Identifying Your Unique Real Estate Value Proposition

October 11, 2022

Identifying Your Unique Real Estate Value Proposition

Competition in the real estate industry is higher than ever. To sell homes, developers must go above and beyond to show buyers what makes them unique. The language you use in your marketing is critical. Well-written marketing statements can build an instant connection with a potential customer and even create a sense of brand loyalty.

The value proposition is an important marketing statement for any developer or builder. This statement articulates your product and service offerings while illustrating the unique value your company can offer compared to the competition. Here's how to build a solid real estate value proposition that will captivate potential customers.

What Is a Value Proposition? 

A value proposition is a statement that communicates what your company has to offer to the consumer. It essentially tells them why they should buy a home from you and what makes you stand out from your competitors. Value propositions are clear, concise, and specific. They’re typically only a few sentences long, and they can incorporate bullet points as needed. Feature your value proposition prominently on your website, and you can also opt to include it in other marketing materials. 

You can draw from other marketing statements when creating your value proposition. Your mission statement and your vision statement can guide your value proposition, although they shouldn’t just repeat the same concepts. A compelling real estate value proposition supports your mission and vision statements by indicating the specific value that you can provide to your customers.

Why Is a Value Proposition Important in Real Estate? 

There are a few reasons why value propositions are so crucial in the real estate industry. One of the biggest reasons to have a unique value proposition is to connect emotionally with potential home buyers. For most people, a home is one of their most significant purchases. Purchases this big are often driven more by emotion than specific product features. A good value proposition statement builds trust with your buyers and shows them that you understand their values.

This statement also gives your brand a unique voice that potential buyers can relate to and remember. You'll need to go above and beyond having beautiful homes to capture picky buyers. You'll need to go above and beyond having beautiful homes to capture choosy buyers. Your brand also needs to tell a story and have a unique personality. This is especially true in markets with stiff competition. Consumers will gravitate toward developers with a strong brand image and voice.

GET THE GUIDE TO REAL ESTATE DEVELOPMENT MARKETING

Ensure Your Brand Building Steps Are In Place

Before defining your communities value proposition, revisit the entire branding process. Our 10 Steps to Differentiating your Real Estate Brand is a great place to start.. These include Your why, what, how, vision, values, personality, customers, core emotional benefit, brand positioning statement and brand promise. Putting all these branding steps in place makes writing a cohesive value proposition much easier.

Our tried-and-true Brand Charrette and exercises help home builders and developers hone both messaging and branding.

How to Identify Your Value Proposition

Identifying your value proposition can be tricky, especially if you’re still building your brand identity. Work with your entire leadership team to brainstorm — having multiple voices can help you effectively refine your verbiage and ensure that it appeals to your target demographics.

Getting feedback from customers can also be helpful with this process. Customer surveys and other market research tools give insight into what your customers enjoyed about their experience with you and potential improvements.

Start by identifying the real value that your communities provide for your customers. This depends on your brand and the slice of the market you are trying to appeal to. Communities in vibrant urban areas may be able to offer excitement, convenience, or even a sense of social status for young professionals.

Alternatively, a quiet community in a suburban or rural area could provide a feeling of security, calm, and coziness for a family with kids. Think about what you’ve already articulated in your mission and vision statements and consider how you can use those concepts to communicate your value proposition. Effective brand strategies will tie all three key marketing statements together to create a cohesive brand image.

There is a strong focus today on placemaking as homebuyers seek outdoor living, greenspace, walkability, connectivity to the natural environment and outdoor amenities. Community amenities play into the value proposition. Residents want to be able to access amenities by just walking out the front door. Emphasize connectivity to Town Centers, wellness and self-care as well as other lifestyle elements.

You'll also want to consider your competition when identifying your value proposition. Look at their value propositions and other marketing materials to understand how customers perceive them. Then, think about what sets you apart in the real estate industry.

Do you use advanced building techniques that your competitors don’t? Do your homes have specific design elements or amenities that make them more appealing? These are some of the most important details to include in your value proposition. A value proposition shouldn’t just tell customers why they should buy from you — it should also tell them why they should choose you over the competition.

How to Write Your Value Proposition

Once you’ve laid out the concepts to include in your value proposition, you’ll be able to write it. Remember that your value proposition needs to be concise — in general, you won’t want to go beyond a sentence or two. Home builders and developers can also opt to accompany their value proposition with bullet points listing their communities' specific features or advantages. After you’ve written the first draft of your value proposition, go back and eliminate any unnecessary words or phrases. Short, concise statements are usually the most impactful and easy to understand. Don’t be afraid to get opinions from your team members or potential customers.

Ask them their impression of your value proposition; if it doesn't align with your actual advantages, go back to the drawing board to refine it. While your value proposition needs to be concise, you should also infuse creativity into it. The value proposition is part of your brand’s storytelling, and your voice should shine through. After reading it, potential customers should know what you do, why they should buy from you, and what makes you special.

Your real estate value proposition is just one part of your overall brand strategy. This fundamental statement can build a strong emotional connection with potential customers and show them what makes you unique. At Milesbrand, we offer comprehensive marketing and branding services for real estate developers and builders. Contact us today to see how we can take you from land to brand.

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