For the last few weeks, and for the next several weeks, I’ll be providing specific advice on how to break into the Luxury Real Estate market.
Last week, we spoke about market mapping.
The next indispensable step that will help you break into Luxury Real Estate is S.W.E.T.
What is S.W.E.T?
“S” stands for your competitors’ strengths.
“W” stands for your competitors’ weaknesses.
“E” stands for everything your competitors do.
“T” stands for turning things around.
Apply S.W.E.T. when identifying the leaders in your market. Who are the people you are going to be competing against when you break into this new market and how are you going to be different?
S.W.E.T. is how you create USPs (Unique Selling Propositions) that are unique to you, but bring value to the luxury client. I’ll give you some examples.
Don’t Feel Entitled
When I had agents across the country do a S.W.E.T. analysis of their market leaders, a lot of them deemed that the market leaders had a sense of entitlement towards a listing. In order to add value and be unique, these agents started approaching listings that they would receive as a privilege rather than an entitlement. This is a major factor, a major USP, and a major difference in how you convey yourself.
I spoke with an agent in Atlanta who was pursuing a $1.9 million listing. The seller told him, “Every single person that I’ve talked to, except for you, feels like they’re entitled to this listing when they show up and they don’t even want to show up until I’m ready to sign on the dotted line for a contract. By doing a market analysis, you acted like you’re privileged to be here and not entitled.” That agent got the listing.
Be Present During Showings
I’m always present during showings of my sellers’ properties. However, a number of agents in some markets just email and never show their own listings. They just take a listing and they never show up at the house again, even when it’s worth millions of dollars.
You can turn that around by always being present for the showing of your clients’ houses.
Some agents on the high end don’t want to cooperate with other brokers. Thus, they offer a really slim co-fee. They don’t want to pay you what you should be getting. They want to keep most of the commission for themselves, even though it’s not in the best interests of their clients. Having a fair co-fee is a great USP in many markets.
The important point to remember is to bring and add value. Bring that value to the client – don’t be different for the sake of being different. Real estate agents are becoming more and more generic and the only thing that separates them are the fees. The last thing you want to be in Luxury Real Estate is generic. You've got to be different, better, and add value. Click To Tweet
Until next time, make it a great week.