Buyers and Sellers should read this too and use the information when deciding who to hire!
My last post, Anyone Can Blog about Listings & Market Data – Where are YOU adding Value?,
led to so many great comments that I thought I’d write on the topic of added value.
So many of us have probably never sat down (or it’s time for a refresher) to figure out what value or Unique Selling Proposition (USP) we can offer our clients or can use to differentiate ourselves from our competition.
Take mortgages for example – it seems the majority of mortgage advertisements focus on either “lowest price” or “great service”.
A Google search of “lowest mortgage rate” leads to 5,910,000 results!
How can even 50% of the lenders out there all have the best price?
It’s not possible, but it seems to work as “everyone’s” doing it. A decent percentage of consumers actually believes enough in these ads that they do business with lenders that choose to focus on this message. But, it’s not very unique and ultimately the consumer probably doesn’t end up doing business with a lender strictly because they claim the lowest price.
A very prophetic saying in sales is, “you sell price when you have nothing else to sell”. What this means is that if you have no other value(s) to offer customers, you’re left with nothing but trying to get business by offering the lowest price.
So, what does that say about all these lenders claiming to have the lowest price? I’ll let you think that over and come to your own conclusions.
The same applies to real estate brokers & agents advertising for business by promising low commissions. A Google search for, “discount real estate commissions“, leads to 10,400,000 results.
SIDE NOTE: it’s very interesting to encounter agents shopping for the lowest mortgage rates for their buyers. Most of their buyers didn’t find the agent by shopping for the lowest commission!
Now what about “great service”?
Someone please define that for me in metrics that can be measured!
“Great service” is extremely subjective. What satifies one does not satisfy all.
For example, my team sends out very detailed Weekly Status Reports that impress many, but not all agents and clients.
So, what specifically really qualifies as ”great service” for everyone?
Is it being “available 24/7″? That statement implies, but doesn’t necessarily mean, great service. In fact, I could argue it implies the opposite. If the expectations of most customers are properly managed, they won’t need to get ahold of someone late at night or on an off day. I’ve also never heard of a “life or death” situation occuring in real estate that needed immediate attention. Actually, very few situations can’t wait until 8 or 9 am the next day or Monday morning. Most late night or weekend calls are little more than “hand-holding”. Is this hand-holding great service?
How about free reports and free listings? I suppose they mean something to some, but not all potential customers.
As you can see, great service is not that easy to specifically define.
So, where does all this leave us?
I believe we all need to find our own USP, but understand we can’t be everything to everybody. Once a USP is selected the message should be woven into everything we do. 
The challenge is developing a USP. It’s fairly easy to look at someone’s blog or marketing materials and figure out if they have a clearly defined USP or not. Those that do are typically leaders and top producers.
Fort those looking for a USP, here are some possibilities to consider:
- Knowledge – difficult to make people care
- Experience – same as above
- Fast service – offer a guarantee?
- Specific area specialist – city, town, waterfront, etc
- Specific property specialist – condo queen, vacant lots, mobile homes, etc
- Specific transaction specialist – refinancing, jumbo mortgages, short sales, REO, etc
- Exclusive buyers’ agent
I’d like to hear from a few agents and lenders out there what you think of USP’s and what’s yours!
MORTGAGE, EXPERT, MICHIGAN, BIRMINGHAM, BLOOMFIELD, DETROIT, ROCHESTER, ROYAL OAK, TROY
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Drew Sygit: CMPS, CMC, CRMS, CMLO, CALO, MBA, NAMB/MAMP Instructor & Speaker
The most Certified Mortgage Expert in the Midwest
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P: 248-356-3739 • F: 866-215-3755 • dsygit@TheLendingEdge.com • www.TheLendingEdge.com



























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