Rising interest rates, limited supply, and ballooning prices are only among the few things that have caused a major dislocation in the real estate market; leaving realtors to find themselves in an ever increasingly tight position.
As mortgages begin to teeter near a two-decade peak; industry advocate groups and real estate experts are finding their supply of arsenal limited to combat against growing fears that property optimism could sink even further in the coming months.
In an attempt to waver the potential of further interest rate hikes by the U.S. Federal Reserve, a group of top business advocates, including the National Association of Realtors and National Association of Home Builders voiced their concern regarding the overall well-being of the real estate market in a letter to the central bank.
The overall skirmish representation of the Federal Reserve has seen interest rates reach stratospheric levels over recent years, leaving would-be buyers priced out of the property market.
The latest housing market indicators show that the median selling price hit $394,300 by the end of September, an overall 1.3 percent increase over the last year on average. All four major regions registered year-over-year sales declines of 2.0 percent; while the Northeast witnessed existing home sales rising in September.
As we begin to approach the tail-end of the year, with many looking towards the possibility of market recovery, and receding prices, finding a unique selling point could potentially allow realtors and industry experts to restrategize for the year ahead.
Building A Strategy That Matters
The last thing industry professionals want to experience is a feeling of confinement. However, this often requires us to look elsewhere, and open ourselves to newer, and different opportunities to create a unique selling point that delivers results and aligns with overarching strategy.
Taking a page from the book of brothers Dusty and Peter McMullin, two second-generation entrepreneurs, helps to highlight key advantages that professionals can leverage to help build a strategy to capture the value of buyers and the direction in which the market is heading.
Find a niche to sell
Selling something in today’s market has become increasingly tough. Rising costs, slower consumer spending, and the overall level of competitiveness have made it harder, and more enduring for brands and realtors to sell their niche.
However, this often requires a look elsewhere, to better understand how enterprises in other industries are leveraging their niche to campaign and sell to an ever-changing consumer marketplace.
Finding this niche, left Dusty and Peter to develop a new product strategy that directly aligns with the business and their clients. In 2004, Bruce McMullin, the father to Dusty and Peter, founded Sibu Sea Berry Therapy, a natural specialty supplement and functional foods company.
Nearly two decades later, the company continues to thrive as it continuously innovates and invests in the development of newer, better, and more effective products.
Dusty, Vice President of Operations at Sibu says, “Through endless work, and a team that works tirelessly, we’ve found ourselves at the helm of our father’s business. Building on his legacy has meant that we had to come up with fresher ideas that capture the essence of what he’s started and provide the business with an edge over our competitors.”
Being a realtor, in an ever-dynamic market requires businesses to be more agile, while finding opportunities that can help elevate your unique selling point and deliver more actionable results.
Establish credibility
Nowadays, consumers are looking to support brands that can provide them with transparency. More importantly, consumers are looking for brands that have a specific level of authority and trustworthiness in their respective industries.
Consumer indicators showed that nearly 60 percent said that both authority and transparency are among the most important traits they look for when changing suppliers, or looking to support another competitor.
How do you establish credibility? Well, Peter McMullin, President of Sibu shared that being open to learning, and adapting to newer, and more progressive trends has helped their business stay ahead of competitors.
“Understanding the value of your product and service helps you to carefully weave in a different approach that enables your team to establish credibility through delivering transparent actions, and methods used to achieve milestones.”
Education matters
The internet allows individuals access to a limitless amount of information and knowledge. Brands have realized this potential, and by educating buyers and individuals, they can create a more holistic approach that enables customers to become more informed about the products they buy and the services they pay for.
“Our father, Bruce, worked tirelessly to create a business that never ceases to stop educating clients. Whether working with first-time buyers, or even veteran customers, helping them make more informed decisions will enable your business to become more transparent, but further ensure that they are not buying into things that will not directly present them with solutions.”
Dusty and Peter recently launched a natural Omega-7 supplement that contains doses of Sea Buckthorn, a natural ingredient with traces of Omega-7 compounds. Launching a new product on the market means that both Dusty and Peter had to create an approach that enables them to educate their market along the way.
“Don’t think that because someone is interested, that they already know what you’re selling,” says Peter. “By providing them with the necessary information, and what they’re signing up for, they will feel more supported, and you can be assured that your product or service can help fulfill their needs.”
Trust is earned
Brands need to earn the trust of their customers. However, this requires time and investment, regardless of where a person may be in their selling journey.
“Selling any type of product or service does not come without resistance from consumers, at first,” says Dusty. “However, over time, as you provide more insightful information that helps to encapsulate the wider picture, you begin to paint a clear vision of what your brand’s intentions are, and what are some of the available opportunities that one can leverage to improve visibility.”
The buyer journey is never linear and often experiences cycles of resistance and support. Yet, every turning point should be used to help create a more dynamic approach than the first.
By communicating business values, and advocating for creating more meaningful connections at every touch point, buyers will begin to feel more valued. Although this doesn’t happen overnight, and often requires several months, even years' worth of expertise to perfect, it only ensures that brands can create a more unique and agile selling point that fosters a brand’s long-term commitment.
Legacy triumphs
Managing any brand requires business leaders to appoint the appropriate leadership throughout all organizational dimensions.
By assigning management based on expertise and their ability to see the long-term outlook of the business and understand the dynamic marketplace, brands will actively solidify their presence and establish brand visibility.
Fostering a legacy requires investing in the people. Dusty shared, “By investing in our people, we’re indirectly investing in the company. The more you begin to show that you understand where you’re heading, and how you will achieve this, the easier this will begin to reflect in your brand’s overall presence.”
Looking beyond current situations, and how a business will operate in the future will help create a forward-looking plan that enables the business to see where further investment is required, and what some of their shortcomings may be.
Creating something enduring that can be passed from one generation to the next, such as in the case of the McMullin family has enabled them to let their business live on, while at the same time planning for any new challenges that might encounter.
“Business is tricky when family gets involved, but we’ve always had a clear idea of what our father is trying to achieve. By constantly learning, and opening ourselves to new opportunities, we’ve been able to continue a family legacy that remains agile, yet versatile enough to curb unforeseen market changes,” says Peter.
Sell your experience
Buyers seek brands with expertise. More importantly, customers are not only buying a service or product, but they’re ultimately buying your experience.
Whether you have five, ten, or even fifty years of experience, make an effort to put this front and center in your unique selling point strategy. Customers not only trust brands or companies that have years of experience, but they tend to feel more comfortable with those brands that openly communicate how their experience has helped other like-minded buyers.
“Using customer feedback is some of the best ways we’ve learned, but also, listening to what our clients are looking for,” tells Peter. “Yet, we’ve also used these reviews as a way to better understand the direction we need to take, and how we can garner expertise from these situations.”
One of the most impactful ways to sell your brand’s experience is by providing clients with solutions. Pitching various ideas, generating a fresh perspective, and sharing this with others helps to boost engagement among your clients, but also sells them on the idea that your brand has what it takes to resolve their most important problems.
The bottom line
Finding new opportunities in the current market has placed many brands and professionals in a position to restructure their forward-looking strategy. However, not all challenges should be viewed as a threat to business, but rather a new opportunity to adjust and become more agile in an ever-changing market where buyers and consumers are becoming increasingly exposed to newer, better, and more reliable businesses through multiple platforms.
By learning from other professionals and business leaders, you open yourself to finding new ways to resolve current issues, but most importantly plan for the future. By understanding what motivates you as a business, and what drives you to do better, you begin to understand what it takes to build a brand that can leave a legacy, but more than this, help provide actionable solutions and deliver the results you’re looking for.
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