Three Reasons Why You Aren’t Valued
Ever wonder why sellers or landlords want you to negotiate your fee? Nope, wait…I can hear your answer.
It’s because of the competition. They put you in this position with their undercutting, so you had to indicate you’d be willing to decrease your fees too.
You did it in the interests of business. Just this once…. Just to get a foothold…Just to build a market share.
But hang on there a moment. Is there any chance you had a larger role to play in this race to the bottom? Did it happen to you, or did you allow it to because of three key reasons why you aren’t valued for what you do…
Pull up a seat
OK, lower your hackles, look deep inside and let me put this to you: Could it be that you don’t have confidence, or can’t quite articulate, the actual value that lies in what you do?
Did you, by any chance, jump in and tell that seller or landlord that you would be willing to lower your fees? And might that have been due to insecurity and fear? – a fear based on the following three reasons…
Reason 1: You wouldn’t be considered otherwise
Reason 2: The competition is equal to or better than you.
Reason 3: You can’t verbalise your offering
Any of those sound familiar? OK let’s delve a little deeper.
You wouldn’t be considered otherwise
If you’re concerned you won’t even get a seat at the table without a fee discount, you need to look at the following:
1. Your ideal customer – Who are you trying to appeal to? What is it they value? If it’s purely cost, rather than value or expertise, you might be working with the wrong client.
2. Your messaging and your value proposition – What does your branding and messaging illustrate? Does it clearly indicate who you are, what you do, and what you stand for, ensuring you stand out from the crowd for authentic reasons?
3. Your track record – Are you leveraging your previous successes, showcasing the results you achieve and how you go about them?
The competition is equal to or better than you
Sure, your competition might be good. In fact, they might be amazing. But quite frankly that’s not your business (literally or figuratively).
Instead, your job is to sharpen your own sword, hone your personal skillset, and simply be incredible at what you do.
Your competition might have more years in the game, and more runs on the board, but you can absolutely outwork them and you can create a real estate experience that’s second to none. This is where your focus should be.
You cannot articulate your value
In this industry, it’s absolutely critical that we become incredibly good at quickly and succinctly letting people know who we are, what we offer, and how we provide real value to our client.
We also need to provide a clear insight into why we are worth what we charge, if not more. As real estate professionals, our job might involve selling properties.
But what we actually do is solve problems and that’s where our value lies. So what problems do you solve for your clients? How do you remove hurdles in their path and eliminate painpoints?
Tell them how you achieve this by articulating and even providing visuals and real case studies of how we arrive at our fee, along with the value of what we do.
A self-inflicted injury?
Whilst commercial reality is very real, the ‘fee discounting’ mentality is very real too. But, it is more likely self-inflicted than for any other reason.
The reality is, we undersell ourselves far more often than the competition oversells themselves.
The market has begun to shift. It’s still a great market, but the value of a great agent lies in navigating that market, solving problems and educating your client.
That skill is something clients will be very willing to pay for. Charge what you are worth.
About the Author
Manos Findikakis is the CEO of Agents’Agency, Australia’s first multi-brand real estate network, ‘the only fully integrated solution for you and your people to create an unforgettable experience.’
For all enquiries and more information on how the Agents’Agency can help you take your career to the next level, click here to get in touch.
