While I see many of you out in real estate sales land wanting to start your own business, property advocacy isn’t a quick road to riches unless you have all the right elements in place. And while growing rich slowly isn’t the route you might want, success in property advocacy is slow but steady.
The key factor for charging premium fees is recognition as a reputable property advocate. When you start out on your own, you might not achieve that recognition for some years. However, if you can get these elements in place, you’re on your way to improving the reputation of the industry as a whole, and charging higher rates.
My five top tips for securing premium fees as a property advocate
1. Years of experience in the property industry
Property advocacy works the same as does real estate sales. You need experience. For entry level, I recommend a minimum of two years real estate sales experience. To start charging premium fees, you need to have wins under your belt. So think about three years of experience (or 150 purchases) before you can start charging higher fees and another three years before you can secure those premium fees that attracted you in the first place.
Why that long? Well, with proven advocacy experience, and a growing network of real estate sales agents, you will understand what your client NEEDS and secure the perfect property in fewer days, often through off-market properties. Days out of the market cost money for your clients, so the sooner you can identify the perfect property with all the right criteria, the better for you and your client and the more referrals you’ll get.
2. Reputable and recognised brand
When you’re starting out, especially as a sole trader, it is hard to cut through the forest of other operators in your field. The shelter of my brand is a key reason I suggest sole traders join me at Property Mavens Group. A great brand is more than a logo, a website and a tagline, especially when we’re asking our clients to part with large sums. Our clients need the reassurance of a brand and expertise they can trust.
3. Consistent approach to all clients with systems in place
When you can offer a consistent service to all your clients, the word will get around that you’re reliable, efficient and trustworthy. With great systems and processes in place, you manage all the due diligence with ease (and faster). You can help your clients make decisions faster because you can manage all the groundwork quickly and with confidence.
4. A website that works for your property advocacy business
All websites aren’t equal. While it is tempting to run with Squarespace or Wix, say, these DIY sites won’t cut it in the property advocacy arena. You’ll need a strong back end so search engines can ‘crawl’ your site and actually find you. You’ll need to understand why SEO and URLS matter, and your site needs to provide a great user experience.
5. Support of experienced colleagues
Even if you’re an ambivert who is happy on your own mostly, you still need the support of experienced colleagues who can support you and share better ways of working. And you’ll want to celebrate your wins with like-minded people who ‘get’ it. Champagne on your own is no fun.
Property Mavens Group
When you join our community, you’ll have access to a trusted and reputable brand, a library of resources, the support of colleagues, a ready-made website, brand, reputation and all the systems and processes you need to achieve great outcomes for your clients.
Great outcomes lead to word-of-mouth referrals – the gold standard for leads. And you’ll be able to justify charging a premium.
If you think you could make it in the buyer or vendor advocacy world, please get in touch. More experienced advocates make for a much larger collective property advocacy brains-trust.