Secrets to Successful Branding – The Law of the Word

If, we, as the real estate community really understood the concept of branding and its importance, we would save a fortune by cutting the misplaced dollars we are spending in the name of “getting their name out there.”

Most of us are re-treads – people who fell into this business and came from some other background. In 15 years of asking, I’ve only found one person who grew up wanting to be a real estate agent (and she is no longer in the business). I can’t tell you how many people I’ve interviewed as a Broker that said the reason they wanted to be an agent was because they liked houses and people. If that is the sole reason they are here my advice to them has been – “Don’t get started in this business because in 6 months you will hate them both.”

Those that make it in this industry in today’s world are those that approach it with an amount of business prowess. Unfortunately, that isn’t taught in the “learn everything you need to know to become successful in real estate in two weeks” class. So, we throw the newbies to the vultures (vendors who sell BS products that do nothing but line the pockets of the vendors and serve as filler our nation’s dumps). We let them sling mud on a wall and see what sticks and hope against hope that they will be one of the very few fortunate ones who will survive the first three years.

Over time, those that emerge as mega agents realize that to truly win in this you must realize that it is a business not a career (and there is a major difference) and start learning how to become the “RainMaker.” Although we have dozens of proprietary campaigns to generate more leads, from time to time, we need to strip back to the basics and dive into the philosophy to align ourselves with the right thinking to launch our business to the next level. This week, it’s all about how to brand effectively so that you may maximize your ROI in any marketing or advertising program your engage in. From Al Ries, a master of marketing and branding in the retail sector, we take the lessons and apply the fundamentals to our real estate businesses.

In Branding , There is the Law of the Word

There is a limited amount of real estate in our consumer’s active memory. The lion’s share of the space going to the things that weighs most heavily on their mind. Because this resource is precious and limited your brand should strive to own a single word or concept in the eyes of the consumer. You are not competing with other agents; you are competing against every other professional and service industry. You have an advantage because real estate and the client’s home equity can be leveraged as an important value on a constant basis with spikes of interest as it comes time to move. But you must keep the importance on the consumer’s top of mind with all the other competing interests vying for attention.

You want to establish yourself as the expert and go-to person for real estate regardless of where they are in the buying or selling process. Become their resource and contact. Ideally, you want to get to the point where when your perfect client drives past a competitor’s sign, they think of you.

I highly recommend the book The Starbucks Experience by Michelli. It’s a great read on why people will stand in line and pay $4 for a cup of coffee. As I read through it, I thought I’d share a few of the principles from the book in a condensed form as well as some of my thoughts on how they apply to your business.

Principle #1 – Make It Your Own
We all have common objectives. Our goals and those of each of our clients are similar in their construct. Where we soar is in the individual creativity and passion that we apply to what we do. It is in those things that we form the bonds so that people will continue to come back. It is there that we connect, discover and respond. It is in our core values and strengths that we learn to love what we do.

Principle #2 – Everything Matters
In a service industry, everything matters. Every detail, every conversation every nuance makes a difference. Master the simplicity of the basics and spend the rest of your time perfecting your game. It is in the details that the pros stand out from the masses.

Principle #3 – Surprise and Delight
Pursue “wow” moments. Think through your business and ask yourself – “where can I give a ‘wow’ moment to my clients? Those are the moments where you have exceeded expectations and delivered something above and beyond. It is in these moments that we demonstrate and prove our value. We need a certain amount to justify our compensation, we need more to create buzz. Deliver the exceptional, surprise and delight at every opportunity.

Principle #4 – Embrace Resistance
Change is going to happen, people are going to complain, life is going to hurt at times. Learn from it all. Everyone has something to contribute, every challenge offers an opportunity. Be open to hear about your faults and shortcomings and where others are disappointed. Learn from them and except that you are a work in progress, not perfection.

Principle #5 – Leave Your Mark
What do you leave behind? I’m not talking about a notepad either. What is it that has added value and where have you invested in others? Success is sweet, but significance, yes significance, is what brings glory to our soul. Joy and peace, the deep internal kind that marks your life and the lives of those you come into contact with is manufactured in spades in significance.

You don’t sell houses. Let me say it again, you don’t sell houses. Not in a successful marketing campaign. You sell your USP or Unique Selling Proposition. There are hundreds of thousands of agents in world today. If all you do is sell houses, then there are at least a few others that are willing to do the same thing. What makes you better than any other? Why should a client hire you? As an industry, we have been caught without enough distinction which is why over the last few years we have experienced such a high level of “Commission Compression.”

Here’s an example - If I were to buy a new BMW 7i and one dealer had one the car for $80,000 and another dealer could get the exact same car for $72,000 which would I choose? All things being equal, price will become my determining factor. But let’s say that I just wanted to buy a car that allows me to get to and from work in a safe comfortable manner. What makes me consider an $80,000 BMW versus an $18,000 Kia? Price no longer becomes the only factor. BMW knows they aren’t selling a car or mere transportation; they are selling “The Ultimate Driving Machine.” In fact, they’ve done quite well getting buyers to buy to satisfy the buyer’s own ego needs. And more interestingly, how many BMW owners would cop to ego being their primary reason for buying the car? With that said – let’s not beat up on the BMW crowd too bad, the same could be said about Lexus, Mercedes and others and they don’t have the distinction of being the “Ultimate Driving Machine.”

What is your USP? What are your strengths? What can and do you do better than anyone else? What are your values? What do you care about and hold most dear? Market around those things and you will find yourself in the rare air of those agents who make the rules about how the real estate game is played and who hold the top %1 who dominate the marketplace.