As a real estate agent, you ARE a small business owner. And like any business owner, a little thought is needed regarding understanding or defining what business you are in. This is helpful when compared to the alternative a practicing "accidental real estate."
Let me take an approach different than the typical niche analysis of type, market, style and need.
Instead lets be a bit more cosmic. What type of real estate business do you want to create?
Lets explore 3 aspects of a business that should go a long way in helping a prospective owner gain real focus.
1. Niche or Premium?
- A niche business is message driven, passion driven, emotions driven.
First time buyer, no down payment, rebate, foreclosure, are examples of message driven, emotion driven business types. The customer identifies with the message and counts themselves members of the niche. Niche model real estate businesses generally have lower costs ad higher margins but are much less durable and in frequent need of re-invention.
* Premium business is brand, quality, service driven.
More investment is needed to create the brand and the associated value. Deliverables are more costly but command a premium when delivered. Margins are lower, costs higher but the durability of the business is MUCH greater. This business model has resell value.
2. How am I, my business, different than my competition?
First you need to know who your competition is. Look at their marketing and ads. Analyze why it works for them. Where do they advertise? This is where the Internet is your friend. You can watch their website, find their blogs, eavesdrop on their conversations. You have a choice to use their model or bore deeper to find your differentiation. Let's go there, to differentiation.
Create your what and why.
Your audience won't care until you demonstrate how much you care. How does your real estate business make the world a better place? Other business are promoting their "I care" messages all the time.Some completely insincere while others share a deep convictions.
NIKE - They recently re-invented their "I care" message. They choose to kick some customers to the curb so they can embrace a niche they believe more profitable.
Pharmaceutical companies - if you can not afford your prescription we may have a plan to help you afford the prescriptions. A completely false 'caring' that works for them.
Matt Damon - Clean water is the right of every human being.
Honest Tea - everyone deserves a beverage made from "real tea leaves' not tea leaf dust. (Coca Cola subsequently purchased Honest Tea)
So, why do you exist? Why does your business exist? This is the perfect time to practice your 5,6 and 7 purpose exercise.
3. Where is my business/brand going in 5 years?
- Lifestyle, personal freedom, be your own boss. If maximum liberty is the intended goal, then structure accordingly with the proper folks in place to keep the ball rolling while you soak up the rays of success.
- Growth and impact. If this is the intended goal, the be the catalyst of change, to create transformation in the lives of others, to bring relief to those who suffer, to make this WORLD a better place, you must choose to surround yourself with those who embrace the same resonance in their heart that 'they DO care." This is integral to creating a BRAND and endurable value .
It is not uncommon for readers to be at a complete loss finding their responses to these business challenges. From personal experience I find the answers worth having are the ones that needed to be discovered. Much like the teacher appears when the student is ready, the answer comes to those who persist.
Often I find when I go to sleep with a question, I wake up with an answer.
Continue to press forward, to knock and keep on knocking, until the door is opened and your 'I know that I know even if I can't explain it to you' truth finds residence in your heart. Then walk in the revelatory light that will radiate from within.
Best of success,
Annette Lawrence, Broker Associate
727. 420. 4041