REALTORS? - How valuable is your value?

The real estate industry could benefit from its own version of Dr. Spencer Johnson's bestselling book, "Who Moved My Cheese? " In today's market, which is more competitive than ever with a record number of REALTORS?, the divide between the HAVES and HAVE NOTS is growing wider. There are currently more REALTORS? than there are homes for sale nationwide. According to Tom Ferry , the top 25% of REALTORS? do 75% of the business, leaving the remaining 75% of agents to compete for the remaining 25% of transactions.

The statistics are concerning, as data indicates that a homebuyer has a one in three chance of working with a REALTOR? who has not closed a single(zero) transaction in the last year. This information highlights the need for a shift in mindset and a willingness to adapt to the changing market. A book like "Who Moved My Cheese?" could serve as a helpful guide for REALTORS? to navigate the industry's challenges and adapt to the ever-changing landscape.

By embracing new technologies, strategies, and marketing techniques, real estate professionals can set themselves apart from the competition and increase their chances of success. It's time for the industry to take a hard look at the current state of affairs and make necessary changes to stay relevant and competitive. But, how??

HOW VALUABLE IS YOUR VALUE??

A few years back, I had the opportunity to address a packed room of agents at a Women's Council of REALTORS? event. The topic of my presentation was "How Valuable is Your Value?" As I stood confidently on stage, I intentionally and patiently surveyed the audience as I posed this question:

"In Houston, the fourth largest city in the country, we have over 40,000 REALTORS?. Each month, we transact between 4,000 to 8,000 properties, depending on the season. That means a lot of REALTORS? are making very little money, if any at all! So, I have a question for you… Other than your good looks, your Mercedes in the parking lot, and the fact that you’ve had a real estate license for 5 to 10 years or more, how valuable is your value? How tangible is it? How does your value make people feel? How is your value different from the other 40,000 REALTORS? that are competing for the same limited business?”

I stood there for a few seconds as I encouraged them to take a moment and think about the value they provide to their clients. Again asking them “How valuable is your value?” and pausing for them to reflect. The looks on their faces resembled a group of children who had been scolded for misbehaving in class. It was quiet… It was intentional… It was reflective… It was perfect… I had their attention! Most importantly, I had them thinking about their unique value proposition before I gave them some actionable ideas to consider.?

Today, it’s essential to recognize that simply being a licensed agent with some degree of experience and a fancy car isn't enough to succeed in this highly competitive industry. Understanding that your perceived worth and the value you provide are essentially and distinctly two different things. The key is to identify your unique value proposition and effectively communicate it to your sphere. By highlighting what makes you different from the rest, you can differentiate yourself and build a loyal client base that’s willing to pay your price for the services you provide. Remember, the most successful REALTORS? are those who consistently provide value to their clients, earning their trust and referrals before they ever meet the client.

TOP 10 WAYS TO DISPLAY YOUR VALUE

There are numerous strategies that REALTORS? can employ to stand out in their field. Despite rapid technological advancements, some fundamental aspects of the industry remain constant. Here are my top 10 tips (in no particular order) with brief explanations:

1. Build strong relationships: Real estate is a people business, so nurturing connections is crucial to long-term success.
2. Communicate effectively: Timely and transparent communication is essential to establishing trust with clients.
3. Embrace continuous learning: Staying up-to-date on industry trends, best practices, and regulations is vital to providing excellent service.
4. Provide value beyond transactions: Offer resources, information, and support even after the sale to show clients you care.
5. Be adaptable: The industry is constantly evolving, so it's crucial to be open to new approaches and technologies.
6. Understand market data: Analyzing market trends and data can help you provide valuable insights to clients.
7. Have a strong work ethic: Consistent effort and dedication can set you apart from the competition.
8. Focus on your niche: Identify your unique value proposition and specialize in a specific area to attract clients seeking your expertise.
9. Be proactive: Anticipate and address potential issues before they arise to show clients that you are proactive and detail-oriented.
10. Prioritize honesty and integrity: Building a reputation for honesty and ethical behavior is key to building a strong, trustworthy brand in the industry.

It's worth noting that none of the items on the list above require you to spend large amounts of money. What's critical for REALTORS? to understand is that "VALUE" is a sentiment that people experience after interacting with you - a feeling that you genuinely care, that you actively listen and are attentive to their needs, and have the competence to solve their problems. Value is not about you, but has everything to do with how you and your processes make people feel about what you are offering and how it solves their problems. I've never seen or heard a TOP PRODUCING REALTOR? having to explain their "WORTH" to a client... Why? Because they are consistently and vividly providing adequate "VALUE" to the community and consumers that they serve. Therefore, I ask you again: "How valuable is your value?"

PRICE IS WHAT YOU PAY, VALUE IS WHAT YOU GET!

WHAT "SOMEONE OR SOMETHING" IS WORTH? THATS FOR APPRAISERS(THIRD PARTY) TO DETERMINE!