Do you want your real estate brokerage to stand out from the competition?
Yes?
That’s great.
We’re going to show you how to do exactly that in this post.
First things first, however: You cannot improve what you don’t know.
Therefore, the premier step to establishing a strategic plan that will set your brokerage apart is to conduct a competitive analysis.
- What is your competition getting right?
- What are their weaknesses?
- What are your own strengths and weaknesses?
- What can you introduce to the market that’s not being offered yet?
- What market share do your competitors control?
- What are the pricing models offered by your competition?
- How would you rate the quality of their service?
- What are people saying about them?
You can only develop a competitive edge if you’re introducing something new that’s not already there or are improving a system that’s not quite perfect.
Taking into consideration the insight gleaned from the competitive analysis, here are three things you can implement today that will immediately make your brokerage stand head and shoulders above the rest.
Best Practice #1 Stay On Top of New Tech Trends
According to the Real Estate in a Digital Age report, 48% of real estate companies disclosed that keeping up with technology was going to be their biggest challenge as the years progress.
What does this mean?
Brokerages that are able to stay on top of the latest technology, mastering and using it effectively in their campaigns will automatically have a competitive edge and advantage.
Best Practice #2 Get Rid of Legacy Marketing
Did you know that only 1% of home buyers found the property they bought in print newspaper ads? 2% of buyers already knew the sellers. And 6% via a yard or open house sign.
It’s clear to see that the days of legacy marketing methods are long gone.
Do you want to know where the majority of people discovered the home they eventually purchased?
Online. More than half – 52% – found their dream home online. And just 29% through a real estate agent.
Moral of the story: adopt more online-based marketing efforts – go where the people are.
Best Practice #3 Nurture Relationships With Your Clients
How important are good service and excellent customer care for your real estate brokerage?
Extremely vital, if we consider the research conducted by the National Association of Realtors where 74% of sellers said they would certainly work with the same agent again.
That’s not all.
41% of sellers cited having found their agent from referrals by family and or friends.
So, if you want to be a real estate brokerage that people are happy to refer, invest in building long-term rapport with all your clients.
Do you need help building your brokerage?
Real Estate Back Ops (REBO) is one of the Nation’s most reliable brokerage service providers. We assist with growth through M&As, commission structure design, transaction management, valuations, and ancillary revenue plans. Contact us for more information.