As a REALTOR®, you do much more than show homes. Your expertise and specialized training bring tremendous value to your clients as you help them achieve their real estate goals. Articulating that value, however, can sometimes be a challenge due to the variety of things you handle, which almost always differ with each transaction.
But that doesn’t mean you shouldn’t do it.
Why define my value?
Defining your value serves two purposes. Buying a home is the largest and most complex transaction most people will make in their lifetime, with volumes of property, neighborhood, transaction, legal, and regulatory details to navigate. Defining your value as it relates to these crucial tasks allows clients to understand how they would benefit from your services as a local professional who will manage the transaction, advocate on their behalf, and guide them through any obstacles.
Second, defining your value allows you to tailor your business and services around your strengths and interests. Think beyond, “I will help you sell your house fast and for top dollar,” or, “I can provide you with a free CMA or list of homes for sale.” Those are things any REALTOR® can say or do. Share specific stories of how you’ve helped clients in the past, scenarios they may encounter and how you will help them, and talk about the tasks you’ll take care of that they likely would never even thought to do. When these stories and examples are further aligned with your unique talents and resources, it will set you apart from others in the field.
How do I define my value?
- Defining your value starts with understanding where you excel and what needs clients have. Not sure what’s important to your client? Ask them. Then match that need with your skills and proven track record. Know your personal stats compared to the market (what’s your average days on market compared to the industry, for example) to showcase your strengths around marketing, pricing, etc.
- Recognize that consumers are tech savvy and capable of finding information online, so focus your expertise on the portions of the process they may not be as familiar with (i.e., writing contracts, negotiations, contingencies, rent back agreements, home service providers, etc.).
- Lean into client testimonials to have them share the value they found in your services and use those insights to communicate your unique value.
- Showcase your ability to provide hyper local market intelligence through data you can pull from MLS, providing context and analysis beyond what they can find with an online search.
- Highlight your RPAC status and explain what that means to consumers. Clients will appreciate your dedication to your industry and their property rights.
- Promote any awards you have received and their significance to your client (i.e., Professionalism Award, Production Awards, etc.).
- Let clients know of any unique connections in your network that can help make their buying or selling experience easier. What can your network offer that no one else’s can?
- Call attention to your professional certifications and advanced training. What specialized skills do you bring to the table that will help your client?
Once I define my value, how do I promote it?
- Consider creating a section on your website outlining all of the skills and expertise you bring to your transactions that have benefited past clients.
- Start a social media campaign that highlights reviews from real clients or specific tasks and skills that you’re known for.
- Include information about your expertise and skills and how they will benefit the client in your listing and buyer presentations, and be sure to explain the elements in the representation agreements that reinforce what you do for them.
The value you bring to each transaction should be apparent to consumers from the time they see your marketing materials to the time the transaction concludes. Further, having your value more clearly defined for yourself will also make conversations about compensation easier, both in terms of what you charge and why, and the various ways in which you may receive it.
Additional Resources
- “That’s Who We R”– A national consumer campaign focused on the value of REALTORS®, with assets you can access on the site and via Photofy.
- Competition in Real Estate– Provides resources to help you refine your value proposition, communicate to consumers how you’re compensated, and illustrate the unique value that the MLS provides as a centralized and cooperative marketplace. Be sure to check out the infographics “Essential Real Estate Agent” and “3 Ways to Maximize the Value of Your Real Estate agent.
- How Realtors® Add Value for Their Customers– This op-ed may provide additional ideas for you as you work to define your value.
- Highlights from the NAR Member Profile– Includes helpful stats that you can use to compare and contrast your business against the industry.
- The Rookie Tool Kit– While focused on new agents, this is a great resource for those who want to review the basics.
- Making the Market Work – A national campaign that helps promote the value of the MLS. This campaign includes assets you can use as part of your marketing plan.
