May 30, 2023 7 min to read
In today’s highly competitive real estate market, both buyers and sellers face their own challenges.
However, one issue that often goes unnoticed is the struggle faced by would-be home sellers in finding a suitable property to buy. This dilemma, combined with the difficulty real estate agents face in differentiating themselves, has created a unique opportunity for agents to stand out.
By focusing on the seller’s “home search” (pun intended) as part of your core service, estate agents can not only engage their clients effectively but also attract new sellers, and better buyers, in the process.
In this article, we will delve into the reasons behind the challenges faced by home sellers and explore how prioritising their ‘home search’ can differentiate estate agents in a crowded market.
- The Predicament of Home Sellers: Data from Homesearch clients indicates that a significant proportion of would-be home sellers, 7 out of 10, struggle to find a suitable property to purchase. This conundrum creates a hesitancy to put their homes on the market since they fear being left without a place to move into. This fear can be paralysing, resulting in a stagnant local market. Agents who understand and address this concern have a distinct advantage.
- The Dilemma of Differentiation: Estate agents, when pitching their services to potential clients, often find themselves competing with three or more agents vying for the same instruction. The traditional methods of differentiation, such as emphasising experience or market knowledge, are no longer enough to set agents apart. There is a need for a fresh approach that captures the attention of both home sellers and potential buyers.
- Focusing on the Seller’s ‘Home Search’: By shifting the focus from the traditional sales pitch to the seller’s home search, agents can engage their clients in a more meaningful way. Instead of merely promising to find the perfect buyer or provide exceptional marketing strategies, agents who actively assist sellers in finding a new home demonstrate their commitment to the entire selling process. This approach establishes trust and shows that the agent understands the unique challenges sellers face. This is proof, rather than promise.
- A Proven Way to Attract New Sellers: When agents prioritise the home search as a central part of their service, they not only address the concerns of existing sellers but also attract new potential clients. Sellers who are struggling to find a suitable property will be more likely to seek out an agent who can provide valuable guidance throughout the entire process. By effectively showcasing their expertise in helping sellers navigate the market, agents become the go-to resource for those in need.
- Demonstrating Differentiation through Action: While promises of being different may be common in the real estate industry, it is the tangible proof of this difference that truly sets agents apart. By actively engaging in the home search process, agents demonstrate their commitment to their clients. This hands-on approach reassures both sellers and potential buyers that the agent is not simply making empty claims but is willing to go the extra mile to meet their needs. Again, proof over promise.
In a property market where differentiation is challenging, focusing on the seller’s home search provides a unique opportunity for agents to stand out from the competition. By acknowledging the struggles faced by would-be home sellers, agents can offer a service that not only addresses their concerns but also attracts new clients. Demonstrating differentiation through action and being actively involved in the home search process provides proof of an agent’s commitment to their clients.
In an industry built on trust, this personalised approach can make all the difference, leading to more successful transactions and a thriving estate agency business.