Real Estate is an incredibly competitive industry and new agents enter the profession every year. Let’s look at Toronto’s market for example. In 2017, Toronto was home to 2.93 million people and had 48,000 registered agents to represent them. That’s one agent per 61 people! Interestingly, many new agents are thriving in a densely competitive industry. Let’s look at why new real estate agents have a competitive advantage, contrary to popular belief.
One of the best ways a new real estate agent can stand out from seasoned veterans is through the increased attention to their client’s needs.
New agents, need to build both social proof and social wealth. When a prospect is making a buying (or selling) decision, they’re looking at three things.
- Their trust in the person
- Perceived trust in the product or service
- And trust in the brand
Across these three components, a prospect will reach their action threshold provided that their level of trust is high enough.
If it’s not, they’ll continue to look at other options.
Client testimonials of the level of service an agent provides are one of the most effective ways to build trust in all three areas. As a result, the need for client testimonials is exceptionally high for a new agent.
The implication of this is that a new agent will strive to go the extra mile for their new clients. The successes they have now will pave the way for more clients in the future!
So a new agent’s unique selling point, to counteract lack of experience compared with a seasoned agent, will be the amount of time they spend know their client’s needs. And work towards providing solutions in the service they offer.
New minds, brings innovation. A new agent, naturally, will bring fresh ideas to the table for their clients. This is another way new real estate agents have a competitive advantage.
It could be that they’re identifying gaps in the home buying or selling process and coming up with all-encompassing FAQ Blogs, How-to articles, or even video content that assist prospects in navigating the home buying or selling process.
It may even be the way that a property is marketed to the community.
Tactics like this might be frowned upon by some agents, for sure! But 35,000+ views on a property can be a truly unique value proposition as an agent…
To each his own!
New agents as they’re building their brands are often not afraid to figure out creative ways to create unique content to market themselves and their clients’ listings.
Why New Real Estate Agents Have A Competitive Advantage
Many agents will struggle to shake the belief that their inexperience will be the reason why they don’t succeed. In reality, each agent will deal with the challenges that come with high market saturation.
Just because an agent has been in the industry for several years, doesn’t mean that they are guaranteed success. In reality, every agent must work for every deal, client, and testimonial.
It’s the agents who innovate when they hit a roadblock, adapt when challenges are present, and dedicate themselves to providing exceptional service, who will be successful.
Want to learn more about separating yourself from your competition? Check out 3 reasons why a homeowner will choose an agent from a smaller independent brokerage for more ideas.