November 30, 2020
Identifying Your Unique Real Estate Value Proposition
Competition in the real estate industry is higher than ever. To sell homes, developers need to go above and beyond to show buyers what makes them special. The language you use in your marketing is key. Well-written marketing statements can build an instant connection with a potential customer and even create a sense of brand loyalty.
One of the most important marketing statements for any developer or builder is the value proposition. This statement articulates your product and service offerings while illustrating the unique value that your company can offer compared to the competition. Here’s how to build a strong 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. Your value proposition should be featured 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. Both your mission statement and your vision statement can guide your value proposition, although they shouldn’t just repeat the same concepts. An effective 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 important 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 the largest purchases they ever make. Purchases this big are often driven more by emotion than they are by 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 will remember. To capture choosy buyers, you’ll need to go above and beyond having beautiful homes. Your brand also needs to tell a story and have a unique personality. This is especially true in markets with stiff competition. With so many homes to choose from, consumers will gravitate towards developers with a strong brand image and voice. Your value proposition is a key part of your marketing that will reinforce your overall brand image.
How to Identify Your Value Proposition
Identifying your value proposition can be tricky, especially if you’re still in the process of 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 can give you some insight into what your customers enjoyed about their experience with you and what they wanted to see improvement on.
Start by identifying the real value that your communities provide for your customers. This will really depend 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 of these key marketing statements together to create a cohesive brand image.
When identifying your value proposition, you’ll also want to consider your competition. Take a look at their value propositions and other marketing materials to get an idea of how customers might 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 you want to include in your value proposition, you’ll be able to write it. Keep in mind that your value proposition needs to be concise — in general, you won’t want to go beyond a sentence or two. Many developers also opt to accompany their value proposition with bullet points listing the specific features or advantages that their communities have.
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 even your potential customers. Ask them what their impression of your value proposition is, and if it doesn’t line up with your actual advantages, go back to the drawing board to refine it.
While your value proposition does need to be concise, you should also infuse a little bit of creativity into it. The value proposition is part of your brand’s storytelling, and your voice should shine through. After reading, potential customers should know what it is 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 key 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.