Never stop thinking about what your business stands for or your values and services as the real estate industry changes around you.
Troy Palmquist is an indie broker in California with more than a decade of experience. His regular column, which covers a range of helpful tips for agents and op-eds on industry happenings, publishes Thursdays on Inman.
The face of real estate as we know it is changing. And as technology and innovation rapidly take hold, it’s important to never lose sight of your brand identity.
As a broker-owner at The Address in Southern California, I am constantly reaffirming my brand promise. Here, I offer three steps to keep you on the right path.
1. No matter what is happening in the market, stay true to your brand
A brand that morphs to fit trends is a non-brand. Your target audience has to associate your brand with “something.” That something is your corporate vision, which has an identity. For example, here are two brands in the same industry with very different identities:
Mountain Dew, the adrenaline junkie of sodas. Its niche audience is young, headstrong and unpredictable. They skateboard off walls, jump out of airplanes and shred ski slopes.
Coca-Cola, the bellwether of sodas, represents peace and harmony. This brand’s mainstream audience associates the product with a sweet idyllic notion of life. They play nice, don’t rock the boat and are good neighbors.
How do you want your clients to see you? Perhaps as an expert, an adviser, a friend? Define and zero in on your brand vision daily. Let it be the core of everything you do. This will not only enhance your brand messaging, but also reinforce your brand reputation and visibility.
Remember, a brand is like a character in a play. It has distinct characteristics and attributes. If you don’t stay true to character, it will create a disconnect with your audience — aka your clients.
2. Be opportunistic
In times of change, businesses are confronted with challenges as well as opportunities. Find the latter by assessing the competitive landscape for holes to fill, such as competitor weaknesses or lack of services.
Finding where you fit is the key to unlocking your value proposition, which is essential to your brand. What does this look like? It could be launching a new product, creating a new revenue stream or doubling down on an existing product or service to grow your market share. Maximize every opportunity, and fill the void that others are not.
3. Stay in front of your customers
It’s extremely important to stay in front of your customers. You want to remain top-of-mind when they have a real estate need or referral. Reinforce why they should want your products or services. Send out campaigns about what makes you different and unique.
Your competitor would like nothing better than to steal your customers away, whether it be another agent, a local team or iBuyers — who seem to be infiltrating markets and taking over listings at a record rate in some markets. This is only possible if you let them.
One way to ensure this doesn’t happen is by consistently marketing to your customer base and providing a level of service that raises the bar so high, they wouldn’t think to take their business elsewhere.
Above all, prove yourself. Make yourself available. Be a trusted resource. Building client relationships and nurturing them is a true sign of a great real estate agent with a lasting career. Remember, it costs more to get a new customer that to hold onto one.
Follow these three tips, and you’ll be taking a proactive approach to maintain and protect your brand in the midst of change.
Curious how I define my brokerage’s personal brand? Email me, or let’s chat at Inman Connect in Las Vegas next week.
How do you stay ahead in a changing market? Inman Connect Las Vegas — Featuring 250+ experts from across the industry sharing insight and tactics to navigate threat and seize opportunity in tomorrow’s real estate. Join over 4,000 top producers, brokers and industry leaders to network and discover what’s next, July 23-26 at the Aria Resort. Hurry! Tickets are going fast, register today!
Thinking of bringing your team? There are special onsite perks and discounts when you buy tickets together. Contact us to find out more.