04 Dec Three Things Holding Back Your Estate Agency.
Three Things Holding Back Your Estate Agency:
Clients don't take you seriously!
Commodity, that's the noun used to describe current-day estate agency.
There are one or two exceptions but, by and large, it's well-deserved.
Offering the same things that your competitors offer.
Using the same prescriptive words they use.
Charging the same fees. Marketing the same way. Employing the same personalities.
Chasing the same goals. Using the same process and procedure. Adopting the same techniques; notably the 'millionaire-mindset' playbook.
Why should a vendor choose your agency when there is a 'next-best alternative'? When there is a line out the door, ready and more than willing to fill your shoes? Does your agency have a clear and compelling reason?
My guess is that it doesn't.
Which probably accounts for homeowners instructing the first agency, then data informing that 65% of those homes don't sell with that first instructed agency. So, along comes the 'next-best-alternative' to sell it for them.
Was it the price? Was it the marketing? Was it the market?
Or was it the complacency that comes from adopting 'best-practice' that results in commodity work?
"Being compliant with best practice is being compliant with creating commodity work." - Jay Acunzo.
Doing the same commodity work that every other agency would sign up to.
Question is, what you gonna do to change the status quo? To stand out, rather than to fit in?
Let me know if you need the answer.
Three things holding back your estate agency? That was first, Here's the second.
Your Agency Has Zero Predictability.
It's relying on antiquated prospect methods to sign new clients.
Door-knocking, cold-calling, sending cold email's (aka: spam).
Networking to 'get yourself out there.'
Offering 'free valuations' with the hope of one day converting them to clients.
Leaflets drops that have neither message, nor impact.
Of course, there will be those with limited thinking that proclaim these antiquated practices to 'work'.
The Keller Williams of this world.
Who incidentally now have a change of heart
"Training and education is no longer the key, but technology and only technology is." - Gary Keller
Spending hours and hours clocking up rejection after rejection - until they finally convince and convert someone naïve enough to fall for the sales pitch.
"Fill the pipeline. If you don't prospect, you have zero predictability." say the training 'experts'.
Happy that some agency is foolish enough to fall for this intrusive and impertinent way of working.
Here's a few of my 'favorite' lead gen inanities.
" Increase response rates with Facebook Messenger Ads."
"Work divorce leads."
"Use Slydial Broadcast, to Circle Prospect Just Sold and Open Houses."
A beauty!! Uses software to leave a message on their voicemail. Here's the Tom Ferry script one realtor used to send out 1200 messages to neighbors:
"This is Christina Griffin with Griffin Group at Coldwell Banker. We just listed a home in your community. If you know anyone looking to move, give us a call."
The result of which they are so proud?
200 returned calls, resulting in two new listings. Good?
1,000 neighbors that you messaged without permission. There's your reputation going down in flames.
"Become the digital mayor of your Farm area."
"Build and advertise your real estate brand instead of your personal brand."
"Connect with pet-loving leads by sponsoring a local adoption event."
"Hand out free seasonal treats with your business card."
Sure, that'll make a difference! I got a Dime bar with a business card. I simply must use this realtor.
"Use seasonal leave-behinds"
"Master cold-calling."
"Become a coffee house consultant."
"Join your local Chamber of Commerce."
"Reward your referral sources with a Handwritten Note & Gift Card."
"Call people in your sphere to mark Milestones & Birthdays."
I ventured down the rabbit-hole that is Lead |Generation and came away convinced that it is a case of The Blind Leading The Blind.
A 'famous' Mike Ferry script that assumes an expired listing homeowner will engage with another realtor after just having experienced the worst of results. Eleven questions that will prove worthless if the homeowner puts the phone down on you for your impertinence. But hey, pay Mike the money and take your chance.
Zero predictability is not overcome with more pestering and begging for business. It doesn't materialize through more effort.
It materializes through smart thinking. Not dumb-ass, antiquated thinking that every third-rate realtor is using.
Smart thinking first requires attention. If you imagine that is gained by spending thousands on advertising, go stand in the corner! Attention requires you to have something interesting to say, or to be different.
From attention, comes engagement. A conversation, not a sales pitch.
If the conversation has merit, it engenders trust.
And once there is trust, there needs to be permission.
Now you don't need a 'lead'. Now you don't need a script.
As your audience grows, by word-of-mouth not through bribery, there is predictability.
The predictability that everyone in your audience will only ever use one realtor when the time comes to sell their home - You!
Three things holding back your estate agency. That was the second, here's the third.
Your Offer is Positioned to Attract Low Paying Clients.
Why?
Because your agency doesn't have a message.
It doesn't know what it wants to say, or how best to say it.
So it reverts to banal clichés and straplines.
Five star service. 24/7 availability, passionate, expert.
Hoping that this mediocre marketing will attract some 'leads' and that with a bit of manipulation and some promises, that 'lead' might be turned into a client.
What then should be that message for any agency?
You won't like hearing the answer, but let's not hesitate:
A message that repels Low Paying Clients.
Clients that don't care about the process and simply want instant gratification - the highest price for the lowest fee.
Who needs them?
There's plenty of realtors out there that will be only too glad to take the instruction.
They deserve each other.
You, my friend, are on a different path.
A message that repels low-paying clients?
Could be as simple as We are Particular. We're fussy. We Play Hard To Get.
Along with a hint at what result that strategy brings for the vendor.
The Curiosity Gap - telling them who it is for, what it's promising - all without revealing the solution.
When that message is radically different to every other agency's tired marketing, then clients take you seriously.
Then there is predictability.
Then you attract better clients.
Three Things Holding Back Your Estate Agency.
So, time to ditch 'better' and to stand out for other reasons. Time to ditch the hustle that gets you some leads but loses much credibility. Time to get some predictability in your business and provide a service that's worth paying for.
Time to be something other than just another estate agent.
Thanks, as always, for reading:)
Love to hear your thoughts on three things holding you back.
Chris.
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