Your Problem Will Only get Worse.

16 Mar Your Problem Will Only get Worse.

Your problem will only get worse.

Not enough 'leads'?

No, that's not the problem.

Finding it hard to recruit the right estate agency staff?

Again, no.

Competitors forcing a race to the bottom on fees?

Nope.

Exorbitant overheads associated with high-street premises leading to much smaller margins?

Not that, either.

There's problems a plenty in the estate agency sector.  And a thriving sub-sector charging a pretty penny in an attempt to fix those problems.

Without ever addressing the underlying cause of the biggest problem.

This:

You're seen as an estate agent. A label of your own choosing, but one that is defined by very narrow parameters.

"This is what I do.  And this is how I do it."

And so say all of us.

Almost every agency telling vendors/landlords how great they are at what they do. Because of how they do it.

A marketing function that is primarily interested in brand awareness, over brand engagement.

A sales function that is primarily interested in the numbers, rather than the people.

That strategy has been found to have worked, in the past.  So more of the same, only this time better.

That very narrow parameter, though?  The one that defines you as an estate agent.  Hasn't worked so well these past few years.

But for the grace of politicians and journalists, estate agency would have been the most mistrusted of professions.

How on earth do you expect to fix the other problems if you can't address the main one.

Not enough 'leads'. Hard to find the right staff.  A race to the bottom on fees. Lower and lower margins.

You're not trusted.  That's your problem.

Really!

That needs fixing first.  Then you get more 'leads'.

That needs fixing first.  Then you attract the right staff with your culture.

That needs fixing first.  Then fees will rise in line with your reputation.

That needs fixing first.  Then your business will thrive.

You imagine that this might not apply to your agency, of course.

But, it does.

By association, you're an estate agent.

Vendors assume the worst.  Before you even set foot through the door.

And you have one hour, thereabouts, to convince a complete stranger, otherwise.

A tough ask.

Make your presentation.  Provide the comparable evidence. Suggest the asking price.

Answer a few questions.  Overcome a few objections.

Attempt the close.

And, whilst doing all of that, be charming.

Phew, all in that short time.

Here's the problem.

Most every agency has delivered the same pitch.

Nearly identical.  Sometimes pushy, but most times charming.

The vendor/landlord can't differentiate.  They're not experienced enough to ask the right questions.

Or, astute enough to know the answer they should be hearing.

So they choose.  Because they have to choose.

It may not be you, or your agency.

You could risk the close, of course. Only to find out sooner that it wasn't your agency.

You could overcome their objections.  In theory.

And it still may not be your agency.

Or, you could politely leave them to consider their options.

Only to find out the next day that you weren't their first choice.

And the reason has little to do with what you just said to them in that last hour of the meeting.

The reason you lost the instruction was that the vendor didn't like you enough.

The charm didn't work on this occasion.

Here's the solution.

It is sensible to build your personal brand in the estate agency sector.

Very few agents are doing it.  Even fewer are doing it right.

So follow the crowd and 10x your transactional culture.

Or strive to be different. So that you are recognised as such.

It's not about building a following on social media and striving for a spike in 'likes' from people you don't really know.

It's not about ad-hoc posts on Facebook of your hobbies, or your awards, or your holidays.

It's certainly not about becoming the 'local property expert' in a world overflowing with 'experts'.

It's simply about sharing values and beliefs.  So that there is some affinity before you even start a conversation.

You're both cycling fans and love football?  That's affinity, right?

Sorry to disappoint, but no.

No vendor is going to contact you just because they're pysched that you like cycling.

It's a shared hobby, but not shared values or beliefs.

Values & beliefs that demonstrate who you are as a person.

That could, literally, be anything.  There's a full spectrum when the light shines on you.

Our core beliefs link closely to the way in which we operate.

So an agent that values truth, justice, freedom, strength and love will operate significantly different from an agent that values excellence, compassion, integrity, unambiguity and congruence.

You have to share those values. So that vendors know what you stand for and what matters to you.

They may not like what they read, hear or see. But that's O.K, because they're not a good fit for you, or your agency.

And I can hear the chorus of disapproval start right there.

"We can't afford to have vendors not like us."

Which is why the vast majority of estate agents "try to resonate with everybody.  And end up resonating with no-one."  - John Lee Dumas.

You have to have the courage to be transparent.  To be comfortable with vendors not aligning with you world.

What you get in return is a tribe of people within your local community that have similar values.

A tribe of people that know, like and probably trust you.

Not for what you do.

Not for being an estate agent.

But for who you are.

" All things being equal, people will generally buy from someone they like.  All things being not so equal,

people will still buy from someone they like."  - Mark McCormack.

So when they come to buy, you're their first, and probably only, choice.

Vendors aren't buying your services as an estate agent, they're buying your character.

Give them something they want to buy.

Personal branding is the solution to the core problem within estate agency.

Vendors/landlords don't, for the moment, trust or like you.

Make them like you.

It's that simple.

"There isn't anyone you couldn't love once you've heard their story."  - Mary Lou Kownacki

Make it interesting.  Make it about you, first.  So that vendors know what makes you stand out from the crowd.

Once you have their trust, which takes a little time, you have very little competition.

Because all your competitors are simply estate agents.

Ranked just above politicians and journalists in the Veracity Index.

Solve that major problem and you're on the right path.

If I can help, my advice is always free. Just drop me an email:

chris@andsothestorybegan.co.uk

Or call for a chat on 07875141436.

There's more info on www.andsothestorybegan.co.uk

I'm happy to help.

Thanks as always for reading.

 

Chris.