After we have imagined our prospect, we have to show him that we understand his circumstance and that we are here to serve him. We will do this through an IP. We must create a convincing IP.
Dan Kennedy’s (A Direct Marketing Guru) definition of USP is: “Why should I do business with you over any other option, including doing nothing or whatever I am doing right now?”
I will repeat the question: why should I do business with you? What is special about what it offers? Your USP tells everyone who you are and what you do. It clearly and definitively establishes the benefits it offers to sellers. In a minute, they can decide if they want to do business with you. If they can’t, they throw your marketing piece (letter, postcard) in the trash. You should sit down and ask yourself the following questions: What makes your unique selling proposition different? What is different about my company that other investors don’t offer? How can I buy the property faster than my competitor? Do I really have a better solution that will solve my potential seller’s problem? Do I really make it easy for them to contact me and talk to me? Do they feel that I have a solution for them? Here are some bad USPs.
A real estate agent may say, “I am number one in my market!” Well that may be good for him or her, but it is not conveying an effective target message. Real estate investors can say, “I buy houses.” Is vague. So depending on your target market, you should have a USP that communicates an emotional desire from the seller in a way that can establish an emotional connection with you.
Here is a test for your USP. After indicating your PVU, finish the sentence with “So what do I get?” Example. “I am number one in my market.” So what do I get? Answer: nothing. Therefore, it is a bad PVU. So the more details we know about our target market, the more accurately we can create a good USP, establish the emotional connection, and get them to respond to us. Therefore, we have to study our market and convey the message that will awaken your excitement to do business with us. This means that you can develop multiple PVUs for each different market.
One or more of the following circumstances may apply: A seller generally has a mortgage on the property. If the property is vacant, they will lose money, and this can become a challenge if it goes on too long. If the property is rented, they may have problems with the tenants. If the property is for sale, they may have a contract with a real estate agent. The real estate agent may also be pestering the seller and his hollow promises to sell the property quickly. The seller may be disillusioned by real estate agents who put excessively inflated prices on properties just to get the listings and an exclusive agency. The seller may be trying to use a relative to sell the house just to save the real estate commission.
So it’s your job to understand the seller’s situation and build a compelling unique selling proposition.
In the second part, I will show you how to create that unique PVU.