How To Compete With a Top Real Estate Agent
This month I am revisiting some of my most popular videos about Luxury Real Estate. This week we are going to talk about the competition. I often get the question from agents, “How do I break into the Luxury Market when there is a strong competitor who dominates the market already?”
If there is a top agent in your market, the first thing we need to do is SWET the leader.
Enjoy the video.
You’ve probably heard of a SWOT analysis but we’re talking SWET:
- Identify the leader in the marketplace you’re trying to break into and identify their Strengths? What do they do well? How long have they have been at it? What’s their track record? What are they known for? What’s their claim to fame, so to speak?
- Next we want to look at their Weaknesses – what could they do better? Where do they fall down? What do they not do as good as they could do? what can you do better? You can find the answers to these questions by interviewing people in your marketplace; both agents and consumers.
- Make a List of Everything they do in the conduct of their business. Do they go on their own listing presentations? Do they show their own properties? Do they negotiate their own deals? Do they do their own marketing? What exactly do they do? I’ve talked to some agents who tell me that the agent they’re competing with is great at listing and buyer presentations, but that the buyer or seller never sees them again. And while that works for them, it could be an in-road for you if you can turn that around. That brings us to step number four: Turn it around.
- What can you Turn around do different, better and opposite of what the leader is doing. This can give you a beachhead in your luxury real estate market? For example, if the leader never shows their own property, you could make that part of presentation that you are always personally involved with every showing that takes place of their property. I heard about one leader that won’t climb stairs for whatever reason. They sit down and wait for the buyer to look on their own. Your proposition to the seller can be how you personally demonstrate each and every feature of the property.
There’s no right or wrong here. You just need to know what their strengths are, what their weaknesses are and what you can do that’s opposite and better to turn it around to give yourself an edge when you’re competing with a market leader in your location.
Remember, and this is important, luxury does not compare itself to luxury. NEVER denigrate or criticize a competitor. As I have said before, you have never heard an ad where Rolls Royce compares itself to Bentley. Use the information gained in your SWET analysis to fine tune your approach and then just sell your approach and the value it brings.
P.S. This video talks about the 20 minute phone consultations I was offering in 2012 when people bought my book. This offer was only valid in 2012. Thanks for your understanding.
Don’t forget, I will cover more of your luxury real estate questions on the first Tuesday of each month. Register RIGHT NOW at www.LuxuryRealEstateUnplugged.com. This is FREE, monthly one-on-one coaching in a group setting. Sign up and get your question submitted without delay. Action items this week:
Go to www.LuxuryAgentAcademy.com and read the course outline. This session is now closed but I will offer it again early in 2014.- Check out www.JackCottonRealtor.com and let me know how you like my videos.
- Go to www.LuxuryRealEstateUnplugged.com and register for the next webinar.
- Leave your question at the bottom of the page
Lastly: Think about your own luxury listings and decide which one could benefit from exposure through my newsletter. Send me pictures and a brief description with your contact information and I’ll include the best one with mine in my weekly e-video news blast. Wouldn’t that be great if we had a referral in our group every single week as a result of this video series? In the meantime don’t forget to pass this video to a Realtor friend.
