Know Your Business

I offer a variety of training sessions in real estate offices to help encourage them towards success.  I love having the opportunity to champion realtors towards winning in the real estate game.  One of the workshops I’ve developed is around this idea of “Know Your Business.”

I have found that it is important in real estate, as well as any other business, to know what your business is.  Now, that sounds obvious, but it really is surprising how often people miss this.

In business you only have three things to offer people.  The three things are:

  1. Products
  2. Services
  3. Experience


Why do we miss this?  For young realtors, the miss often comes because they think they are selling a product–the product being homes.  However, a realtor has no control over the market inventory.  If you do not have control of the inventory then you are probably not selling a product.

So, the realtor is really selling a service.  This is especially true since the realtor has the same inventory of every other realtor with access to the MLS.  What will set one realtor apart from another is the service they provide to their buyer or seller.  Do they understand the needs?  Do they understand the options?  Do they understand their tools?  Do they have the capacity to provide the service promised?  This is all a part of what differentiates average agents from great ones.

Someone may say that their agent also offers an experience.  While that is partially true the reality is that the agent doesn’t have control of the entire experience.  There are several other pieces to the real estate transactions from lenders, inspectors, insurance agents, and inventory.  Again, if you do not have direct influence over all of the areas it does not fit into the category of an “Experience” you provide.

In my workshop I unpack some examples of the three things a business can offer their clients. For now, we’ll just leave it at this.

As an agent, the greatest asset you have is you and the service you provide.  Set yourself apart from the rest of the people in your industry.  What makes you the best service provider in real estate?