The Austin and San Antonio chapters of Platinum Top 50 — which each year “recognizes 50 residential Realtors for their outstanding achievements in sales, education, industry participation and civic leadership” — met recently and shared a wealth of business tips that can help you grow your business. Whether it’s dealing with low appraisals, unique marketing strategies or ways to grow your production, these agents know what works.
Branding your real estate business is vitally important, but what is a real estate brand? Let’s first start by giving you some (oft-quoted) key definitions of branding:
Walter Landor, one of the greats of the advertising industry, said: “Simply put, a brand is a promise. By identifying and authenticating a product or service it delivers a pledge of satisfaction and quality.”
In his book ‘Building Strong Brands,’ David Aaker suggests the brand is a “mental box” and defines brand equity as: “A set of assets (or liabilities) linked to a brand’s name and symbol that adds to (or subtracts from) the value provided by a product or service…”
As Al Ries once stated, a brand is “a singular idea or concept that you own inside the mind of the prospect.”
Have you ever had a particularly bad day, week or month that left you feeling like the mole in the “Whac-a-Mole” game? As a Realtor, someone is always taking a swat at you or your business; what can you do to cope?
Recently I had a conversation about the impending changes coming in January with respect to the qualified residential mortgage, as well as how the “Obamacare” health insurance cancellations and premium increases may impact the real estate market.
As we were discussing how these uncertainties could put the brakes on the real estate market, it struck me that the “Whac-a-Mole” game was the perfect metaphor to describe what Realtors experience on a day-in, day-out basis. Realtors are constantly being “whacked” by unrealistic sellers; buyers who work with them and then buy from a different agent; tight credit; low appraisals; and a host of other transaction-related issues.
Moreover, federal, state and local regulations (the qualified residential mortgage is a great example) often create such high degrees of uncertainty that even the experts are uncertain about what’s coming and what real estate professionals must do in order to comply.
Effective and professional branding is essential to building confidence in your product and converting sales. If the branding and marketing materials for your real estate development look cheap and unprofessional, potential buyers will transfer that perception onto your product and conversely a smart, stylish campaign will reflect favourably and that first impression will translate into sales and a positive return on your investment in professional brand design and marketing.
Blog post provided by Seth Godin - Founder of http://Squidoo.com , author, blogger. Seth Godin has written 12 bestsellers that have been translated into 33 languages.
Do work and get paid once. Build an asset and get paid for as long as it lasts.
A retailer or a restaurant owner might work 18 hours a day–but the landlord makes just as much money from that effort, often more. The cheeseburger gets paid for once, but the rent bill comes every month.
Real estate is an obvious and simple form of asset. In 1928, my great grandfather traded his real estate assets for the sure thing of the stock market. The biggest difference between the rental houses he owned and the worthless stocks he bought was that the houses paid rent every month, while the stocks offered merely the promise of a later payoff.
Some of the assets you can build, not just buy:
Your brand. A brand isn’t a logo. It’s a promise and an expectation. When you overdeliver, you earn trust, trust that can bring you repeat business, access to new opportunities and the privilege of being able to count on your customers coming back. (Yes, it does hurt to ask).