ANALYZE YOUR REAL ESTATE COMPETITION 6 USEFUL TIPS

Posted on 28 November, 2021 by prasanjitbd

It is essential to know the market before introducing a new real estate service, especially to the competition. Having detailed information related to your strengths and weaknesses provide a competitive advantage by facilitating decision-making to avoid unnecessary mistakes. 

Tip No. 1: Collect the most information from your competition

The first step is to collect as much information as possible, such as who are the competition and what size of companies are, small, medium or large, depending on their size they will represent a greater or lesser threat.

Larger companies have greater bargaining power therefore their costs are lower due to the economy of scale. They can be construction companies, real estate companies, independent real estate consultants, among others.

Some of them perform specific functions, others cover more than one, therefore, it is essential to know which one provides the services that you will provide.

How many years of experience they have, in this way we will know their performance in the market and more importantly their knowledge of it. Some will have more information about their customers and competitors, due to their presence in the territory. 

Tip No. 2: Model the processes of other providers

A beneficial aspect is being able to adapt the processes that they have taken time and money to perfect. The most experienced construction companies will meet a large number of professionals, contractors, banks, which facilitates their development in the market, unlike a small one that still has to be known. 

Tip No. 3: Know the real estate services that already exist

What services they provide, in this way we can know what exists in the market and what does not, avoiding saturating it with unnecessary services or that are not in high demand. It will also help complement ours by differentiating ourselves from others. real estate agent in edmondson park

Tip No. 4: Experience the services of your competition as a customer

Testing your products and services will be an easy way to analyze which aspects are carried out with great ease and which are not. The best known real estate services are construction, consulting and brokerage. Depending on the market, new applications will appear, such as applications to promote real estate or those for renting shared offices such as coworking.

What strategies and means they use to offer their products, in this way to know if they are advertised aggressively or passively. This will also provide us with information knowing what type of clients it is aimed at. It will be possible to detect where they have less presence and thus capitalize on their carelessness. Depending on the market to be addressed, the means to be used vary, varying between posters, advertisements on television, radio, sales group, etc.

 Tip No. 5: Obtain consumer opinions of your competition's services

Search or request opinions from current clients, knowing the suggestions, complaints or claims related to them. This will be highly valued information because the customer is the reason for the companies to exist. The internet provides the comments with the opinions of the clients, this will greatly facilitate the search, but it will also continue to be supplemented with surveys. click

Tip No. 6: Analyze all the information collected

After compiling this information, it is necessary to analyze it, download it in charts and graphs. Create a list of top competitors and potential competitors to identify threats. It is possible that in the information collected we detect that in our preferred sector the construction companies are not satisfying customers due to the distribution and finishes, or in a certain district there are not enough projects for the existing demand. Or a new law has been issued which provides benefits to home buyers.

Possibly in the market related to the brokerage service in your city where it operates there is a saturation therefore the percentage of commissions decreases therefore it will not be as profitable when compared to other cities or districts. In another scenario related to the coworking service, it may be that at the end of the investigation it was discovered that there is a great economic offer of office rental and that previously two businesses similar to the one you want to provide failed, this will be a warning not to commit the same error. All these examples mentioned above will be analyzed in detail to make the right decisions.

A decision will be concluded after analyzing the information. In the real estate market, competition is stiff, but none is free of errors, with a correct and methodical analysis the best investment can be identified.