The COVID-19 pandemic has created new opportunities for agents to increase their market share as other agents have left the industry. You now have a unique chance to grow your business. So take advantage of it by adding value to every interaction and standing out to potential new clients!
WHAT IS MARKET SHARE, ANYWAY?
A company’s market share is the percentage of sales it closes in comparison to the number of sales in the total market. So if you’re an agent who usually closes #75 transactions per year, and your area sells #15,000 homes, you have a .0005% market share. Traditionally, companies will increase their market share by doing any combination of the following:
- innovation
- strengthening customer relationships
- hiring the right people
- acquiring their competitors (mergers and acquisitions)
(Source: Investopedia)
No matter what is happening specifically in the economy, these are tactics to be considered in your strategy to both survive and thrive. We are always in competition with ourselves to reach our goals and do better than we have before. Helping more people buy and sell is also an act of service. You are sharing your “gift” by bringing your services out into the community because you’re really good at it! Don’t settle for having people work with a mediocre agent. Gain market share so more people have fantastic representation when they buy and sell their properties!
HOW CAN I ADD VALUE?
There are certain “qualities” that can be added to supercharge these tactics for gaining market share:
- Authenticity
- Empathy
- Generosity
In the year of a world-wide pandemic and shelter-in-place isolation, people are craving human connection. Making an extra effort to listen, to show you care, and to offer a gesture of kindness makes an enormous difference in people’s lives.
Ask yourself, “What can I do to make the service extra special?”
For example you might send flowers every time you sign a listing or open escrow or send gifts at closing as well as anytime someone gives a referral.
You can also start a practice of sending a handwritten card for important occasions, such as birthdays, wedding anniversaries, and the anniversary of buying a home. This process can be set up in a way that doesn’t require too much energy or effort on your part, yet is still incredibly thoughtful. Have your clients fill out a contact form (through SurveyMonkey or Google Forms) or reference the closing sheet for their contact information. Then put the info into your database, print out a list of the events for the following month, and start writing the notes or pay a service to write the notes for you (SendOutCards, Handwrytten, Postable, Scribeless)!
Since everything has become so digital, sending a card or flowers or gift is so touching and refreshing! It makes a huge difference in helping you stand out.
WHY IS IT IMPORTANT TO BE AUTHENTIC?
Bringing more authenticity into your way of doing business has many benefits. The Huffington Post lists 6 of them:
- You sound natural to your prospects and clients. Even if you follow a sales script, adding in your authentic nature allows people to relate, builds rapport, and provides connection.
- Your customers can feel you are genuine. This isn’t about numbers and statistics; this is about how people feel when they are with you.
- You can have fun. Remember, you know what you’re doing as a real estate agent. This expertise can allow you to relax, be yourself and have fun with your customers. The more you’re relaxed, the more they can relax.
- Conversations make conversions. As you build trust, rapport, and instill confidence, you have more ability to direct the conversations to increase your rate of conversions. You’re not selling or forcing or using coercion. You are being genuine in who you are and what you know how to do.
- You Won’t Seem Like a Salesperson. As a genuine, caring person who has the best intentions and interests for your clients, the attention is on their needs and not your sale and commission.
- You Can’t Fail. No salesperson makes every sale every time. When you are being an authentic salesperson and business owner, you can never fail at being you who is trying to always do the next right thing for whoever is involved.
When you combine the sales skills you have acquired over the years with scripts, role plays, accountability partners, masterminds, prospecting school, retreats, summits, coaches….AND being an authentic, empathetic, and generous person, you are unstoppable. The old expression of “nice guys finish last” does not take into account the savvy negotiator and business person you have become. Authentic salespeople and business leaders attract and retain great talent so they can dominate the sales in their markets.
Photo by Lina Trochez on Unsplash