Standing out from the crowd is essential for new business success in property management, especially when it comes down to a choice between you and a handful of other nearby competitors.
So how do you find your point of difference and then market it effectively? Two of the simplest ways to do this will be through a) researching your competitors, and b) researching your customers.
Firstly, consider, do you know exactly what service your competitors offer? Many clients we coach often find the handful of items they are selling as their points of difference (POD) are actually no different to the agency down the road. No point selling it as a POD if the guys down the road do it too. Perhaps you will need to mystery shop your competitors to find this information out.
When you do find a POD through this kind of analysis, think first, does this POD mean something to the client? Often we see points of different that sound great but have no real meaning from the client’s perspective. Secondly, think, can it be it tangible? How can you demonstrate this? What tools do you have within your office to prove what it is that you are saying?
For example, if you are saying “we get faster results”..... how exactly can you demonstrate this? Do you know your average days on market? Do you know your average vacancy rate? What are your recent results compared to your competitors? How can you use this data to show your point of difference to the prospective client?
Second option is to ask someone what makes your agency stand out. Someone not related to you, so not your mother or sister or husband or best friend. Ask your customers. Ask them why they selected to use you. Ask them if they considered the competition and if so what made them chose yours instead. Ask them what they like about your service, and what they don’t, and ask them why they feel your product is the best choice for them.
Ask as many customers of your customers as you can, you will quickly find some great points (that actually mean something to the client) to draw from in future attempts to win business. If you aren’t asking this question upon a new client signing, try to, or consider conducting a new client survey through something like Survey Monkey for every new client.
Once you have established some real key PODs then you will have some differentiating points that can overcome the price objections, because you will have tangible points that show value over the competitor. Unless you can differentiate on value or service, it will always come down to price.
Business Manager - Real+
Hermione has been part of the real estate industry for over 10 years. From Property Management to Corporate Leasing, New Business and Team Management. She has successfully managed a broad range of clientele, and delivered winning new business growth strategies.
Excelling in areas of team training, leasing product development and implementation of new software, her invaluable skills have led her to Real+ where she is passionate about assisting our clients to achieve their maximum potential through the online learning experience, Real Plus.