Here are seven things that one’s competitors can teach you about real estate, along with some examples:
- Market trends: Observing your competitors can help you stay up-to-date on market trends and understand what is selling or leasing well in your area. For example, if you notice that your competitors are having success with luxury properties, you may want to consider adding some high-end listings to your portfolio.
- Marketing strategies: Observing your competitors’ marketing strategies can give you ideas for promoting your own listings. For example, if you notice that a competitor is using social media effectively to reach potential buyers, you may want to consider investing in social media marketing for your own listings.
- Pricing strategies: Observing your competitors’ pricing strategies can give you insight into what buyers or tenants are willing to pay in your market. For example, if you notice that your competitors are pricing their properties higher than you are, it may be worth considering adjusting your own pricing to be more competitive.
- Customer service: Observing how your competitors interact with customers can give you ideas for improving your own customer service. For example, if you notice that a competitor is using virtual tours to make it easier for buyers to view properties remotely, you may want to consider implementing this technology in your own business.
- Sales techniques: Observing your competitors’ sales techniques can give you ideas for improving your own sales skills. For example, if you notice that a competitor is using persuasive language and storytelling to sell properties, you may want to consider incorporating these techniques into your own sales pitch.
- Negotiation skills: Observing your competitors’ negotiation skills can give you ideas for improving your own negotiation skills. For example, if you notice that a competitor is able to effectively negotiate higher prices for their properties, you may want to consider implementing similar strategies in your own negotiations.
- Networking skills: Observing your competitors’ networking skills can give you ideas for expanding your own network and finding new opportunities. For example, if you notice that a competitor is building relationships with other professionals in the industry, you may want to consider attending industry events or joining professional associations too.