Conveying Your Competitive Advantage in Prospect Presentations
by Dirk Zeller
Let’s start with the bottom line first: The whole purpose of a prospect presentation is to establish your competitive advantage. In the least time possible you want to communicate what makes you different from the more than 1.2 million other licensed Realtors in the United States. You want your prospects to see exactly why they should hire you, what’s in it for them, and why they should proceed with confidence to sign your listing agreement.
Most agents spend the presentation explaining what they will do for the client rather than focusing on the results the client can expect the agent to deliver. Newspaper ads, website pages, home magazines, dazzling flyers, and a lineup of other marketing items are tactics that, in truth, nearly all agents use in the normal course of business. They are not competitive advantages. In fact, you must assume before a listing presentation that every agent will promise a near-identical marketing plan.
So why will they hire you over the others? They’ll hire you because they see what’s in it for them. And what’s in it for them is the set of benefits they will receive as a result of your proven competitive position.
Defining your unique competitive position
To differentiate yourself in the field of real estate sales you need to create, define, and consistently convey a competitive position that positively distinguishes you from your competition.
By knowing and exploiting the difference between your products and services and those of your competitors you will attract more prospects, win more clients, grow your market share, increase your revenue, expand your profits, and, eventually, weaken your competitors.
To pinpoint your unique competitive position, answer these questions:
* Are there key statistics that set you apart from your competitors and provide you with a clear point of difference?
* Do any of your Big Three statistics create a unique competitive position?
1. Average list price to sale price
2. Days on the market
3. Listings sold versus listings taken
* What benefits or values do consumers receive only when they deal with you?
* Do you have dominant or strong market share in a geographic region?
* Do you specialize in a particular property type, such as small plexes or a certain style of home?
* Is your market share success tied to a particular price point?
* When representing sellers, do you achieve quantifiably higher sale prices?
* When representing buyers, do you achieve quantifiable savings in sales price, down payment, monthly payment, or interest rate?
Your answers don’t need to lead to 20 unique competitive positions. You only need half a dozen reasons why the consumer — whether you’re presenting to a buyer or a seller — should choose over everyone else. Focus only on advantages that will matter to your prospect. Keep in mind the old sales adage: “It’s easier to sell someone what they want to buy than what you have to sell them.
Proving your excellence: You don’t get paid for second place
A Fortune 500 CEO who doesn’t increase revenue will watch the stock price plummet. A quarterback who throws for lots of yards but doesn’t win games will be benched or traded. A Realtor who doesn’t get listings sold or find and secure the right home for buyers will leave the business.
In the real estate world, results are the name of the game. Anyone can make money in a marketplace where everyone wants to buy and sell, but only the excellent agents will thrive in a competitive marketplace.