems in place to streamline or make easy the buying and selling processes, you’ll become known as a whiz in your market in no time. The more standard the process and the fewer headaches and moving pieces it has, the more likely you are to stand out in your community.
3. Price
Price is a hot topic and a lot of bad information exists surrounding it. While price is not the only factor that clients consider when choosing a real estate agent, to say it doesn’t factor in is simply incorrect. Are you offering competitive pricing compared to others in the market? Do you have a flexible pricing strategy that can accommodate different budgets and needs? Consider how you can set yourself apart with your pricing strategy.
None of this is to say that the only way to stand out in pricing in real estate is to go lower. Luxury and high-ticket services exist across many industries and services for a reason. Be consistent in your pricing strategy if you plan to use this category of differentiation to stand out in real estate.
4. Experience
Experience matters. What kind of experience do you provide for your clients? Do you go above and beyond to make sure that they have a positive experience? Do you have a reputation for being knowledgeable, trustworthy, and friendly? A useful tip for utilizing this point of differentiation is to walk through all your customer-facing processes, systems, and employees and see things the way a client might.
If you want to stand out in real estate through the experience you offer your clients, you’d best do the work to understand just what that experience is. This is a point of differentiation that really shines when improved in small ways, tweaking your processes and systems to make the client experience as good as it can get.
5. Technology
Simply making use of technology won’t really make you stand out in real estate in 2023—not using new tech today is a surefire way to lose business. It’s really all in how you use it. Are you leveraging new technology to make the buying and selling process easier and more efficient for your clients? Do you have a strong online presence and a user-friendly website that makes it easy for clients to find what they’re looking for? How you use technology can help provide a better experience for your clients and make you stand out from the competition, but you need to be intentional to make that happen.
6. Marketing
What makes your marketing unique? Have you found creative ways to stand out in your real estate market? Do you have a unique brand voice and visual identity that sets you apart? Do you have a targeted marketing strategy that reaches the right audience at the right time? You need to define your brand, your tone, your style, and your audience. Get creative with social media, blogging, and other media and set yourself up for success by setting yourself apart from the rest.
7. Relationship
Relationship is what I personally believe to be the most powerful differentiator out there. What kind of relationships do you build and nurture with your clients? Do you make a concerted effort to understand their needs and wants? Do you maintain regular contact and offer ongoing support after the sale is complete?
If you only want a one-and-done kind of relationship with your clients, you might be in the wrong business. Build friendships. Make people raving fans of your real estate business. Stand out by being a stand-up kind of person. Be genuine, sincere, warm, and friendly and you’ll be shocked at how many people will want to work with you again, send you their friends and family, and give you reviews and testimonials that are certain to put you on the map in your community.
Those seven categories are a great place to start to try and define what sets your business apart from others and makes you stand out in real estate. You don’t need to check off each category to be successful—but you do need to understand what sets you apart in order to find your audience, your clients, and your people. Differentiate your business and find success you’ve only dreamed of.
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