5 Top Tips to keep an eye on your Real Estate Competition

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By James Sheldon
5 Top Tips to keep an eye on your Real Estate Competition

In any business, keeping an eye on your competition is essential. You need to know who your competitors are, what they are up to, how many of them there are, and how they operate in order to stay ahead.

Healthy competition is good for business. It makes us better at our jobs and tries to reach new heights, objectives, and goals. More importantly, though, healthy competition makes us work harder and become better estate agents. You may even be able to lend their estate agent marketing ideas.

As an estate agent, staying above the competition is particularly hard, so we have provided some top tips below to help.

What is your competition doing?

Carrying out a competitor analysis will enable you to distinguish what else your company should be doing. Please take note of what your competitors are implementing well and create a strategy to take it one step further.

More and more people are setting up estate agencies, so being aware of new, cutting-edge technology and ideas is key.

Perhaps your competitors are offering 360-degree images of the properties they are selling. You could take it to the next level by offering a live video tour of your featured properties or even an aerial view of the property using a drone. Just think the more information your user has, the more likely they are to enquire.

To save time, rather than constantly checking out your competitors, be sure to set up an alert for their name using Google Alerts. This way, you will receive email alerts anywhere your competitors are mentioned on the web.

In addition to setting up alerts, it is useful to monitor their activity on Google My Business and Bing Places for Business. Are they regularly updating content? How many reviews are they getting?

Find out what not to do

Watching your competitors can not only show you what to do best but also teach you what not to do. Monitoring your competitors’ online marketing efforts and the property industry’s main market players will allow you to form a cost-effective strategy and avoid any risk of bad reputation and branding mistakes.

Identify Market Opportunities

Need more ideas? Then why not look at your competitor’s content? Looking at your competitor’s website and their brand awareness should give you the inspiration you need to come up with bigger and better ideas. Want to offer top tips but can’t think of anything? Check out other property blogs and use their ideas to come up with a more exciting idea.

Type your competitor’s name into Search Engines to see if they are bidding on their own brand name via digital marketing for estate agents. If they are not, then this is a perfect opportunity to capitalise on their brand name and capture some of their prospects.

Spend some time looking at client comments on your rival’s brand. This could provide very useful feedback on any missing market opportunities, fill in the gaps in your company, and provide an even better service.

Keep an eye on Social Media

Social Media for estate agents is at the forefront of many companies’ marketing strategies. In fact, it is one of the main platforms for lead generation. Following or regularly checking your competitor’s social feeds will enable you to better understand what brand image they are trying to portray.

Social Media is also a great source of information, you can follow your competitor’s followers with ease and see exactly what they are up to on a day-to-day basis.

If you worry because your competitors don’t operate on social media, don’t! If you’re active on social media and your local competitors aren’t, you already have the upper hand.

Generate leads from unhappy customers

Being nice and letting your competitors walk all over you is not a way to succeed in the business world. If you find that many of your competitors’ clients are unhappy with their service, take this as an opportunity to persuade them that your service is much better.

Did you know that 78% of customers have bailed on a transaction or not made an intended purchase due to bad service? Let’s face it, your competitors have already lost the business and they would probably use this tactic on you.

Want to know more? We are now offering a free competitor analysis! Contact us for more information>>

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