The high cost of being cheap

Everyone loves a bargain, but the cheapest option isn’t necessarily the best value.

As an example, imagine if you said to your clients: we use the cheapest photographer, have a shop at the cheapest end of the high street, employ the cheapest staff and advertise on the cheapest portal. You might even cap it off by being the cheapest agent in town – which would at least show a level of authenticity around your pricing – but it’s probably not going to snare you the best property in your neighbourhood. And while you might be able to be cheap with yourself and cut your costs to the bone, that kind of model is a one-way street and won’t give you a profitable, sustainable and enjoyable business. You’ll just muddle along. Hardly an inspiring thought for the rest of your working life.

However, being the BEST agent in town, or the best at anything, will give people a reason to use you over anyone else, and quite possibly to pay you more than they otherwise might. Everyone wants the best for themselves, their home, their business and their life. And where they can get it, they generally will.

So my advice is to concentrate on the aspects of your business that either already make you the best, or are the ones that will. What is it that homeowners in your neighbourhood respond to? Great photography? Beautiful design? Traditional values? Personal service? Maybe even community involvement?

Ultimately, homeowners simply want you to sell or let their home for the best possible price as efficiently as possible. But given that every estate agent will say they can do that, there needs to be something to differentiate you. You need to drive a wedge between you and your competing agents; something that plays to the aspirations of the owners you want as clients, and that promises a demonstrably better experience. Something that says “you can trust us; we’re on your side; your in safe hands.” In fact, the best hands.

How can you create that in your estate agency? And how can you present that to your potential clients when visiting them in their home?

If you’d like to work with me on creating the estate agency of your dreams, give me a call on 020 8133 8733 and let’s talk.

Summary
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The high cost of being cheap
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Why going for the cheapest option is rarely the bet option for your estate agency or property business.
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