On the added value to customers
# Entrepreneur of the Week - Karin Howard - # Post 3
Okay so there's a brokerage license in hand, what do we do now? And that applies to all of us, how we differentiate ourselves
From the others.
Now, think, what added value can I bring to the table. My personal experience in buying properties so far has been reasonable but not beyond. Mainly because there were two market failures. In economics we call them "information gaps" and "power gaps".
Information Gaps - When a customer comes to a market he does not know, he knows nothing, and he acquires the knowledge through information on the Internet or information from local people. Sometimes the information gaps are due to a lack of information and sometimes the opposite of an excess of information and then how do you know what to buy that everything looks the same. The Paradox of Choice
Power gaps are the understandable gaps between buyers and sellers, and as you know, even in the real estate market we are sometimes in the market of sellers and sometimes in the market of buyers.
I decided to solve the information gaps by building a local team, I am an immigrant, my team is a local American born and raised in Austin, the information they brought to the table was invaluable, they know every street and every path, cultural difference also plays a role, it's not just magic and grace American is also politeness, manners and especially networking.
Regarding the power gaps - there are power gaps between sellers and buyers and the pendulum swings between the two, gentle and correct navigation and understanding of the needs of each of the parties. Look for what is the motivation and especially where it hurts? A good deal will bring all parties to be satisfied. Real estate is a business of people.
A bit about limiting beliefs
When I got my license, I was new and had no source of comparison, the market changed overnight, becoming a very aggressive market of sellers, and while veteran real estate agents had a hard time accepting the new reality, I flew at 200 mph because it was the only reality I knew . It's not age it's the exercise, with experience and seniority also come limiting beliefs. What was true yesterday is not necessarily relevant today Adapt or Die is valid for every market.
So what do I bring to the table and why am I not afraid of competition? And this question I ask you to ask yourself every day. Do not rest on laurels.
I am an Israeli lawyer, I do not have an American certification but I have a lot of experience in negotiating contracts and litigation. I am a hardworking and industrious ant, in my first trial as a lawyer I came to court with 12 binders full of case law, the other side's lawyer was a bloated lawyer from Tel Aviv who arrived unprepared, he relied on his personal charm.
The judge who saw what was sitting on my table sent us to compromise outside, I was a small and cheeky 27 year old fisherman and did not blink I informed the bloated lawyer that I had enough time and enough money to drag them to hearings for five years and get to the top. You can already guess I got what I wanted.
In the real estate world we do not play alone, there are sellers, buyers, agents, title companies, landowners, appraisers, contractors and everything that can go wrong - will go wrong, always come prepared. Even today I get up at five in the morning every day and study, read, listen, apply. If there's anyone here who thinks things happen out of luck, think again. There is no substitute for hard work.
So there is hard work - beauty, what else can I provide to customers, as a former banker I understand financing and understand investments and alternatives, capital market, bonds, commodities, investments in private tech companies, or investments in real estate, every investment has advantages and disadvantages I can Provide comprehensive information - very interesting especially now with everything that is happening in the markets.
And most importantly - the customers, to really see them, what their needs are, listen to what they say and understand where I can serve them, not where I serve myself or close a deal. Provide customers with a comprehensive service experience ranging from pre-purchase consulting, property closure, tenant placement and maintenance. All under the same umbrella.
Tomorrow's post will deal with the whole thing - sell, buy or what to do?
In the meantime I would love to hear about your added value.
Responses