10 Things Your Competitors Can Teach You About Real Estate
Real estate is definitely one of those industries with high competition and works off of a cyclical market. When this happens, agents, sellers, and buyers all have to research and find out ways to sell their products. There are so many ways of using several different outlets and keeping up with the tough competition that is this industry. We present to you; ten things competitors can teach you about the real estate market.
Don’t be afraid to become a friend to your competitors
There is nothing worse than competitors who aim to destroy another business. Being helpful to each other and working off the industry in a way that everyone coexists is the best way to run businesses and keep everything thriving.
Social media is no joke these days. With platforms like Twitter and Facebook, there are so many outlets for people to connect with each other. This also means it’s the potential groundwork for real estate agents to support each other in business ventures. Many businesses use these kinds of platforms to support each other and boost their online presence which is key these days. Real estate can certainly be used in the same way.
Resources are important
With social media literally being everywhere, agents can use this to their advantage. Think of a new idea or a new blog post that has never been posted before. Would it attract new clientele? It’s like an author marketing their book online. How will they promote their brand in a way that’s fresher and newer? Interacting with people online is also key to success. Many businesses, especially on Twitter, respond to their clients and any questions. With agents, Trulia has a question and answer section for a realtor page, like with Kimberly Kelly of Kimberly Kelly Realty. Don’t be afraid to answer questions on Trulia. It’s important to make your online presence in the real estate industry known.
Look at other sites and how their sites are laid out
Go online and check out the other sites in your industry. The businesses with more professional looking designs are probably more likely to sell and beat out other competitors that do not have a professional looking website.
Videos are especially important for your brand
People these days are very visual and having a brand to represent their image is important. Having videos on your page or blog are a key part of establishing your branded image. Videos are one of the most engaging and easiest ways to connect with an audience and get them to remember who you are. Many competitors do this. Consider Burger King vs. Wendy’s. They all have a similar ad structure. Food, description, brand name. Consider your potential videos to have a similar structure, just with real estate instead of fast food.
Having a strategy is key
Having a strategy laid out for your business structure is the key to success. All of the competitors in other businesses are doing just that and it is the reason why so many of them are doing so well. Go over your financial goals, your goals for clientele, and how it will help shape your business the way it needs to be shaped. Strategies have always worked for every business model and a business without a solid, foolproof plan is doomed to fail. Remember that.
To make mistakes or not make mistakes
Check up on your competition to see what they’re doing wrong, or right, and better your business. Every other business does this. Learning from other peoples’ mistakes makes running a business just that much easier, and you can also rest assured that you are doing the right thing rather than constantly walking and eggshells and second-guessing yourself at every turn.
Provide the best customer service online and offline
This is probably one of the most important things here. So, imagine if a business treated people badly online. How would this look for their brand as a whole? We think that would be very detrimental. So, imagine if this same business also treated people badly in their brick-and-mortar stores. It would be even worse for their image. People would not want to buy from this business. Make sure that your online presence lines up with your offline too. Always be courteous and kind online, even if you’re rolling your eyes at yet another silly question from a client.
It is true that many new businesses work off of referrals. It starts off with word of mouth, or even having an already strong online presence. Especially if you have a decent follower count on a place like Twitter or Facebook. As far as social media goes, the more you post and retweet, the more you’re likely to get more people to see your brand and follow you based on that brand. Consider those e-referrals, the people you want to build your brand online. But most importantly, a word of mouth referral is some of the best ways to get more clients, and probably the best overall in regard to clients spreading the word about how amazing their realtor is. It becomes a positive cycle until you have built a business.
Emails are still being used for important exchange between people. Especially if you have a customer who wishes to communicate with you by email. Cellphones are a great way to stay connected with everything going on with your business, as you are more connected throughout the day and most likely will not miss out that important email from a client or fellow colleague in the industry. Most businesses are operating from the 21st century and in this day and age of an evolving real estate market, an agent must be able to keep up with current media outlets, or they will not do as well as those who are better connected than they are.
We hope that these ten things help you and guide you into the world of real estate and how competitors can help you better understand what it takes to keep a business thriving in the industry.