Key Note: The Dimensions of Value

There is a wide gap between a functionary who follows a process and a fiduciary who owns the outcome. To win the client and scale your business, you have to show that you don't just work harder—you work at a different level entirely.

Join Keller Williams Realty Maine’s Team Leader Brad Knowles as he shares the roadmap for going beyond the transaction. Learn how to articulate the depth of your value so clearly that the "functionary" competition becomes irrelevant.

What We’ll Tackle:

• Shifting your value proposition from task-based (functionary) to result-based (fiduciary).
• How to build a business that is structurally designed to provide deeper counsel and more robust advocacy.

Transcript

SPEAKER_00 0:00

You're listening to KW Means Beyond the Sale Podcast.

SPEAKER_01 0:14

Today we're going to talk about value proposition and what that really means for us as real estate agents and all of our interactions with our clients. And one of the things that was a massive learning lesson for me as a real estate agent was joining a BI group, Business Networking International. I was about 18 months into real estate, and I joined a local BI group, had an opportunity to become one of the members. And the group was 25, 30 people, something like that. And honestly, I went into that group thinking, hey, here's an opportunity to hopefully pick up some additional business each year, network with some of the local business owners, think about a, think of it as like a really concentrated, focused chamber of commerce. So I get into this group and start to get to know some of the members and start to be able to refer to them. And after about six months, I realized that the fact that I was in that group was making me a significantly better real estate agent. And to me, that's kind of where I want to start our conversation when it comes to value proposition. Think of a listing appointment that you have when the listing needs a new electrical panel. The electrical panel's got problems, it's got rust, it's had water leak in it, and uh, you know, really at the end of the day, that probably needs to be replaced. It's going to be an issue if we put it on the market the way it is. And there's two types of agents. There's the agent who says, hey, that should probably get replaced, and then they leave. And then there's the agent who says, Hey, that should probably get replaced. I've actually got a good business partner that does that exact thing. If you'd like, I could have them reach out to you later this afternoon and we could set up a time to get a quote to see what it's going to take to replace it. You're adding so much more value to the relationship as a real estate agent when you're not able, not able to just educate them about the needs of the property, but also solve and provide the solutions. And that doesn't come easily. That comes with a lot of investment and time in different relationships that are outside your core real estate specialization. But it's key to the entire transaction. It's key for your buyers when they're thinking about a home and you know, what could this cost for this improvement or this change? So building that network of people that you work with: 25, 50, 100 different local professionals who not only are really good at what they do and very reliable, but on top of that, the depth of relationship that you have to them, the ability to be able to pick up the phone, connect with them quickly, and have them be able to step in and be a great resource is an example, a part of your value proposition. And so if you're a newer agent here, one of the things I want to encourage you is you can be building that today. But Brad, I haven't even taken my first listing. I haven't even, you know, uh sold a house to a buyer yet. That's okay. We don't have to wait to build those connections. Um, and we can be really intentional about it. And for me, a group like BI or being involved in the Chamber of Commerce or some other networking groups is an absolutely wonderful way to do it quickly. And that's one of the key things about starting a real estate business is how do I do these things, but I also need to do it quickly. I need to do it with intention. So that network that you have is a huge additional value proposition that you bring to bear with every single client that you meet with. So we talk about value proposition, that's an example, but certainly not the only one. Let's talk other things that have to do with your value proposition, what you bring to the table. Because it's certainly not just your access to the MLS, access to you know, state-mandated forms, and basic cursory knowledge of how a real estate transaction goes. That's not even the minimum standard for what people are looking for when they hire somebody. So, what are the additional things? What sets you apart? Is it that network like we talked about? Is it the fact that you practice regularly in your negotiation skills? So not only do you negotiate uh extremely well for your client, you you negotiate throughout the entire transaction. Make sure you're representing them to the fullest ability. And again, if you're somebody who diligently practices, you don't have to have done 5,000 transactions to be a great negotiator. You need to have put in the time negotiating. I'll say that again. You need to put in the time negotiating. Now, some of that we want to have obviously during a real transaction, but some of that can be in practice. Some of it can be in role-playing with other people. Some of that can be practicing your negotiation skills in every other area of your life. You know, go to the flea market and see how you can negotiate something. Go to a store in the discount bin and go, huh, this is marked for $20. I wonder if I can get the manager to sell it to me for $10, right? Or can I get the manager to do a two for one on this? Or you see what I'm saying? So our ability to negotiate is a massive value proposition that can really change the whole trajectory of a transaction for our client. Your marketing ability, another amazing value proposition that is one of the key categories you want to think about and what you bring to the table when it comes to selling properties for your sellers specifically. Now, some of that goes back to the very first thing we talked about. Who are the photographers that I work with, the videographers that I work with, who are the people that I have on my marketing team who help create the collateral and all of the imagery that we want to use to help draw people into the home. But more broadly, do you really understand the strategy of what's getting people to pick up the phone or send an email or open or walk into an open house? Do you know what's working right now? So I've talked some to our newer agents. Now I'm going to talk to some of our more seasoned agents. There are things that you were doing five and ten years ago that don't really work as well anymore. And we need to constantly be evolving and improving our value proposition when it comes to the marketing of our listings. So are you on top of that? And not only are you on top of it, can you communicate your ability to market to your clients and potential clients? Now I'll also say that there's a great marketing piece that you need to keep in mind too. It right now, as we're recording this, we're yet in another season where we have lower inventory. So how do I go about marketing my buyers for listings that aren't currently on the market? Now we're gonna we're gonna have a series of buyer conversations coming up in the podcast. So we'll get more into that in future podcasts. But just know that your marketing isn't limited to your sellers. It's also how you market your buyer needs for properties that match them, but then also how do you market you? How are you attracting people to you? So you're the first person who shows up at their kitchen table. You're the first person that they meet at a Dunkin' Donuts or a coffee shop. So your marketing ability is a huge part of your value proposition. Now, let's talk about local market knowledge. Massive part of our value proposition. You know, this is where a lot of people might try to transition from one area of real estate, you know, say they're selling up in northern Maine and then they move down to York County. Now, are some of those skill sets transferable? Yes. But where's the big gap? Well, a big gap is they don't really know the local market. They don't know the difference between that part of the town or this part of the town, or the fact that those might be two separate school systems and somebody might really have a stronger desire and a willingness to pay more to be in that school system versus the other. Do we really understand the nuances of block by block the towns and the cities that we represent? If we don't, going back to our newer agents, we can learn that quickly. How many homes are you previewing a week right now? Now, some of those previews may be with the buyers that you're showing. Great, awesome. But Brad, I don't have any buyers right now. Great. So how many homes are you previewing a week? I don't care if you've got 10 buyers or zero, you need to be on top of what's going on in the local market. What are the best deals in your local market right now? I'll I'll say it even a different way. Do you even know what your market is? Have you determined the geographic and demographic areas of the real estate market that you have chosen to represent? The more clarity you get on that, and the better you stay on top of local market knowledge, the bigger the value proposition is you bring to both sellers and buyers, as well as investor clients. Because when something hits the market and it's an amazing deal for an investor, even though it's got mold and it's got a hole in the roof and it's this, that, and the other thing, you know that's a value for an investor. You've become that investor's hero when you call them up and go, hey, I got one for you. And that all comes from being a master and really understanding what's going on in the local market and actively looking at property, previewing it, being a student of it within the MLS system. So that's another great value proposition that you bring to bear. Let's also talk about your ability to get the home from under contract to close. Smart agents with a lot of experience understand that putting a home under contract, whether it be buy side or sell side, is just the beginning steps of getting a home to the to the finish line. It's it's it's not the time to celebrate and pop the champagne by any means. It's step one of about 140 steps. So, what is your experience and what is your team that helps you get from contract, being under contract, to the closing table? And if you're doing that yourself, how robust are the checklists and the systems that you use so that every time you've learned something new in a previous transaction, it's informing every future transaction. I'll say it this way: from the time you put somebody under contract to the time they close on the property, anytime they call you, we've probably missed an opportunity to set an expectation, anticipate a need, or preemptively be communicating to them about what's coming up. So if you're getting a lot of calls from your clients right now while you're under contract, each one of them, let that be a lesson to you about the opportunity to better communicate, set expectations, and have better systems in place so that we're anticipating their needs before they need it. One of my favorite examples of that is go to a restaurant. I find that there's three kinds of restaurants. There's the one where you walk in and maybe you stay, or maybe you take the bag and leave, right? There's that kind of restaurant. And then there's a restaurant where you definitely stay, and they come and they give you a glass of water, and that's nice. And then as you need more water, you kind of have to make eye contact with the wait staff, and they'll eventually come over and maybe fill it up. Maybe they won't. Maybe you just leave in frustration. And then there's the best restaurants where before you ever have to ask, they're getting the fresh water for you. They're topping off your soda for you. They're bringing the steak knife because you ordered the steak meal before the steak meal even shows up. They're bringing the soup spoon for the appetizer soup that you bought before the soup even shows up. They're anticipating your needs. So you never have to get up and hunt down somebody on the staff or try to make eye contact them or anything like that. They're asking and they're anticipating. You want to talk about a value proposition? You want to talk about an ability to create raving fans? That's the kind of contract to close we should really be striving for in our industry. Now, we'll pause here. This has really just been a quick conversation about hopefully getting your juices flowing on what is your value proposition. How are you communicating it to your clients and your potential clients so they really understand the value of not just working with a real estate agent, not just working with a realtor, but working with you specifically to find your unique value proposition, get really good at communicating, and don't ever rest on your laurels. Understand that every day that goes by, we need to be improving every aspect of our value proposition so that we're always anticipating our clients' needs to create a great customer experience. We'll see you next time.

SPEAKER_00 13:53

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