Who are you? Defining your brand

By George O’Neill

My daughter, at a heady eight-years-old, was overheard several times during the recent holidays asking relatives and friends lucky enough to be seated next to her a rather soul-searching question: “Who are you?”

The first time I heard her I thought she was joking or just asking what she must have thought to be a silly question, just to fill time. But, the more people she asked, the more I realized she actually was posing a rather serious question and trying to engage in worthwhile conversations. It was interesting to observe the responses, since many avoided answering the question because they did not seem to have a clear response.

So, what does this have to do with being a Realtor, you may ask. Well, everything, in my opinion.

How often do we ask ourselves: who are we; what do we stand for and how do we differentiate ourselves from our competitors? Why would a consumer ask us to serve them? What is our brand? What is our value proposition? Can we clearly articulate our response to the last question in 30 seconds or less?

It is important to understand and be able to clearly and succinctly explain what our individual value proposition is. Breaking it down to two dimensions, let’s look at value and proposition individually, then bring them together.

Value: I believe everyone knows what value means, albeit it can mean different things to different people under different circumstances. For example, to a buyer, value may come in the form of a low purchase price (monetary value), advice from a sales rep throughout the process (expertise value) and recommendations on qualified professionals to contact accountants, lawyers and trades-people (time-saving value). To a seller, the later two conditions may also apply, but monetary value would equate to getting the highest possible price, instead of the lowest. Value therefore can come in many forms, and is determined by the recipient as to its worth. As service providers, we must be providing value, even adding value, to the sale or purchase process for our clients. Otherwise, why engage us?

Proposition: We have all either made or have been on the receiving end of propositions, some great and some less so. To propose something is to make a suggestion or recommendation you believe will benefit another person, and therefore should also benefit yourself, either directly or indirectly, in some way. In negotiations, this is often referred to as “Win-Win”. Therefore, a proposition is a concise statement of a suggested action you or someone else will take.

Value proposition: Bringing the two dimensions together from a Realtor’s perspective, our individual value proposition defines, in terms our clients appreciate, what it is we will do to help them achieve their real estate related goals and ambitions, therefore allowing us to earn a suitable fee for our service. The key is to make statements that outline how we will add value to improve their situation.

Just the other day I heard a sales rep say something like: “By hiring me I will ensure your property has the broadest market exposure by not only placing the property on the MLS, but also on several syndicated Internet sites I use, all marketed appropriately using my social media toolkit. Therefore, I will ensure the absolute largest number of buyers looking for such a property know yours is for sale, resulting in you getting the highest market price in the shortest period of time.”

That is an example of a value proposition, since both dimensions are covered, outlining the benefits accruing to the client (the “value”) as well as what the sales rep will do to obtain that value (the “proposition”).

But the catch is every sales rep should be able to honestly state the above, and in doing so are not really differentiating themselves. This is where the 30-second answer comes in, to start the conversation with the client to articulate what makes us each unique and therefore better (in the clients’ eyes) than anyone else. What we want to paint is a clear picture of why we are the most qualified individuals to work with that client, so we can earn the fees we charge for our service. This helps define our brand.

We need to understand what motivates the buyers and sellers we wish to work with, and articulate what makes us each uniquely qualified to serve those clients the best. Through our value proposition we should be able to do this. We need to think in terms of what our brand is and says to our clients. We must always deliver on our brand promise.

So, be ready to answer the question, “Who are you?” at any time. The next time it may not be an eight-year-old asking.

George O’Neill is a full-time Realtor in Toronto with Royal LePage Estate Realty, founder of the monthly Real Estate Technology Toronto Meetup and founder of the annual Social Media Marketing Summit for Real Estate. He speaks frequently on enhancing professionalism in real estate, branding and digital marketing. He is available to speak at real estate meetings and association events. Email This e-mail address is being protected from spambots. You need JavaScript enabled to view it ; Phone (416) 690-5100.