In the WorkPuzzle post I wrote last week, I suggested you develop a short elevator pitch, explaining why agents have the highest chance of attaining "happiness at work" if they work on your team.
How did you do on this assignment? Hopefully you've been able to quantify this illusive yet important set of qualities.
After suggesting this, it occurred to me that some of you may not have much experience with elevator pitches. If you've never started a business from scratch or had to raise money to fund a new venture, it may be a new concept.
So why circle back on this topic? In addition to helping you retain your best agents, an elevator pitch can also be a very powerful tool for those you coach. Agents need to be able to quickly articulate "what they offer" to perspective clients.
I'd like to reference an outstanding article written by Michael Hyatt a few months ago. Here is an abbreviated and slightly modified version of what Michael wrote regarding elevator pitches:
"What's an elevator pitch? The name comes from the idea that you should be able to deliver a succinct, compelling description of what you offer in the time it takes to ride an elevator up a few floors—approximately 30 seconds to two minutes.
The idea originated with entrepreneurs who needed to pitch their business proposals quickly to potential investors in order to secure funding. This enabled those same investors to quickly eliminate ideas that were ill-conceived or simply didn’t fit their investment profile. The elevator pitch has become so effective that it is used in other fields as well."
Why do you need an elevator pitch as a real estate professional? It forces you to achieve clarity yourself and understand your prospect's perspective.
"An elevator pitch should consist of four components:
Component 1: Your product name and category.
Component 2: The problem you are attempting to solve.
Component 3: Your proposed solution.
Component 4: The key benefit of your solution.
Here’s an example from a person who is writing a book:
'I am writing a new business book called Platform [Component 1]. It is designed for anyone who is trying to get attention for their product, service, or cause [Component 2]. I teach my readers how to build a tribe of loyal followers, using social media and other new technologies [Component 3]. I explain that it has never been easier, less expensive, or more possible than right now [Component 4].'
Obviously, pitches can vary widely, depending on your offering. Regardless, you want to create an elevator pitch that is clear and compelling. This is a prerequisite for attracting the partners and prospects you need to succeed.
Once you get your elevator pitch fine-tuned, don’t deliver it like a mechanical parrot. Instead, use it as the foundation of a meaningful sales conversation."
Do you have any thoughts on constructing a good elevator pitch for a real estate agent in your office? Start noodling on this and write down the thoughts that come to your mind.
Of course, an agent would need to conceptualize their own elevator pitch if it is going to come across as authentic, but being able to provide examples is a great place to initiate the conversation.
Here is an elevator pitch that I came up with, pretending I’m an agent in my hometown of Woodinville, WA (a suburb of Seattle). It is partially based on a discussion I had with one of the top performing real estate owners in the Seattle market.
“I am a real estate financial advisor who focuses on real estate investments in the community of Woodinville [Component 1]. Because the process of making real estate investment decisions is so heavily influenced by emotion and personal preference [Component 2], I’m the neutral third party who understands the psychology of making an important financial decision [Component 3]. By personally coaching those involved in the decision, I help each individual gain clarity at a point when their emotions and feelings often point them in the wrong direction [Component 4].”
You’re welcome to use this as an example with your agents or make up one on your own. If you make your own, you’ll have the added benefit of experiencing how it feels to put one of these pitches together. It is not as easy as it looks.
Once you come up with a few of these (collected from multiple agents going through this process) send me one or two of your team's best elevator pitches. We’ll publish a few examples in an upcoming WorkPuzzle.
Editor's Note: This article was written by Ben Hess. Ben is the Founding Partner and Managing Director of Tidemark, Inc. and a regular contributor to WorkPuzzle. Comments or questions are welcome. If you're an email subscriber, reply to this WorkPuzzle email. If you read the blog directly from the web, you can click the "comments" link below.
