Understanding your value proposition and knowing how to add value can help grow your real estate business, according to an expert.
Keynote speaker, educator and author Mark Carter says most people think of value in terms of numbers, but value encompasses a range of factors he calls “buckets”.
He says agents can boost their listings and improve client relationships by understanding and catering to various types of value across the different buckets.
“It’s a model with five elements, but then (there are) ideas for each of those five elements that are actionable, that you can do something with pretty much straight away,” he says.
Mark says some clients may place a higher importance on tangible, measurable value, while others are more interested in emotional value.
By tailoring value creation efforts to the preferences of different vendors, real estate agents can optimise their offerings and better connect with their market, Mark says.
Generating leads
After studying the different ways agents generate leads, Mark says the main factors all come down to different parts of the value equation.
“What became blatantly clear was that 80 to 90 per cent of the top 10 reasons (vendors choose to list with an agent) was directly correlated to an aspect of value,” he explains.
“For example, the most important reason for choosing an agent came down to the selling price and the fees.
“That’s tangible, that’s the measurable stuff.
“Now they can hone in on, ‘How can we demonstrate the tangible value that we provide more effectively’?”
Mark says one of the other findings he saw was that referrals were still a leading way agents generated business.
“The majority of that was still word-of-mouth recommendation or heard about you through a third source,” he says.
“And guess what? That’s relationship value.”
Mark says another finding was that most people come to a real estate agent to help them downsize, upsize or sell a deceased estate and that also relates to the dichotomies of service value.
He stresses the importance of building strong relationships in order to retain clients and generate referrals.
To do this, he recommends focusing on personal touchpoints, such as remembering details from prior conversations or sending handwritten Christmas cards.
Automation vs personalisation
Mark also cautions real estate agents against confusing automation with personalisation.
“Automation is not the same as personalisation, and often we confuse the two,” he warns.
To truly add value, businesses should strive to maintain a human touch in their interactions, even when leveraging technology for efficiency.
Mark also believes agencies should look to create value within their own companies to better retain staff and offer employees greater workplace development.
He explains that companies should consider factors such as flexibility, work-life balance, investment in skills development and supporting causes to create a more enriching work environment.
“We are now the next generation of employees, and the stats show that they care as much about the impact the brands and the businesses they work for have on the world, as what they get paid in their role,” Mark says.
- Are you curious about how you can adapt, empower and accelerate your business and get ahead of the AI curve? Mark Carter will be one of the headline presenters at Elite Retreat in Bali in July, where he will reveal the five value elements and the four value causes you need to focus on, and how they relate to the experience economy.
- You can find out more about Elite Retreat and the lineup of speakers and experts attending here.
