This article by Conor Flaherty in https://www.biggerpockets.com/blog/2014-11-12-the-beginning-investors-guide-to-creating-lasting-value-in-real-estate was written for Investors but makes some suggestions as to how residential Real Estate Agents can add perceived value in their business.
Mr. Flaherty has numbered his suggestions in reverse order. I don’t agree with the order he used so I am going to list the 4 in order of what I think of as the most important first. That being “Be the Expert in a Small Area”.
Connor writes “I was told something this by a wicked rich dude at a networking conference, and I have never forgotten it. His advice was to be the utmost expert in a small area. A small area could be in reference to a geographical location, an industry, or even a part of the real estate process.”
Please remember that all consumers want to do business with a true expert. You can be that expert if you focus.
He says “The real benefit of expertise is that you quickly become a high demand talent.
“However, since I had picked such a specific area of expertise, I suddenly had a lot more value and was compensated more than an inexperienced twenty four year old should have been.”
I think the next point is also ranked right up there just below being the expert. That is “Actively (and unselfishly) Building Your Network”.
He says, “You want to see what you can do for other people. The reason is that you are more genuine, and also, you are able to show your value quite clearly. No one should be below you helping them, either. I’m a big believer in good will, and the more you help people, the more people will help you.”
To me, building your network means putting all of those Mr. and Mrs. Not Right Now in your follow up list and become an advocate and teacher for their success. I ask my clients (and you) to build a list of local services that all homeowners will need from time to time and give it to every one of those people. If you give good referrals, so will they.
Then of course, Be Persistent.
Connor says “Creating value is hard. You simply must be unflappably persistent. Never give up. Never stop grinding. These are all somewhat cliché, but it helps to hear these things over and over. I have found that just when I’m about to give up on an idea, I have had many of my breakthrough moments. Part of it is that I’m just not smart enough to succeed before I fail a lot, but the other part is that most people give up pretty easily.
“If you try hard enough, for long enough, you will inevitably be successful at creating value for yourself.”
And lastly there is his suggestion that you “Go for Deals Other People Don’t Like”.
This may seem like something more designed for Investors but I believe if you think outside the box you can find those little difficult cases that no one likes but are worth the rewards.
IF you specialize in them you will be able to easily work through the situations the other agents don’t want to work through.
For instance, many Agents do not want to help first time buyers. However, the latest facts from the National Association of Realtors says that 32% of all sales were to those first time buyers.
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