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Despite signs that the industry is shifting, real estate is still experiencing a seller’s market. With more prospective home buyers than inventory, many first-time buyers find themselves in a bidding war while sellers juggle multiple offers. More than ever before, REALTORS® must give themselves a competitive edge to make offers stand out.
Finding the right REALTOR® is the first step for most home sellers. The National Association of REALTORS® (NAR) reports that 87% of home buyers relied on a real estate agent or broker to help them find the right home. Here are some tips to make yourself stand out in a hot market.
Build Your Brand
As a REALTOR®, you are your brand. Just as successful corporations must put thought and effort into marketing, real estate agents should do the same. So, how do you discover the best way to brand and market yourself? Start with asking yourself these questions:
What am I known for?
Do people know you are a real estate agent? What do your clients have to say about you? Do they appreciate your personality, knowledge, or experience? Ask former clients to give you some feedback so you can properly assess your strengths and promote yourself.
What are my areas of specialty?
Are you more experienced with commercial or residential real estate? Do you enjoy serving a specific community or type of client? Consider your areas of expertise and lean into your strengths when marketing yourself.
What are my goals?
Take a moment to daydream about the future. What type of real estate clients are you landing? What type of real estate are you selling?
Answering these questions honestly will help you articulate your expertise and dreams for the future. Now, map out a plan to reach your destination, effectively branding yourself to reach those dream clients.
Know Your Client
According to the National Association of REALTORS® (NAR), typical first-time home buyers are millennials in their early thirties. This generation came of age at the dawn of the millennium when technology was rapidly changing. They are the most educated demographic in American history but are buying their first homes later than previous generations.
Be mindful of millennial traits and values. Do your research to ensure that your tone and tactics do not alienate these potential clients.
Embrace Technology
It’s hard to over-emphasize how drastically technology has changed nearly every part of our industry in the last twenty years. Smartphones have made social media and email more accessible than ever. Here are some ways real estate professionals can use this to their advantage:
Social Media
Over 30% of REALTORS® used social media to close at least one transaction last year. Facebook, Instagram, and TikTok are great ways to connect with potential clients. You can even experiment with paid ads to get your brand in front of your target audience.
YouTube
Some successful REALTORS® use YouTube to help bring in six-figure commissions.
Build an email database that allows you to connect with past clients and prospective home buyers and sellers. Send out newsletters and helpful information, such as home buying and selling tips or new listings.
Sweeten the Deal
In a seller’s market, you need more than just industry knowledge and an online presence to make a home sale. Closing costs, home inspection fees, and a home warranty are all items you can include to sweeten the deal and attract more prospective home buyers to a listing.
Reference to any specific brand, product, or service does not constitute endorsement by ORHP. ORHP does not receive compensation for providing third-party links.
